Jun 23, 2023
In commercial real estate brokerage, the most valuable customers are known as "key accounts." They are your ‘bread and butter’ as an agent or broker. These clients should be at the centre of your prospecting activities. They will drive revenue, spread the word, and remain loyal across many real estate transaction types.
Check out our article on this critical new business topic on our website here.
Getting Your Lists Started
How do you go about beginning to handle your key accounts? Large corporations, financial institutions, and investors are easy pickings because they likely have holdings or transactions in more than one geographical area.
It is impossible to overestimate the significance of key accounts. They allow brokers to develop long-term relationships, learn about their client’s needs and preferences, and leverage their network and reputation.
Key accounts also provide a consistent source of income or commissions for brokers because they tend to give repeat business and negotiate larger deals. Key accounts can also assist brokers in increasing their market share and reaching new prospects.
Establish Your List of Important People
What does your key account list look like? Have you created the segments that allow you to focus into the VIP Key Accounts in your real estate business? It's time to help those special clients.
To effectively manage key accounts, brokers must take a strategic approach that focuses on delivering value and exceeding expectations with commercial property. Brokers must understand their key accounts' property goals, challenges, and opportunities and tailor their services accordingly.
Brokers must also regularly communicate with their key accounts, provide feedback and updates, and anticipate future needs. There is always change in the property market; you are the consistent element that moves with the market.
Think about today’s property market and how you can connect with the ‘high value’ people. Brokers should strive to provide value-added solutions beyond the transaction's transactional aspects, such as market research, financial analysis, or consulting services.
