Commercial Real Estate Agent Prospecting – Contact Adjacent Property Owners for Leads
Every time you take a commercial or retail property to the market for sale or for lease, use the listing as a chance to talk to adjacent property owners, and other property owners in the street.
As simple as this seems, many salespeople are basically a bit ‘lazy’ and will not do this without pushing or reminding. It is remarkable just how much information you will get from talking to other property owners near your listings.
The same rule applies to other competing agents. Many of them will fail to talk to the property owners adjacent to their listings. I, therefore, use the other agents listing as an excuse to talk to the people in the street. The conversations you create will help you find new business and new opportunities.
If those other local property owners or business leaders are considering a sale or lease transaction, I want to be the agent of choice to help them. I want them to remember me; this can be the same focus for you.
Key Contact Questions
So exactly what can you talk about? What can you say to these other property owners and business leaders? Here is a list of questions to consider:
- Are they looking to expand or contract their business in its location?
- Would they like to be updated on prices and rents locally?
- Have they noticed other property changes in the local area recently, and if so, what?
- What property needs do they have, and when do they review those needs?
- Who is the leader of the business? How can you talk to them?
Direct questions in our business are just fine. What’s really important is the rapport and focus you have when asking questions.
Top Agent Questions
Top agents ask questions of people in the property market all of the time. They talk to lots of people and find out what the local area is doing. Property market information underpins performance and listings. People in a location see things and will share that information if the right questions are asked. Use the conversations with other people to identify opportunities.
Your Sales Territory?
Considering just how big your ‘territory’ should be and how you are covering it now is interesting. I recently spoke to an agent who had a potential area of business covering 10 miles by 10 miles. Inside that area were some 20,000 companies and many commercial and retail properties. That area had to be split up to be of any value to the agent.
If you are allocated a larger area to cover, then break it down into precincts of activity and logic. Determine where the activity can be and what a location can do for you. Then you start reaching out to people in the location, and capture the information from conversations and connections.
Concentrated Action and Create Listings
So, what is the problem here? Many agents try to do too much in a large area rather than concentrate on a location. When you concentrate your efforts and your focus, you find opportunities. Concentrate on people, property types, and precincts. As you engage with people, create conversations in the locations and the property types.
The numbers and opportunities are great to work with, but you must control your actions and activities in zones. Keep your numbers small and take steady progress every day.
You cannot cover a big area all at once. Better results come when you segment your territory and work through it street by street and property by property. Controlled prospecting is what it is all about.
Through all of this process, when you talk to many people each day, most of them will decline your offer or request. That is just fine, as they do not need to do business with you now. Remember that fact as you methodically work through your sales patch or territory. Opportunity awaits the agent who asks lots of questions and gets to know the people.
