I like to gather market intelligence in commercial real estate brokerage. The information that I can gather will help me to find the things that can be future new business opportunities across sales, leasing, and property management. A keen eye and a questioning mind are also parts of the process and any consistent system that I can create can help greatly.
Are you ready to find some new business? So let me share some ideas and help you somewhat with the things that have worked for me over the years.
Do You Compete for Listings?
The levels of competition in our commercial real estate industry are many, so any lead or client connection that I can make is a good thing for me and will bolster my efforts to build market share. I am sure that you would also like to have some new business connections coming your way all the time? Well, that is the principle of the process; a constant flow of new business leads to work on.
So lets get started with some definite strategies to help:
- A Review of History – One of the best ways to find people that are active or want to be active in commercial real estate brokerage is to review sales and ownership history for the area. Understand where all the sales and purchasing of property has been happening in your local area over the last few years. That information will lead you to people that are already ‘players in the market’. Get a list of sales for the location and then methodically check off addresses and transactions one by one; find the people to talk to. Research each of the deals to understand what the property looks like, what has happened to the property up until now, and look to see if any challenges are happening with tenants, property performance, and appearance. Connect with the property owners today and have a talk about their current property situation. Perhaps you can help them now? Can you keep in contact with them for the future in case things change?
- Listings on the market today – When another agent puts a sale or lease signboard on any property in your area, that is then the catalyst for you to talk to adjoining businesses and nearby property owners. They may like to list their property to compete with the other agents listing. You can be the agent to help with that competition.
- Existing businesses in your location – Many of the local business owners will require property help in some way or form. Each day talk to more business owners locally on a street by street basis. Stick to a logical street by street process of canvassing because you will cover off on opportunities as they arise in your targeted areas. The local business owners are likely to know about local property changes before you do.
- Development sites – Any parcel of vacant land in your location should be checked out and can lead to a new future new development. Understand the zonings for the local area and research the property owners. There will be parcels of land that can be ripe for redevelopment and construction. From one project sale or project leasing appointment there can be multiple commissions and leads coming your way. Most developers will talk to you when you find a development or redevelopment site in your town or city.
- Your Database – It is a fact that most commercial real estate agents and brokers don’t spend enough time working on their database. They typically forget to remain in contact with the right people over time. One thing needs to be remembered here; the great majority of new business that we create today will be built over time and through the established relationships with property people. That is why the database process is so important.
So, these simple strategies are very fruitful sources of new business leads and opportunities for local real estate agents. I go back to the point that methodical process is required to stay on track with these things.
Talk to a lot of people and ask questions. Don’t pitch for new business; just ask questions to see if you can be of any help. That is the secret of building market share in commercial real estate brokerage.