In today’s commercial property market, you as a commercial real estate agent really need to be prospecting on a daily basis. When you do this correctly, you will create a pipeline of opportunity with both property owners and tenants. Over time that then helps you build your career and income. (NB – you can get more real estate prospecting tips right here in Commercial Snapshot)
Take on the challenge of prospecting and client interaction as soon as possible. I know it can be a learning experience but there is no choice if you want results as an agent.
It is surprising that most real estate agents tend to overlook the importance of prospecting in their career. That is perhaps due to the rejection factor or the inconvenience of the work required. Either way, prospecting has to occur if you want to rise to the top of your local property market. Top agents do this all the time.
Here are some tips to help you develop your prospecting model and improve your market share.
- YOUR LOCATION: Define your territory clearly and comprehensively. Determine the boundaries of your territory so that you have an area in which you can concentrate your prospecting efforts. When you spread your prospecting efforts too far, you will find that the results will be less successful.
- PROPERTY TYPES: Within your territory there will be particular property types that will be of focus when it comes to listings, clients, tenants, and businesses. You will need to understand that the particular property type has a future opportunity and market for you. In this way you will be able to generate listings and commissions.
- KNOW THE HISTORY: Check out the history of property sales and leasing as it relates to your selected property type. Look at the current levels of business sentiment, and the growth of business activity locally. Your chosen property type should sit firmly in that growth pattern and cycle. There is no point working on a property type that has little activity, stock availability, or enquiry.
- ITS ALL PERSONAL: In many respects, the greatest results that you get in your industry will be from your personal prospecting and marketing. Little business will come to you from your agency or employer. Your personal profile is extremely important to ongoing daily prospecting. Personal branding will need to be integrated into your telephone calls, meetings, door to door canvassing, and direct mail. Over time, the local business community and all the local property investors need to know you as the expert that you claim to be. Use and leave your business card at every opportunity.
- PREVIOUS SALES ACTIVITY: Check out the old sales records in your area to see if any of those properties could be entering the market again. In many respects, the commercial property industry is based on a cycle of churn and change. You simply need to place yourself in the cycle and be known as the agency of choice to help the property owners and business proprietors at the right time.
- KEEP IN TOUCH: Constant ongoing contact will help you build your brand. This means that you should be talking to the same people regularly over time. It takes about two or three direct approaches to the same particular people before you will get a meeting. This means that you should also be quite persistent and consistent in your marketing message. Relevance is everything.
- ASK FOR REFERRALS: Every good listing that you sell, lease, or service, should give you an opportunity for future referral business. Be prepared to ask for the referral at each and every opportunity with the people that you meet.
- MAKE PROGRESS: Set your targets for calls out, meetings created, listings converted, and deals done. In this way you will know you are making progress.
Prospecting for new business and listings in commercial real estate is not hard; it is simply a process. It does take a dedicated mindset and a deliberate time management process. When you do this each and every day, you will see opportunity open up and market share develop for you personally.