In commercial real estate brokerage, the opportunities for new business, listings, and clients are always available if you are diligent in your business processes. Look deeply into your area of property expertise and your location, and then build some systems around your activities.
Let’s get started with this idea. Try to answer these questions first:
- What are you good at as a property specialist?
- Why should people want your services?
- Who are your clients by type and business frequency?
- Where are your clients and prospects located?
- What is your prospecting model and how can it be improved?
Brokerage Opportunity Indicators
In simple terms, you can ‘brainstorm’ active brokerage opportunities, and should do so regularly. Here are some ways to do that:
- Market Activity – Determine what the property market is doing with current construction, future supply, local demand, and active enquiry. There will be pockets of property activity or zones of dominant property churn. Find out why some areas, buildings, or precincts are more popular than others, and then connect with the people in those categories of activity.
- Best Properties – Look for the better buildings in the property zones where businesses like to locate. Get a list of tenants or businesses from the zone and then start making plenty of calls. Ask the business owners what their property challenges may be and when they could be needing some help with expansion, contraction, or relocation.
- Crossover Allied Property Services – Don’t just think about sales or leasing singularly; ‘open up’ the service alternatives you have on offer with variations of services with sales, leasing, and property management. How can you offer professional services as a buyer’s agent, sellers’ agent, property management specialist, leasing specialist, and tenants’ agent? One transaction today is likely to be another transaction with the same people in the future. Build on all your transactions by offering comprehensive property services. As part of that, how can you adapt to the variations of office, industrial, and retail property types? Where are the opportunities in those groups of assets?
- High-Quality Clients – In your town or city, there will be better clients and prospects to work for; there will also be lots of ordinary people. Make your choices and choose your targeted people; that ‘targeting process’ will produce better quality leads and listings over time. What you should do with that ‘quality client list’ is set up a VIP list of the top 40 or 50 people that you believe should be in your group for the long term. Each day you can connect with at least one person in that list; that is in addition to your normal prospecting activities.
These four simple processes can be the ‘foundation’ of your real estate business and property opportunities in the future. Act and grow your real estate leads and listings through these simple methods.