Many new agents and brokers in commercial real estate struggle early in their career simply because they lack a client database and don’t know enough new people to contact in a regular ongoing way. It can take a long time to build the momentum needed to attract listing opportunities, and for that reason, new business prospecting should occur are as soon as possible when any new agent enters the industry. In saying that, there are some specific ways in which you can shorten the new business prospecting process as an agent.
Grow Market Share
The best way to focus your growth of market share and commission opportunities as a commercial real estate agent is through regularly connecting and meeting with new people. The listings and the opportunities tend to evolve when you focus on meeting new people through the local area. Consider these questions:
- How many new people can you contact every day?
- How much time do you have available for prospecting for new business on a daily basis?
- What system can you use when it comes to connecting with new people?
- What relevance and value can you offer as part of connecting with and talking to new real estate prospects?
As you think about these questions, there is one important fact to remember. When you start prospecting and cold calling for new business, your skills and conversions can lift through self improvement. The more that you do the prospecting, the better the business gets. Unfortunately many agents don’t stick at it long enough, and fail to develop a system that works for them. That’s where the struggle develops and continues for far too many agents.
Create Top Agent Momentum
The top agents in the local property market today understand how to keep up the momentum and the personal discipline required to grow market share. They focus within the property segments, the property types, and the locations. They understand the differences when it comes to sales, leasing, and property management; they use those differences through a deliberate and direct marketing process.
There are many things that you can talk about specifically as you prospect for investment sales, vacant properties, and property management opportunities. Focus down into the types of service that you can provide and talk about the pressures and the factors of pain that many people are experiencing in the property market today. Your best clients will be the ones that need help and some pain or pressure relief from a property perspective. That could mean a change in the tenancy mix, a resolution to a property expansion or contraction issue, rental improvement, resolving property operational costs, or solving a vacancy problem.
Focus Your New Business Prospecting
Don’t spread your prospecting efforts too far and across too many property types. Sporadic marketing really doesn’t work well in commercial property. Understand the property market that you serve and where the best opportunities exist particularly within business segments, and investor groups. Identify the zones, streets, and suburbs within your territory where businesses and investors like to focus. When you have the right location information, your conversions from prospecting for new business will be quite substantial.
So what can you do to get things moving in growing your market you? Logically you can work through the streets, the quality properties, the successful businesses locally, and the local Property Investors. Understand what people are doing when it comes to current property ownership and occupation, and then look for the future property opportunity or pressures of change. Look for the factors of change in the business community, and look for the pressures of investment in property ownership. From those two segments you will find people and businesses to serve in commercial real estate brokerage.