Every agent or broker in commercial real estate today should have a deliberate and direct prospecting model that they implement each and every day. In saying that, simplicity is preferable as you design the prospecting model to suit your own requirements and the properties in your location.
If you make things too hard or too complex in generating new business, it will be difficult to maintain consistency and momentum over time. Consistency wins more listings over time. (NB – You can get our real estate prospecting tips here)
Simplicity works when it comes to new business prospecting in commercial real estate today. Some brokers and agents will have preferred methods of prospecting; some of those methods will be more successful than others. If you track the prospecting activities that you are implementing currently, you will find different ways to improve the momentum and your conversions.
Self-improvement is all important when it comes to new business generation in commercial real estate. Every prospecting model can be improved, and that improvement should be based on both the key market indicators for the location, as well as your professional skills and property knowledge. Get involved in your local area with the properties and the people.
New Business Prospecting Model Made Simple
So here is a simple prospecting model that can be quickly established and implemented. At the start of your career that is likely to be a good way to look at improving market share.
- Research the larger and better properties locally so that you can comfortably predict the challenges and changes in the different precincts and with the different investors. Look for the investment challenges that owners and business leaders face today. Those challenges will be opportunities for you across both sales and leasing. Focus your prospecting model into the property challenges as you identify them.
- Some new property developments may be under consideration locally. You do need to understand what is happening from the perspective of supply and demand. To research the zone in that way, you will need to be out in the area regularly taking the necessary notes and photographs of buildings and properties to refer to later. Look at the development applications currently underway, and talk to the property developers in each case. Talk to the business owners and the neighboring properties around all of your listings. That can be a valuable source of market intelligence for the future.
- Determine the precincts and the locations where people like to locate their business and or their investments. When you understand those particular zones, you can research the prices, rents, current and future supply, business activity, and levels of inquiry. Soon you will see what people are looking for when it comes to property occupancy and investment.
- Get to know the streets in your precinct and the properties by type. An awareness of the local property market will help you considerably when it comes to client and prospect conversations.
- Canvass all of the businesses in your territory on a Street by Street basis. Soon you will identify and understand the businesses occupying as tenants, and the other businesses owning local property. Either way you can service their future property challenges and requirements. Refine your prospecting model accordingly.
So the message here is that you can and should have some real momentum in your prospecting model as a broker or an agent in commercial real estate today. Keep things simple and consistent. Keep up the momentum each and every working day.
Look deeply into your property market and territory so that you can identify the people, the properties, and the challenges that are likely to evolve. Merge all of those facts and issues into your database so that you can create meaningful conversations with the right people at the right time and in the right way. That is how the real estate business works.