Specific Prospecting Lessons for Commercial Real Estate Brokers and Agents

If you want to attract some real property enquiry and new business opportunities in commercial real estate brokerage then your prospecting model is very important.  The things that you do every day will put you closer to or further away from your listing and commission targets.

Your new business system

Here are some specific prospecting lessons that are well proven from the market place:

  1. Take aim – Understand exactly who your targets are when it comes to clients and property related people. Define them by location and type.  You could be working your prospecting model within a zone of main roads and suburbs.  When you do that you will find it a lot easier to understand and see the shifts in prices and rents, as well as market listings with competing agents.
  2. Practice your approach – Every morning when you first arise, take 15 minutes to practice your prospecting dialogue and scripts. Your voice and your words are very important tools to optimise when it comes to converting a conversation across the telephone to a meeting.
  3. Track your numbers – You will have to connect with a lot of people every day as part of a prospecting model. As part of that you should track your numbers of calls out, calls in, meetings, and listings created.  When you watch those numbers you have something to work with and improve.  You can also graph the trends so that you can see when your conversions lift.
  4. Understand what works – Some of your prospecting activities will be more effective than others; that is why you should do a few different things at the same time to understand what may be the best prospecting process for you. Soon you will see some effective ways to increase your business leads and listings.  Build on the actions that bring in the results.  Keep the model in motion and refine your processes.
  5. Do it every day – Regularity in commercial real estate is really important to getting results with clients and properties. Certain things should happen every day as you research and network through your market.  Don’t let staff meetings and random unqualified calls divert your focus on growth of market share.  You need plenty of listings in your books to get traction.
  6. Exclusivity – The type of listings that you take on will give you momentum. Exclusive listings are the best types of clients and properties to focus on.  If you must take on an ‘open listing’ then only do so for convenience of quoting the property when you have to.  An ‘open listing’ is of no value to you in building your market share.

Simple rules like these will help you find the right clients and properties in the local commercial property market.  Set your targets, develop your rules, and take action each day to find new business.

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