In commercial real estate brokerage you need lots of information before you can find opportunity. Research is therefore a real and important part of the industry. Knowing how to find that information will help greatly in how you proceed and succeed in the industry.
So let’s say you want to find clients and listings. There are some specific strategies that you can deploy to find the business leads and openings. It’s a personal thing and most if not all brokers should be doing something like this to improve their market share.
When you have a system that you are working to, it can be refined when you know what is working and where the best types of commissions and leads should be coming from. Here is a list of ideas to get you started:
- Decide about the best property types – When you look into a location you can find some segments of the market that are well established and active, albeit from a sale or leasing perspective. What will be the factors of growth in those segments over time? To achieve an answer it is best to look at the levels of community growth, business sentiment, and the overall town and city economic indicators. Choose the best property segments that can work for you with reliable listing stock over time. When you make that decision, review the skills and knowledge that you have to work in the segments. If necessary take up some training to bring advanced skills to the clients that you serve. Practice what you learn so that improvement is continual and relevant.
- Divide up your listing territory – Give yourself plenty of listing stock to work with locally. Segment up your town or city into pockets of priority. Some zones will be more valuable to you than others. You can determine your property zones by classes of listing churn and quality properties. Categorise the zones as ‘A’, ‘B’, and ‘C’, with ‘A’ being the best zones to focus on. Understand your reasons for prospecting in a location and then drill down into it.
- Ownership details and property details – When you segment your property market you can pull out the properties and owners that are of the highest standard and opportunity. From that moment on it is a simple process of researching the details and making the contact. Put yourself personally into the process and create meetings. The value of a ‘face to face’ meeting in commercial real estate brokerage is very high.
From these 3 simple steps of property research and analysis you can build an effective and direct marketing and prospecting plan in commercial real estate brokerage.