THE COMMERCIAL REFERRAL ~ IT'S A GOOD THING!
Referrals are not only limited to residential real estate agents. Something a lot of agents tend to forget or overlook is how they can make some great extra money by referring a commercial lead. A few key things to remember and an entirely new revenue stream could be working for you.
TIPS WHEN WORKING WITH A COMMERCIAL AGENT:
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THE most important thing to know when you have a commercial referral is to WHOM you will be referring to. There are a lot of horror stories out there regarding commercial agents who stiff residential agents on their referral fee. This is not cool and certainly not professional. Make sure you have good information or know the commercial agent you wish to refer the work to.
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Just as in a residential referral, get the agreed upon referral fee in WRITING and signed by the brokers before exchanging pertinent information regarding the referral.
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Discuss the level of partnering you wish to have during the transaction. Some agents want to use the opportunity to learn and to know what is going on with their client. Letting the commercial agent know how you would like to work and be communicated with is very important.
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Have them explain how they get paid. Commercial commissions typically take longer to close and if it is a retail lease, is usually broken down into two payments. Retail leases are notoriously slow in paying so this is good to know when looking for that payment.
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Let the commercial agent know how to reach you the most effective way. If you prefer texting, phone calls or email, making sure they have your contact information is vital.
TIPS FOR LISTENING TO YOUR RESIDENTIAL CLIENTS FOR FUTURE COMMERCIAL DEALS:
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In order to get a commercial referral fee, you must first have something to refer. Many residential agents don't even realize what a great resource they are for commercial referrals. You spend a great deal of time with your clients and it usually comes up about their business. This is a prime way to begin asking important questions.
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Are you expanding your business, moving your business, downsizing, starting a new business? My best commercial referrals come from great agents who are cluing in to important information they gather from their clients.
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Ask them if they need a commercial agent? If so, you have just now poised yourself to receive a referral fee.
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Your clients will thank you when they can get in touch with a commercial agent who will take care of their needs.
I love working with agents and their commercial referrals. We make a great team and we know that all parties will benefit when we work together. The extra revenue stream is also a very nice added bonus.
I would love to assist your client with their commercial real estate needs. I have great recommendations from residential agents and enjoy working with them. If you would like to discuss how I can help you, feel free to give me a call today. Chevaux Group is your next choice for a commercial real estate referral!
Let's make some money together!
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