Uncertainty prowls around our Commercial Real Estate (CRE) world like a fox in a hencoop. Yet, deals are getting done, property portfolios are expanding, buildings are leasing, and projects are being entitled. Not like they were in 2019, but things are happening.
There is an adage in commercial real estate that it's all about people you know and trust.
You will only get the business if you have met your vendor partners, shared a meal, downed a beer together, or been referred. That is why ULI, NAIOP, and Biz Now Events are overflowing with lenders, debt restructuring companies, law firms, engineering consultants, entitlement specialists, architects, general contractors, and specialist construction companies, not to mention leasing agents and, yes, marketing agencies like RadiantBrands.
It is good to meet, but things have changed. We live in a data-driven world, and the CRE world is no exception.
The Importance of Networking in Today's Commercial Real Estate Landscape
When attending these events, I often ask myself, "Why are you going? Who are you looking to connect with at this event?” Often, the answer is very specific, and it is mainly property developers and owners who are taking the risk.
It is also about transaction and time. You could strike lucky: a property developer who has just bought part of a run-down office park that will be repositioned as life science buildings and some retail – and they need your help.
We also know that timing is everything in networking, and you could be too soon or too late. Not much you can do about being too late, but it's worthwhile staying in contact with the too-early prospect.
Let me share some expert insights on how networking can break down and how you can improve your networking in commercial real estate:
Getting the Most Out of Commercial Real Estate Networking Events
Understand Your Businesses Value Proposition
Before attending any CRE event, clearly define your value proposition. Having a long and a short version of the value that your business brings to your customer memorized enables you to engage more meaningfully with those you meet, ensuring that your interactions are not just conversations but opportunities for growth.
Connecting with the Right People: Targeting Your Networking Efforts in CRE
Make sure you know in advance who will be attending. If you are a member or pay a bit extra, the organizer will provide you with that list. Identify who you want to talk to and email them to introduce yourself before the meeting. If you want to speak with a panelist, ensure you already have their email address. Time your conversation with them. After they get off the stage is the worst time as they are besieged with people wanting a quick word; before the event is always the best time.
During an Event: Effective Strategies for CRE Networking
Keep Your Conversations Short
Network like a demon, and don't talk to any one person for too long. It's called networking, not long, deep, and meaningful conversations that could be made into a four-hour Scandinavian film.
Provide Value and Build Relationships in Real Estate
Ask your fellow attendees why they are there. Ask them about the kind of people they are there to meet. If appropriate, introduce them and then gracefully slide out of the picture. You now look like the go-to person who is well-connected instead of a sales guy intent on only one thing.
Take Notes
If you had a good conversation, take yourself off and make a few notes about what you talked about on their business card or type up notes on your phone. Don't write a book but ensure you have the salient points down - including what action steps you told them you would take. If they don't have a business card, take a picture of their name badge. Now get back in there.
The Dreaded Panel Discussion
Get a seat just before the panel discussion begins. Say hello to your neighbors on your left and right. Introduce them to each other. Have a quick conversation and get their contact details. Take a photo of the panelists. Make a few notes as they speak—nothing too copious; you are not a court reporter.
Back in the Break
Most events offer a few breaks in between panel discussions. Leave your seat early and make sure you are ready to go. You might have to get in line to talk with a panelist. Save their time; introduce yourself, tell them why you found their comments interesting, and ask for a business card. Tell them you will follow up with an email. Get out of the way. Someone is standing behind you.
People Who Stand at the Back
There are always people who don't sit down at panel discussions. It's okay for you to do this, but be careful not to interrupt a deal in the making. However, at this juncture, some of the panelists leave. You can waylay them for five minutes, even if you have made contact before. These are often senior people who need to get to their next appointment. Ask them if they have a colleague in attendance.
The Panel Discussions Are Over
The whole event was too long, and people wanted to leave. Be mindful of that. Do one last circle of the room and be the second to last to leave. Hand your badge to the organizer's table and say thank you for organizing such a wonderful event. You never know when you will need to call them for a favor. Also, it is a thankless task organizing events – people only remember the microphone that cuts out, the coffee urn that ran dry, and the Danish pastry that broke its filling.
After a CRE Event: Tips for Keeping Your Contacts Engaged
Part Two – Following Up & Getting Serious in 24 Hours
Nurture those connections: Scan those business cards and get them into your database fast. You have 24 hours to become a networking demon and need all the help you can get. Here are a few business card scanner apps you can investigate: BizConnect for accuracy, Contact Snapper for the easiest iPhone business card scanner, Haystack for the best free business card scanner app, CamCard for the best all-in-one business card scanner, and Covve for maintaining relationships.
The Science of Using Your CRM
If you don't have a CRM that you like and is easy to use, work with a CRE-focused marketing agency that does. This will help you streamline your efforts, and utilize data to understand more about your lead. Before the event, create a follow-up email that allows for a little personalization.
This is your "holding email.” This follow-up email will include the following: a re-introduction of yourself, details of where you met, location, time, etc., and a brief introduction to your company and the services you offer. Finally, a promise to reach out to them within a suitable time. 48 hours max. Each email will bcc your CRM so that you can track the email opens, conversations, and engagements.
What's Next? The Art of Building Lasting Relationships in Commercial Real Estate
Check out the digital dashboard in the CRM and see who has been opening the email and clicking on the link to the page you want them to visit on your website, or better still, they want to connect via LinkedIn. This step allows you to nurture your prospects with relevant content over a period of time.
Your CRM and Lead Scoring
A long time before you went to this event, we hope you sat down with your agency/marketing team and had a conversation about who is the ideal client profile for you (See networking tip #1). If you are an architect specializing in multi-family housing, a property developer in the life sciences sector is not a good fit – no matter how engrossing the conversation.
Who is Your Ideal Client Profile (ICP)?
That is a more challenging question to answer than it first seems. Lead scoring allows you to organize and prioritize leads based on specific information a lead has provided or important event activity in which the lead has taken part. Lead Gen & and a CRM enable you to define custom lead scoring parameters.
Checking Your Digital Dashboard
You have responded to the contacts you made at the event. Simply put, if they fit your ICP, opened your email, went to your website, and asked to connect by LinkedIn Link, then they are qualified. Given that our CRE industry is all about personal relationships, it's time to reach out with a carefully crafted email. Make sure that your email is connected to the CRM so you can track the activity. That bit is easy.
The Rest of Your Contacts
Typically, we forget about them. "We are an engineering consulting group, and sometimes developers ask us to refer architects, but this is something other than a real end-client." Wrong, you got up at 6:00 a.m., drove 40 miles, paid to attend, and had a twenty-minute conversation with this person. That's where your agency/CRM comes in. You have prepared a follow-up email inviting them to sign up for your newsletter and blog postings. It takes them to a landing page that asks for more details. Without lifting a finger, you have brought your new friends into the house and are keeping them warm.
Your Game Plan for CRE Networking Success
Your success in Commercial Real Estate (CRE) networking isn't just about showing up; it's about preparation, strategy, engagement, follow-up, and building genuine relationships.
It's about embracing change, adapting to new dynamics, and understanding the human elements that drive our industry. In a world where uncertainty is the norm, your ability to network effectively can be your solid ground.
But remember, failure or success at CRE networking is not only about what you do at the event itself, but what you do before and after.
RadiantBrands' marketing team is here to empower you in building a robust network of relationships and establishing a prominent brand position. We blur the lines between creative thinking and business strategy - and harness data, create compelling content, and implement personalized campaigns & automated workflows. This structured approach ensures effective nurturing of prospects over time, fostering trust and cultivating long-lasting connections. Connect with us to talk more or email me at Adrian@RadiantBrands.com.