Most of my business comes from referrals. From past clients. From members of networking groups of which I'm a member. Occasionally, from other real estate agents - both commercial and residential.
Referrals are great. I rarely have to compete with other brokers for the business because the prospect already knows I'm qualified, competent and trusted. So I'm clearly a great fit for them.
But are they a great fit for me? Watson, we have a problem....maybe.
As a Corporate Real Estate Advisor or tenant representative, I represent companies which lease commercial space for their company use. My ideal client is a company which already leases space in a multi-story office building in North Dallas, Plano, Frisco and Richardson which have 10 or more employees in that office. I have underlined the key characteristics of the ideal client to be sure they can't be missed.
This is who I most want as a client. It is to these prospects that I will spend time and money marketing. I never spend time or money marketing to a non-ideal client. Ever.
So what do I do when one of my referral partners or past clients refers me to a company which wants to lease a warehouse or shopping center? Well, just because a prospect isn't the ideal doesn't mean I can't help them. It just means that I won't go out of my way to seek them out or spend money to find them. It also means that I will think long and hard before taking them on as a client. I have to ask myself, "am I the best solution for this company's needs?" If the answer is no, then I refer them on to someone who is a specialist in the service needed by that company.
Be sure you know who your ideal client is so you know who to ask your referral partners to send you. You can't serve everyone so be sure to serve the ideal first. If you have time left over, you can serve a few others occasionally.