If you want to get anywhere in commercial real estate brokerage, there is a rule that needs to be respected and remembered.  It goes like something this.  To get good results in the industry in sales, leasing, or property management, you need to have a comprehensive prospecting model that is activated every day at a personal level.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

You cannot delegate the prospecting process.  You cannot randomly approach the issue or the topic.  To make things work, and to attract the new business that you really do need, the prospecting model needs to occur every day specifically and directly to a plan.  That is the law of property activity; that is the rule.

Don’t Replicate These Errors

To explain the issue clearly and precisely, here are the most common mistakes and errors that many agents and brokers make:

  1. PERSONAL: Many fail to have any reasonable form of personal marketing plan to attract new business. Establish your prospecting plan at a personal level.  Every day implement the specific prospecting strategy and coverage across a location, so that you are seen and remembered as the top agent for the location.  Improve the prospecting process when you can see the results that you are converting with meetings, cold calls, listings, inspections, and referrals.  There is no single magic way to prospect for new business.  It is a personal thing that needs to be driven, shaped, and refined.
  2. LEADS AND OPPORTUNITIES: Referral opportunities are not pursued or are overlooked. One successful transaction can lead to many other property opportunities over time.  One successful client relationship can open up into many leads and opportunities.  Ask for the referrals at the right time when you have completed a successful transaction, negotiation, inspection, or meeting.
  3. LINK THE BUSINESS: The linkages between sales, leasing, and property management are not fully pursued or encouraged. One transaction can lead to another when you understand your local property market and the activities therein.  When you finish a successful sale transaction, ask about the leasing requirements, and property management requirements.  When you finish a lease transaction, ask about property management needs, and future sales opportunities.  Ask the right questions at the right time.
  4. BUILDING A NETWORK: Client relationships are not strong enough. Get to know your clients and their property activities comprehensively.  Within your database, segment the high value clients into a VIP Group.  Maintain contact with them in an ongoing way so that they can remember you when they need that extra special property help.  Some clients will always be more important than others, so understand your clients in that way, and segment them within your list.
  5. CAPTURING THE DATA: Database establishment is overlooked or not checked and improved. The foundation to your real estate business will be your database, and the relationships that you build through that database and its information.  You cannot delegate the database process to others.  Your administrative assistants will not have the commitment and dedication to grow the data in your client list.  Take ownership of your client list and the data that you are accumulating.  Look for the factors of advantage or change in your client list.  Maintain consistent networking strategies with the import and clients in your list.

Sometimes we can make the commercial real estate brokerage business overly complicated.  Simplify your approach to the industry and understand your skills for what they are.  Refine your prospecting model, and your professional skills; connect with new people in an ongoing and regular way.  That is how you will find the leads and opportunities in the industry.