Old customers: Now is a great time to revist them!

Old customers...or perhaps past customers is more appropriate. This is a great time to revisit them. How are their businesses doing? Are they ready to expand? Are they a victim of the economy; do they need to downsize? It is said that businesses go through "the business cycle" meaning that something happens to that business every 3-5 years or even sooner. They grow, they shrink or they are gone. A business rarely stays stagnant. In commercial real estate, we like to think of our clients and customers as being for life, in that we do have the ability to service them over and over. The key is constant communication. We may put a company in a five year lease and call them up four and a half years later to see if they are going to move. At that point I doubt they would even remember you. But if I called them up every six months after I placed them in the lease, "how are you doing, how is your business doing?" Two years later, the business cycle may have affected them. "Am I glad to hear from you, we just got the biggest contract of our lives and we need more space. But we are stuck in this lease can you help us?" Can you find them more space, and get paid for it? Can you sublease the space they are in and get paid for it? Let's see now, good consistent communication just led to two more commissions! And don't forget about the building owners, three months later, "How is the tenant I placed in your building doing? Are any of your other tenants not renewing their lease?" Periodic calls to the owner may end up with, "I'm glad you called, I have been thinking about selling my building..." Old customers, also includes people or companies you tried to assist in the past that may have ended up buying or leasing from your competition. No reason you can't look them up and see how they are doing now. All businesses are subject to "the business cycle." Most agents find themselves "too busy" for this "after sale/lease servicing." But it is an important part of building your future business. Even if you have not done this before, start today. Look up all your "old" deals and customers and get reacquainted. Edward Smith, CREI, ITI, CIC, GREEN, RECS, is the regional director of Coldwell Banker Commercial NRT, Eastport, N.Y.