In commercial real estate brokerage today, the generation of leads and opportunities will be a key part of the business. Most of the leads that are created, will come from the efforts of individual agents and brokers.
Those people that work harder at prospecting and lead creation, will generally dominate market share in the location and attract higher quality listings.
Success in the industry will normally come from ongoing contact with the right people over a long period of time. For this reason, the networking and prospecting process is critical to agent success and brokerage performance.
The creation of leads will occur from a system of prospecting and ongoing client contact. There are different ways to do that, however the best ways usually include the following:
- If you are new to the industry, then you will have very few clients and little market share. That being the case, you will definitely need a prospecting model that you work to every day in a consistent way. Focus on two segments of the market at any one time to keep things simple. The easiest segment to connect with will be the business community. You can do that from the business telephone book with the necessary direct cold calls; some of those businesses and business proprietors will lease premises, whilst others will own premises. Ask the right questions and create the conversations to get the information that you need. The other segment to focus on will be the property owners of the quality properties within your location. They will be harder to identify, so set yourself a target of one or two property owners per day to locate and connect with. Over time, both of these strategies will help you build market share in a significant way.
- Every listing that you create will give you a reason to talk to other property owners and business proprietors in the same location. Use your listings in this way. It is remarkable just how much information you can get from the local area and the marketing of one good property.
- The clients that you have served over the years will be a good source of repeat business. For this reason you do need to continue the ongoing contact process in a relevant and effective way. Local market information, recent listings, and property knowledge will always be of interest to the people that you regard as prospects and clients. Relevance is the key to creating ongoing growth of market share.
- Ask for referral business from the clients and contacts that you have established relationships with over the years. It is far easier to convert referral business from satisfied clients and customers.
- Watch the listing activity of the other agents in your area. When they put a signboard on their property to promote it for sale or lease, use that signboard and marketing campaign as an excuse to talk to adjacent property owners and business proprietors. They may like to compete with the other property nearby.
- Many property transactions today occur ‘off market’. That will happen when you completely understand the needs and the capabilities of the clients that you serve. You can then find the right properties, the right tenants, and the opportunities to match your clients into.
Always be on the lookout for leads and new business opportunity; it’s always available in any market and at any time. The commercial property industry doesn’t disappear, it just changes focus. Good agents and brokers will adjust their lead generation programs accordingly. Find the right clients to work for, and your business will thrive.