Commercial Real Estate Brokerage – The Prospecting Mandate
In commercial real estate brokerage it is obligatory that every agent and every broker prospect for new business for a certain amount of time every day. It is something that cannot be delegated or overlooked. It is mandatory for each individual and it is quite specific as a process.
Keep Prospecting Things Simple
So what are the targets here? To keep things really simple, the targets are usually the following for every agent or broker:
- To create new business opportunities
- To formulate a referral business process
- To help clients grow property profiles and returns
- To grow market share for both the property type and location
- To create listings
- To create commission growth over time
The targets are simple and yet they are quite specific. They require certain strategies and ongoing action by each broker. The strategies are mandatory and yet they can and should be shaped and improved by each person over time.
When you understand your prospecting process correctly and directly, you can do something to improve the opportunities and conversions that you are achieving.
Set the Process for Active Prospecting
So the prospecting mandate is a combination of the following roles and strategies, each of which can be improved and shaped for your location and your property type:
- Time of day – Whilst it is essential to understand the best time of day to prospect into your market, it is also important to remember the time of day that will work for you when it comes to available timely and other diary activities. You will need about 2 or 3 hours per day to undertake the prospecting process. You can get some real traction when you set the same time of day into your diary as the time where prospecting will be undertaken without fail and without interruption.
- Focus on particular targets – You cannot be a top agent across many different property types and locations. Focus on the specific locations and the types of property that can give you the best ongoing listing opportunity and commissions. Your property knowledge and your develop skills will have something to do with your selected property targets.
- Test and measure your activities – Every day you will get some more feedback and results from the market place. That assessment should apply to the prospecting process and your efforts. Understand the number of calls that you are making now and the results that you are achieving on a daily and weekly basis. Look for incremental improvements in small and relevant ways. An effective prospecting process should be creating a steady flow of meetings and referrals.
The prospecting process in commercial real estate brokerage does not need to be complex or complicated. It does however need to be quite solid when it comes to momentum and actions taken. If you are seeking to improve your commissions and listings, take a solid look at the prospecting mandate as it applies to commercial real estate brokerage. Set your canvassing rules and start working directly into your client base and location.
