When you are struggling to find new listings in commercial real estate there is generally a simple issue holding back your efforts. Far too many real estate agents blame ‘outside issues’ such as the property market or the competition for difficult listing conditions and low commissions. In many cases those ‘outside issues’ become excuses for poor personal performance.
The reality of our industry is that the new business is always out there to grab and work on. It just takes diligence and drive at agent level to find it.
It is a fact that the property market fluctuates in many ways each year, and some towns and cities have their own pressures of change. Observe the seasonal market changes, but don’t look for the problems; look for the opportunities in segments where things are happening. If things are slower in one segment of the industry, move to another.
The ‘perfect cure’ for slow listings or a market slowdown is in taking more new business action at a personal level. Nothing much is achieved by sitting in the office waiting for the telephone to ring, yet quite a few agents think that this industry is like that. If you are struggling with your listings and commissions, it is time to get out of the office and for you to do so as much as possible.
Establishing Results and Better Market Penetration
Here are some ideas that can help you as an agent with that ‘action’ process:
- Online Marketing – Start an industry related blog where you can talk about property changes in the local area. On a regular basis (at least weekly) write a blog of about 400 words where you share information about the local area and upcoming property activity. This concept allows you to become a ‘news source’ for property investors and local business leaders. You can then integrate your blog into your social media activities.
- Find More People to Help – Connect with local business people by cold calling and also dropping in your business card to offices, shops, and industries. In a logical way, move through the streets where businesses and investment property is located. Ask questions about local market activity when you connect with new people. The local business owners and investors are likely to know more about property pressures and changes than you do.
- Grow Your Database – Make it a personal commitment to grow your database by a certain number of new people every day. Between 5 and 10 new people a day is a good target to work to; that takes real effort, but the target is quite possible. In a period of 90 days you should see your database grow by 300 people. Over time that growth will bring you a lot of leads and opportunities.
- Prospecting Systems – Support your cold calling efforts with direct mail and regular contact systems. It takes about 3 or 4 calls to the same person to break through and get a meeting. Make lots of calls every day to get 2 new meetings per day.
- Find Your Targets – Target certain buildings and people. Always err on the side of ‘quality’ when it comes to buildings and people. Higher quality listings will always create better interest from buyers, tenants, and investors. It is a lot easier to grow your database of contacts when you concentrate on high quality listings.
- Canvass Your Territory – Comprehensively cover your sales territory in a logical way. On a street by street basis you can watch for listing opportunities, signboards, vacancies, and landlords under property pressure. Look for businesses that are expanding, contracting, or relocating. Part of your database should be dedicated to companies and corporations; identify the decision makers in charge of all those companies and corporations as local businesses. In many respects you will find that they are not ‘property market savvy’. You can be the person to help them at the right time.
The secret to winning new business in commercial real estate centres on personal effort and constant focus. Every agent or broker should develop a system that allows growth of market share, connection new people, and database control. Over time you will find plenty of people to talk to and many of those will need help with sales, leasing, and property management.