In commercial real estate today you can get some heavyweight cold calling and prospecting opportunity from focusing on the quality properties in the market and the clients that require repeat business and service over time. That being said, a degree of research is required to achieve connection within that segment of the market.
If you want to win more business from your prospecting system, some simple research will help you bypass the time wasting clients and low quality listings. Many agents and brokers fail to do the research because it is too hard or takes too much time. This then makes it difficult for attracting results from cold calls and direct mail campaigns. The good news is that directed effort finding the right people to talk to will help you with conversions to meetings.
So here are the rules to put some heavyweight focus behind your prospecting system and commercial real estate activities:
- Check out all of the high quality buildings in your location. The definition of high quality will vary depending on your property type and the availability of stock in your area. Generally a high quality building will be in a top location, quite active from the tenancy mix perspective, and supporting a reasonable return from gross and net rentals. A high quality building will usually have negligible or low vacancy factors.
- Look at the cycle of real estate as it applies within your town or city. Most property investors will cycle in and out of the marketplace every 3 to 5 years. You can seize the opportunity of identifying these people from previous sales records locally and then connecting with them ready for the next property need or cycle of activity.
- Your competing agents will from time to time list properties locally in your territory or patch. Every listing that they bring to the market is an opportunity for you to door knock the street and cold call all the property owners in close proximity to the listing. If any other property owner nearby is thinking about selling or leasing, they would very likely choose a competing agent. You can provide that solution and service.
- Establish a direct mail campaign where you are sending letters out to qualified prospects on a monthly basis. Those prospecting letters can be carefully crafted for the location and the property type. It takes about three or four letters to open up the opportunity of new business or a meeting opportunity. It directly follows that you should make a telephone call after every letter is sent to the people within your database. Your conversions to meetings will be substantially higher when you do this.
- When you list quality properties, the enquiries coming back to you will be more substantial and have higher value. Every quality property should be exclusively listed. On that basis ensure that you are pitching and presenting for exclusive listings at every opportunity.
All of this being said, when you control the listing stock, you get better traction in market coverage and inbound enquiry. Get plenty of signs into your sales territory on the high quality listings in prime locations. A successful prospecting model is a new and exciting way to build market share. Take ownership of your prospecting system to make this occur directly and regularly. Create a habit of connecting with new people every day. It’s a personal thing that will bring you sustained growth of market share. Only you can do it.