Venture capital is often referred to as an apprenticeship business because so much important learning comes from day-to-day experiences. Yet, as an article published by the Business Development Bank of Canada (BDC) explains, you can shortcut the learning process by learning from experts: “Your learning curve can be shorter—and your results better—if you learn from pros who’ve already mastered key … ... read more
Relationship Management is Needed to Build a Strong Foundation in Commercial Real Estate
Commercial real estate is a complex business. There are numerous stakeholders involved in closing a single deal. The lion’s share of commercial real estate professional's time is spent managing and building their network. These relationships can in turn define their careers and provide a strong foundation for success.
Forging Strong Relationships
According to the 2016 DNA of CRE survey, relationships are the most important predictor in terms of generating business, more important than even reputation or brand.
Developing and maintaining strong relationships with existing and prospective clients is critical. Repeat business is the lifeblood of success in commercial real estate. For Macadam Forbes, a Portland-based commercial real estate firm, two-thirds of its transactions come via repeat business with long-standing clients.
Affinity's commercial real estate clients map out their entire firm’s relationship graph with zero manual data entry. This allows them to easily curate communication data on the people and companies where their team has connections. Firms use this data to determine the best buyers in specific real estate sectors, geographies, and more.
Maintaining Strong Relationships
The commercial real estate profession is fast-paced. The market is increasingly competitive and no two deals are alike. Maintaining relationships with prior clients can be onerous and time-consuming.
This is where technology can help to keep track of all correspondence and alert you when a relationship needs attention. Affinity automatically informs our clients' of at-risk relationships and allows them to set reminders to follow up with contacts if there’s been a lag in communication. Affinity can even detect if someone has not responded to your emails and needs a follow-up, or if you dropped the ball and have forgotten to respond. With Affinity, you can proactively ensure that you are “top of mind” when the opportunity arises.
Increasing Exposure to Clients
Engaging with leasers and buyers can be challenging. According to the DNA of CRE survey, exposure is the biggest challenge commercial real estate professionals face when it comes to marketing listings.
Understanding who is in your firm's network and who can provide you a crucial introduction or referral to a prospective buyer is a game-changer.
Unlike any other platform, Affinity can light your path to referrals by analyzing your team’s network and curating the data into actionable insights. You’re then able to determine who is best equipped to advocate on your behalf and orchestrate meaningful introductions and referrals.
Commercial real estate deals will continue to be extremely complex and time-consuming. Your success hinges on the depth and breadth of your relationships. Affinity can go a long way in terms of helping you do the heavy lifting and forming the foundation for your future success.