Brokerage Podcast

How to Cold Call Tenants in Commercial Real Estate Agency Today

Listings are the agent’s “stock on the shelf” and their income now and in the future depends on the quality as well as the quantity of the listings that they obtain. In your local area, listings may include:

  • Land that is suitable for commercial, industrial or retail development
  • Commercial, industrial and retail buildings that are for lease
  • Commercial, industrial and retail buildings that are for sale to owner-occupiers or investors both large and small
prospecting chart real estate
New Business Chart

Cold Call Canvassing Methods

The leasing market is particularly strong with an opportunity most of the time unless there is a saturation of space from an imbalance between supply and demand. This requires a leasing operative that can explore and continually dig for future leasing deals. 

The process is not difficult; however, it does require diligence and an ongoing canvassing process. I recommend that you structure this cold calling campaign into your daily work schedule so that leads and opportunities are ongoing and produce a listing pipeline of good potential income.

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What is Canvassing for Commercial Real Estate Leasing?

Canvassing for new tenants in commercial, retail, or industrial property is particularly a process that explores your real estate market and all the tenants where there are opportunities for change for new premises. Your market will feature many businesses some of which are in owner-occupation, others of which are in tenanted premises leasing from landlords. 

The canvassing process involves reaching all of these categories of people in a professional and timely fashion. Until you connect with them you really do not know when they will want to change premises or relocate.

The most common form of approach for canvassing leasing opportunity is the use of the telephone. Whilst many people call this the ‘cold calling’ process, it should be approached with great skill and diligence. 

How to Make More Calls

The telephoning process can initially be supported and pre-empted by a letter or direct mail to the appropriate decision-maker. Your telephone call is then directed to that person some few days later after the letter would have been received. This is the most successful method of getting to the right people in the most effective way and to facilitate positive decisions and meetings.

Remember that in the canvassing process all that you are initially looking for is an appointment with the decision-maker that has an interest in commercial property today or in the future. Never try to lease any of your vacant space or push lease transaction opportunity over the telephone. 

Your cold call system and prospecting system should be designed to encourage appointments. The appointments will then give you the opportunity to connect and identify how you can help the client with their leasing needs.