Relationship Driven Business Development
Think about all of the people you know. Then think about all of the people your agents know. When we think about business development, as it relates to relocation within a real estate company, it may generate many different perceptions.
There is a general misconception that brokers should go after Fortune 100 and other giant entities for relocation business. Brokers can’t and shouldn’t attempt to compete with the relocation management companies. You won’t win. The best sources of company generated opportunities are small to mid-size companies or associations in growth mode in your local marketplace. We stand the best chance of capturing that business without a lot of competition. Many of them don’t even know they need our help or that our services even exist.
No matter what you think business development is or what type of business you are going after, it takes a solid plan of execution. If you are serious about generating your own business for your company, then you have to target the type of business that is right for your company and your culture. Look at your market, what types of industry dominate your market? What are your market demographics? Is it a mobile marketplace? Retirement community? Military market? Is it a destination community? A college town? Think about the demographics of your sales associates and of your typical client. Who are they connected to? Is building an affinity program the easiest path to a new source of business?
Hopefully, you have been collecting demographic data on your customer base, so you should have a good sense of who your local audience is. Once you have analyzed the data on your market, your agents and your current and past customer’s demographics, you can lay out a plan to target the industry, organizations, corporations or institutions through your contacts or other’s contacts that will generate the most success for you and give you the shortest selling cycle. Existing relationships can open doors, paving the way for successful business development. Cold calling is a lot of work, and usually has a very long selling cycle. Find a way to incentivize your agents for their participation. That way everyone wins.
Use your connections to develop business relationships that fit your company culture. By tapping into your local contacts to build a program that puts your company front and center of the program, you are becoming a valued member of the community by providing services that benefit all. After all, you live and work in the community, who better than your company to create and deliver a customized relocation, affinity or referral experience.
“Incredible things in the business world are never made by a single person, but by a team.” ~ Steve Jobs
