In commercial real estate you need a good source of leads to find more listings; it is an ongoing process to be actioned at a personal level.
The agents and brokers that struggle with finding listings are usually those that do not have a lead generation system. We all have choices in this world, and the commercial real estate choices are quite special if you want more new business.
The best sources of leads are found in your local area; it is quite a simple process to action and systemise. If you are struggling with finding listings and clients to work for, then this may well help you.
So how do you create this ‘lead generation’ system? You talk to local people on a street by street basis. ‘Door knocking’ is involved, together with a systemised ‘street by street’ contact process. By talking to the people that occupy properties locally, you will find out lots of information that can take you to a potential property transaction quickly and effectively.
The ‘locals’ know the area better than you do, because they visit the street every day and run their business from it. They know what’s happening. Quality canvassing and quality questions will help you find the information and the leads to take you to more listings and property transactions.
So how does this concept work? Here are the facts:
- The local business owners know what’s happening with other neighbouring businesses and properties. They see the activities of others locally given that they occupy the street. They can sense when something is changing.
- Landlords talk to tenants and vice versa. From that connection, property leasing, sales, relocations, and redundancy facts will have been discussed.
- Tenants need help with rents, leases, relocations, lease expires, and alternative premises.
- Vacant premises stand out as ‘problems requiring a solution’.
- A new listing in the street is quite likely to create activity and discussion. Use other agent’s listings to talk to local people. The same activity can occur with your listings.
If you are struggling with finding listings and properties to serve, spend more of your time out of the office and in the territory of your property market. On a street by street and property by property basis, move through the area logically and talk to every property occupier.
So how can you do this given that you do not know them? Here are some ideas to help with that:
- Carry with you a simple one page information sheet about property rents and prices. You can attach your business card to the information sheet and hand it out to every business or premises that you visit.
- Leave your business card at every location; do that even if you cannot see or speak to the ‘person in charge’.
- Ask direct questions about the immediate area surrounding the business or the property you are visiting. People tend to share information more comfortably about ‘other properties’ than their own.
Conversations will lead to information. What this says is that conversations created in the local area will help you find new leads and property opportunity. It is a personal process, so get out of the office and start ‘door knocking’. Take a lot of business cards with you and hand them out.