As the financial market changes, so will the real estate market. Savvy professionals know real estate takes longer to show the impacts of economic shifts. This allows us to plan ahead for slowdowns or scale up for growth as long as we read the signs correctly.
The commercial real estate industry will always exist because business is the heartbeat of America. Not all work can be done at home. Businesses need spaces to operate. For this reason, there will always be a need for CRE representation for buyer and seller interests.
Maintaining an active presence is how CRE professionals stay ahead of market slowdowns. In recessionary markets, agents and brokers need to keep loyal clients, acquire new customers, and seek partnership opportunities just as they would during a bull market. What changes is the message and means of doing business. Knowing we are facing changing times, how can you foster your long-term growth?
1- Be digital
The CRE industry tended to lag behind other industries in technology adoption. The Covid-19 pandemic force-fed a shift in how we do business. Maintaining client relationships and marketing properties had to go fully digital. The adoptive shift will continue for the foreseeable future. To find and nurture clients, we must be present and active in the digital world.
2- Nurture relationships
Our connections will be more important than ever. Many clients are facing tough choices regarding their portfolios, acquisitions, and dispositions. It’s our role to be available to assist and advise them in whatever capacity they need.
Find ways to show your expertise. Focus more on your market knowledge and less on the hard sell. That way, when someone is ready to acquire or sell, they trust in the relationship you’ve built.
3- Network in the industry
It will also be critical to expand our professional network as a measure of supporting each other and growing our businesses. The only problem is we don’t have our industry conferences and events to rely on for meeting new faces. This circles back to the first point. Networking has gone digital. We have to use all the networking tools at our disposal to reach the movers and shakers in commercial real estate.
BuyerVista is here for you. Our CRE matchmaking platform hits all three bullet points: we’re digital, we work to nurture relationships, and network buyers to sellers across the industry. We're here to help navigate a path forward. Using BuyerVista helps your listings get the leads, builds targeted awareness, and fosters the engagement you planned for with conferences and other channels that aren't open anymore.
Learn more about how BuyerVista can connect you to the right audience at the right time.
Get ahead of the curve and recession-proof your CRE business. Look at the digital tools that build connections between buyers and sellers.