How to Use Location Based Prospecting to Grow Your Real Estate Business

When looking for clients and new listings in commercial real estate, it pays to have a client contact system that centres on ongoing connections and communications.

A system like that can be designed to help you stay personally within activity categories. In that way, you can find more people and property situations where you can help.

Random contact processes don’t work very well in commercial real estate. So instead, tune everything you do in prospecting for new business, including streets, property types and people.

Don’t try to do too many areas or locations across a town or city. Break things down to get more penetration into your real estate prospect groups. Here are some ways you can do that.

1. Investor Connections

Get to know local property investors, particularly those owning significant properties or quality properties within zones and precincts.

Some of those investors will be valuable VIP clients in the future. Understand what they prefer from an investment perspective and why they choose it. Some investors will have a typical ‘holding’ cycle to real estate assets, and you can help with property portfolio changes as part of that awareness.

I like to ‘classify’ those property investors into grades or activity levels, which helps with potential off-market transactions.

To service property investors long-term, think about the local property market information you can share and how that information would be ‘circulated’. A PDF monthly report is an excellent example of how the process can work.

2. Researched Local Property Owners

Certain people and properties will stand out when you investigate a location and set of buildings or suburbs. They will be attractive targets for you in some way in the future.

Differentiate the local property owners into separate groups or priorities and classes. Establish a VIP group as part of that differentiation, and supply that VIP group with deliberate and direct information that can help them grow their investment intentions and outcomes.

Top agents do that, attracting off-market and more significant transactions within the selected property classes. Look seriously at your systems within this local property ownership data list you may already have.

3. Previous Buyer and Seller Contact

Look at your sales records and transaction activity over the last few years. Previous relationships will always give you leverage points for the future if you study the information.

Every person you connect with today can be a leverage point in the future. It is a matter of taking the time to capture data, make observations, and decisions. Top agents do that to grow market share and identify new and fresh real estate opportunities.

4. Go Through Older Enquiries

Every person you have taken to a property as part of an inspection over the last few years, or those that could have enquired about a property you brought onto the market, will be a contact to follow up.

They are the people to connect with again and make a return telephone call. Recognise that situations change for property investors and business owners regarding property ownership or occupancy.

As agents, we can tap into that change process and find the people that need help. Try the strategy and apply it to your regular daily prospecting processes.

5. Business Types and Segments

When you consider your real estate market and all local businesses, there are people and business types to track. This strategy works well when you specialise as an agent in the business cycles and the types of properties.

So, you can specialise in property types and categories based on your real estate skills, preferences, and knowledge. As part of that, assess the future supply and demand for the property types you are interested in. Then, compare the local interest in property types to other regional cities and towns.

An example would be service stations, childcare centres, or allied health-related properties. Every property type will have a level of specialisation regarding prices, rentals, and the utilisation of fixed improvements.

Growth differences and demographical changes could exist in other towns and cities nearby. You can tap into those changes as a real estate agent to find the new business that you are looking for.

6. Local Property Occupants

This fundamentally new business approach involves telephone calls or ‘door knocking’. Track the changes to property ownership and occupancy through your location. Itemise all the owners of the properties, together with the occupants.

Look for changes in occupancy or the pressure points such as vacancies. When you find a pressure or change point, you can directly approach the business owner or the property investor. Asking questions will create plenty of new business leads and opportunities over time.

7. Other Agents Clients

Don’t be afraid of connecting with property owners that already use a particular agent or broker. It is a known fact that many agents do not serve their clients well when it comes to property activity, requirements, upgrades, or changes.

A regular ongoing contact and question process to connect with those people and to ask those clients about their current property needs can always create conversations. Through those conversations, you can create a professional image and profile as an agent.

Ultimately, you want to be respected as thoroughly capable and experienced as a local real estate agent. Every conversation and contact process can underpin and grow that profile for you.

The Benefits of Location Based Connections

The closing comments on all these real estate client contact processes are worth noting. First, know that the local property market in your town or city is forever changing, as will the local economy regarding investment, business activity, and locational change.

Set up your contact model. Track your conversations, and keep abreast of road changes, zoning changes, supply and demand, property use, and business occupancy changes.

You will find plenty of new business opportunities in each of those categories. Start and build the momentum of your conversations. Create ongoing daily discussions, and you will find the new business.