In commercial real estate brokerage, it is essential that you focus your marketing and prospecting efforts in particular ways so you can find clients and listings more effectively. There is no point in spreading yourself across a wide area or a great number of property types to find new business, as the broader approach to prospecting generally produces sporadic results.
Find the location that works for you and then concentrate on the property types and sizes that you can relate to and talk about.
Comprehensively cover your territory in a logical and direct way. The clients that we serve are attracted to agents that really know what they are talking about.
Here are some facts for you to remember:
- Quality: The best commissions are achieved if you work at the ‘quality end’ of the property scale. That being the properties that the buyers and tenants in the market are looking for and the ones that attract the bulk of the inquiry.
- Talk to the People: When you logically work through the streets in your territory you will find the factors of change by talking to the local people and business owners. Ask them about the things that they have seen and know about. Their ‘eyes and ears’ become your leverage in finding new business leads.
- Track Back in Time: Review the local area and particularly the sales and leasing transactions of about 3 years ago and older. It is quite likely that those properties (and owners) will be the next to enter a period of change or churn from a sale or leasing perspective. On average, most property transactions will happen between years 3 and 7 after initial purchase. Constant contact will allow you to be there with the right people as they need help or are considering change or expansion. The period of years nominated infers that the property owner will be getting to the next phase of doing something; there will be sufficient leverage and evidence in the market that will provide opportunity. They could want to sell, buy, or lease, based on the pressures and the opportunities of the local property market.
- Times of Year: Understand the times of year that impact property change. Businesses particularly look to issues of property and occupancy as they lead up and through a change of financial year. They also look to move properties when the seasonal holidays allow relocation without business pressure. That then says you can focus your business prospecting leading up to those times of year.
These 4 simple strategies will help you in finding the right businesses and property owners to help. Stay focused on your prospecting and track everything that you do in a good database.