Finding new clients and listings to service in commercial real estate is a fundamental part of the business. There are no shortcuts to finding the clients and prospects that you need. Every day certain processes should be repeated so that leads and listings are generated.
The processes for some agents will differ based on the way they like to connect with their market, and the time that they have been in the business. That being said a systematic approach is still required. That’s how the top agents do things.
So here is a common problem. I see so many agents ‘chasing ambulances’ to get any deal rather than focusing their efforts on the property opportunities and relationships that really matter. So what do I mean by ‘chasing ambulances’? It simply means desperately looking for the next crisis. Desperation in our market and industry is not a good look. It is better to approach your territory and client base systematically every day and by talking to new people to put into your contact pipeline.
Let’s say that you are starting up in a new area as an agent or perhaps you have very little stock. I have given you 3 proven ideas to help you get some new business around you. You can adjust these processes based on your area and property type:
- Historic Sales Records – Go back over the sales records in your territory (across all brokerages) for the period of the last 5 years. Identify every property sale and connect with the owners as they exist today. Some of those properties will be coming back into the market soon, and some of those property owners will be getting to the next stages of portfolio growth. Asking the right questions will help you understand how they will need your help on property matters.
- Street Canvassing – Break your territory up into zones of streets and buildings. Rate those streets for priority and potential activity. Start door knocking the businesses in the streets and calling the property owners. There is a degree of research required to make this happen. Every day undertake the call preparation and review the property ownership records for targeting your calls.
- Listing Campaigns – When you have a listing to take to the market, there is a reason to talk to other business owners and property owners in the area. Take every listing into your area personally; door knock and cold call people to tell them about the property. The real reason of course for making the call or contact is to find out what other people are doing with their property locally.
Life doesn’t need to be difficult in commercial real estate agency and brokerage. It just requires dedicated systems of action undertaken every day on a personal basis. Don’t let things distract you; stay on track with your business plan of action. Track and measure your progress. Adjust your actions when you see strengths and weaknesses to work on.