When you start work as a real estate agent specialising in commercial property sales, it is a bit of a challenge to know where to start. Other salespeople in the team will tell you many confusing things to direct your career; some of those agents will be good role models, whilst others will complicate your efforts and focus.
The fact of the matter is that the best commercial real estate agents build a business from their ‘list’ of contacts and prospects. As a big priority in your personal business plan, you should focus on getting to know more of the right people from the first day of your job in any new agency. Make prospecting a part of your daily diary.
So many agents don’t focus enough on building their prospect list from the start of their career. Over time they struggle with finding property listings and in creating the deals.
This industry is based on relationships first and foremost. When you know lots of people, you can establish some momentum. So just who do you need to know? Here is a list:
- Business owners
- Property owners
- Franchise groups
- Property developers
Many agents have asked me as to how they can find these people. They are looking for some ‘short-cut’ in the process. The reality is that some of the people and groups on the list will be harder to contact than others. The most difficult group to find information on are the property owners. That is because they ‘hide’ behind some company or trust structure involved in the property ownership.
So hard work is required from the earliest stages of your career in commercial real estate to get to know the right people and maintain the contact. Over time you will know the best way to get through to some of those groups and you will refine your processes so your conversions get better.
As a tip to get your database list moving ahead faster, try contacting all the local business owners and do that on a regular basis. Those business owners can tell you so much about the local area and the adjacent businesses; market intelligence like this will help you a lot.
Commercial property sales is really about knowing the right people and watching the timing of sale opportunity. Many deals are done off market between a seller and a buyer that have been matched by a top real estate agent. Constant contact with the right people will help you see the potential relationships that can create a property transaction.