Prospecting is at the centre of everything when it comes to commercial real estate brokerage. For this reason, it needs to be a key part of your business model at a personal level. Establish your prospecting model, and practice it every day. Good things take time to perfect and refine; networking and prospecting is like that.
In any period of 12 months, the commercial property market will change due to seasonal pressures and economic circumstances. For this very reason, a ‘no limits’ approach to prospecting needs to apply. Whilst the property market is changing, the prospecting model can adjust accordingly.
From the versatility point of view a top agent or broker should be prepared to move between the disciplines of sales, and leasing. Every sales and leasing opportunity successfully completed can then be a potential property management appointment or consultancy. Everything is linked when it comes to business opportunity in our industry.
Here are some rules to help you with your business growth model when it comes to clients and new listings.
- Understand that there are always buyers and tenants out there. If you can’t find them, then you are not doing enough prospecting. Address the problem as quickly as possible.
- Get plenty of signboards into your territory on quality listings. Every signboard that you place on a property for sale or for lease will give you an opportunity to talk to surrounding businesses and property owners.
- Go back in the records of sales for the area or territory over the last 4 to 7 years. The next sales or leasing opportunities will most likely come out of those properties. Make a priority to connect with the relative property owners, and the tenants in occupation.
- Monitor the activities of your competitors. When they place a signboard on a new listing, make it a priority to connect with the surrounding businesses and property owners in the precinct.
- Exclusive listings are controllable when it comes to marketing, client activity, inspections, and negotiations. When it comes to pitching and presenting for a new listing, ensure that the exclusive listing process features as part of your proposal or recommendations. Give the client some clear reasons to accept your exclusive marketing process.
- Connect with the owners in the area that are likely to be marketing their own property for sale or for lease. In many respects, they will not have the contacts or the resources to do the job correctly. Over time you can convert listings from this source.
The best way to get ahead in this industry is to focus on prospecting and skill improvement. They say that ‘practice makes perfect’ in business today and the same rule applies when it comes to commercial real estate brokerage. Focus on improving your skills and systems so that your personal business model can expand and consolidate with quality properties and good clients.