A Top Prospecting Model for Commercial Real Estate Agents Today

In commercial real estate agencies today, you, as a property specialist, must prospect on a daily basis. If you do this, you will build market share faster than your competitors. 

Your daily efforts and results will improve the quality of your prospecting. If you want to fast-track your career, you have to start the process.

It is interesting to note that many agents avoid the prospecting process at each and every opportunity.  They would prefer to find something else to do rather than make 10 or 20 cold calls. 

Everyone hates the perceived rejection factor that comes with cold calling and prospecting. The fact of the matter is that rejection is a personal impression of the results that you think you get. Rejection is only your perception and stems from your attitude towards the process. When you change your mindset about the process, you change the results that you get.

Expect that you can and should be talking to lots of people each day; build that strategy into your real estate model. Build your diary around the conversations that you can create.

Real Estate Agent Success formula

In the dynamic landscape of commercial real estate, success hinges not just on numbers and properties but on relationships. Connecting with the right people is akin to cultivating a robust garden; it requires patience, nurturing, and an eye for potential.

Start by identifying key players in your local market—investors, developers, brokers, and even local business owners who can offer unique insights into emerging trends.

Networking events are fertile ground for these connections. Attend industry conferences or community gatherings where you can engage authentically with others in your field. Remember that every interaction is an opportunity to learn something new; listening is as valuable as speaking. Leverage social media platforms like LinkedIn to build a professional presence showcasing expertise while inviting dialogue.

Don’t underestimate the power of mentorship either—seeking out seasoned professionals can provide guidance and open doors previously thought inaccessible. As you forge these relationships, aim for genuine partnership opportunities rather than transactional interactions; this mindset fosters trust and collaboration over time. After all, in commercial real estate, who you know often matters just as much as what you know—if not more so!

Get the Right Mindset

Successful prospecting involves contacting the right people to determine whether they have a need or interest in your commercial real estate territory or marketplace. Your initial approach to the people you speak to should be based on that basis only.

There is no point in pitching your services when you really do not know if the person has a need or an interest.  Asking questions will help you get to the next phase of discussion and a movement of the prospect through your pipeline of opportunity.

It should also be said that we are a service-based industry, and you cannot easily pitch your service offering over the telephone.  Your real estate listing pitch or presentation will be more easily and successfully achieved when you have a face-to-face meeting with the right person, and you have taken the time to understand their needs.  On that basis, your prospecting model only needs to focus on generating meetings with the right people.  Keep your prospecting simple.

What’s Your Prospecting Model?

Here are some tips to help you establish your prospecting model.

1. Define your territory geographically. Within the territory, there should be enough business owners and property owners for you to concentrate on.
2. Business proprietors are a great source of leads and opportunities. They know more about the local area than you do. Some of those business proprietors will own the property in which they are located, whilst others will be tenants in occupation. Asking the right questions will identify their future property needs.
3. Specializing in our industry is quite an effective strategy; that is specializing in a property type and location. In this way, you can stay up to date with market trends and future opportunities. You will know the necessary prices and market rentals for the property type. You will then be confident to connect and pitch where the circumstances are right.
4. Go through the sales records for the last three or four years in your local area. The properties that changed hands up to three or four years ago will soon become future opportunities for sale and or leasing.  Start to contact those people that purchased properties at least four years ago and keep the contact moving ahead with relevant local market information.
5. Referral business will always be of great opportunity for us. That being said, you will only get referral business if you have done a top job when it comes to selling or leasing a property. From the beginning of the listing process, the quality of your service and communication with the client will set the scene for future referral business. It’s a simple equation that requires understanding. Asking the right questions at the end of your successful transaction will open the doors to referral business.

Prospecting for commercial real estate business is not hard. However, it does require a specific mindset and a diligent and regular process. Most agents struggle with the necessary consistency and diligence. This then becomes a major opportunity for those agents who can adopt the necessary systemized time management processes to incorporate prospecting into their business day.