In commercial real estate brokerage it is common to hear both new and experienced agents ask the question about how they can create more new listings. Given that the property market changes during the year, constant focus on new business is required. Some agents struggle with the required momentum.
Have you ever seen an agent that is struggling with commissions and listings? It’s not a good look, and from a business perspective it can be a very difficult ‘hole’ to get out of. That being said it happens to the best of us from time to time although direct action and a constant business approach on controlling your listing stock exclusively will reduce the impact of any downturn in commercial real estate activity.
Your Client List
At the start of a real estate career the question is typically ‘How can I create a client contact list? The answer involves street canvassing and property research at a personal level; every agent has to do it.
It takes some time to understand a business location and a property market. That being said, the best way to find listings and clients is to get out into the local area and talk to new people as part of a daily prospecting and new business process. A logical street canvassing process is the best way to get that underway. When you meet with people, small snippets of information will open up to a property need or activity.
Street by Street Prospecting Systems
Here are some valuable ways to canvass the streets in your town for property opportunity:
- Go through sale records – A good way to know your property market is to go through sale records and then go look at the properties involved in each sale. Soon you will understand what prices are making and what property types are selling. The historic sales records for the area will give you leads and opportunities for future sales; just go back in the local sales records about 4 years ago and beyond. By looking at properties that have been sold you will appreciate nearby properties and the opportunities they may create.
- Street surveys – You can move through a street asking business owners when they will get to the end of their lease, or potentially need to make a move to another property.
- Property investors – When you find a property that is occupied by tenants, you know that there is an investor behind the property ownership. Identifying that person may be a simple process of asking the tenant who the property owner may be.
- Work adjacent to other listings – When one of your competitors puts a property on the market for sale or lease, you can use that listing as a reason to talk to other property owners in the street. Some of them may be interested in marketing their property at the same time.
- Look for quality properties and list them – It is a fact that you will generate more inquiries directly from a quality listing. Every quality listing should be exclusively controlled.
- High quality marketing campaigns – Make a point of promoting every property into the local area in a comprehensive way. Every good listing will give you plenty of reasons to talk to other people.
So the commercial property market is always active in every town or city, and each of these prospecting methods involving direct street canvassing will help you find the new business you are looking for.