In commercial real estate, every broker or agent should have a specific prospecting model that they work to each week as part of attracting good quality clients and listings. The specific nature of the model will allow each agent and broker to refine activities and results when it comes to property choices and listing strategies. Action is important to getting results in commercial real estate brokerage; a prospecting model on a weekly basis is part of that. (NB – you can get plenty of new business tips in commercial real estate in ‘Snapshot’ right here)
So, what is the problem here?
The agents that fail to get results in the industry are usually those that overlook the importance of regular prospecting and market share growth. They have little momentum when it comes to listing attraction and client conversion. They get busy on other things, and the pressure of the day takes over. They then simply do not know what is happening locally and how that is impacting their business momentum.
Let’s be clear here when it comes to commercial real estate brokerage, and the maximum opportunities available to each broker or agent; a prospecting model at a personal level is critical when it comes to a career in the industry. The brokerage brand has very little to do with the levels of business generated by each agent. Are you ready for the new business challenge?’
Weekly Brokerage Business Model
Here are some ideas to establish this specific weekly business model for an individual agent or broker:
- The weekend is the best time to do the research and the preparation for the upcoming prospecting of the next five days. It is preferable to get the research done and ready prior to the working week. There are prospecting sheets to prepare, streets and suburbs to investigate, ownership records to review, and a database investigations to undertake. These things can happen prior to the working week. Preparation is the key to progress.
- Look at your diary for the upcoming working days. Every day, Monday to Friday, a time frame of two or three hours should be set aside to make prospecting calls and capture the call results into the database. Momentum in cold calling takes practice, effort, and time. Track everything you do in a database of reasonable quality.
- Practice your prospecting activities and to call conversations. A practice process will help you achieve better results over time. That practice can easily occur before you reach the office each morning; thereby preparing you for the cold calling activities to be undertaken.
- Write everything down as part of making outbound calls and creating conversations. It is a well-known fact that note taking will help any broker or agent with momentum when it comes to new business generation. The notes that you create as part of making your calls help you understand the next stages of action; the written notes can be entered into the database at a later time during the day when you have a quiet moment.
- Track the number of outbound calls made in each day, and compare those numbers to the meetings created with new people. Over time you should see the meeting numbers consolidate and improve. A good point to remember here is that of the necessity to practice. Practicing your cold call processes and your subsequent conversations will always help your numbers improve over time.
- Understand who you should be calling and for what reason. This becomes an element of clarity when it comes to prospecting and property research. Select your properties and your clients with targets in mind.
- Get together plenty of local information relating to the market, property types, and recent results in the industry. Local information will help you build conversational momentum. Have something to talk about as part of your prospecting model. Relevance in your prospecting model is the key to client and listing conversion.
There are plenty of things that you can do here when it comes to a weekly prospecting system and new business model in commercial real estate brokerage. Establish a plan and your client contact system to create that specific momentum over time. Refine the system as you see the results and the changes in the local property market.