Nearly every commercial real estate professional I know hates cold calling! Well, not everyone, there are a few out there who not only love it but who do it really well. But for the rest of us, there’s a better way.

If you’re ready to do more business in less time, work smarter, not harder, and increase your income, READ ON because referrals are the way to go!

Referrals are the most important and powerful strategy for increasing your income because they shorten the sales process. Referrals connect you with more qualified clients, generate more callbacks, and get you more “yes” responses in less time.

The definition of a referral: “Any name or contact information given to you for the purpose of doing business.”

If you provide excellent service to others, you not only earn the right to ask for referrals, but others will be eager to offer them. The key is to “ASK”. Furthermore – go the extra mile delivering “WOW” client service and people will be lining up to do business with you. Just remember you still will need to qualify the prospect before agreeing to take him/her on, the key is working with only “A” and “B” clients.

The best way to begin building a referral-based commercial real estate business (and never cold call again) is to follow the 12 strategies outlined below:

Step 1: Declare a specialty and become known for that specialty.

Step 2: Be Referable, act and dress professionally, always follow up and do a great job.

Step 3: Develop a one-page strategic referral plan declaring goals and outlining the steps you need to take each week and each month to reach your goals. Refer to this plan daily.

Step 4: Use your database for more then just an electronic database. Store the information you’ll need to remember for future conversations (i.e. hobbies, family, travel). This information can then become conversation starters.

Step 5: Keep current with the latest technology and USE IT! Keep in front of your clients and prospects regularly with email – newsletters, snippets of useful information. This will remind them you’re still around.

Step 6: Develop scripts for talking to others about giving you referrals. Have scripts for talking to colleagues, friends, and family. Having scripts makes it easier to ask when the time comes for the conversation.

Step 7: Develop a Top 20, a list of 20 people in your sphere that are in a position to refer to you. This list could include a colleague with a different specialty; lawyers, bankers, architects, and so on. This is the list of people who will get the most attention when marketing.

Step 8: Eat meals with others two or three days a week. How about making Monday, Wednesday, and Friday “lunch out” days? During these lunches you will form and strengthen relationships, thereby increasing your referability.

Step 9: Develop Strategic Alliances, groups with whom you can associate and attract referrals. Examples are SIOR and ICSC.

Step 10: Network. Set a goal to attend one networking event each month. Join groups like LeTip and BNI. Form your own breakfast clubs or mastermind groups. But be sure to go beyond having an enjoyable conversation and leave with a pocketful of referrals.

Step 11: Give Referrals. It’s really so simple. To get referrals – give referrals. Be mindful of those in your circle whom you can refer to. What goes around comes around!

Step 12: ASK! The easiest and yet the one thing most professionals never do – ASK!

There are dozens of other ways to increase business. These additional sources are revealed to the members in my Real Estate Gym Mastermind Group . Keep in mind – most commercial real estate professionals do nothing but pray for clients to fall in their laps.

If you do just 3 referral-building action steps per week, your productivity should increase by 20% per month, that’s 240% by the end of the year!

Develop a strategic plan that is focused on building a referral-based Commercial Real Estate Business. Include things such as how many referrals do you want in a year, a month, a week? What action steps do you need to make this happen?

Some professionals are comfortable with asking around at a networking function, others write an email or letter, and still others have a one–on-one conversation. The point is: Put the steps you are willing to take and put them into action.

What will be your three action steps this week?

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