Today we have the advantage of technology to reach out to more people and clients in commercial real estate. We can do more each day and build a system around that.
It is all about connecting with people, and those people are primarily in two groups. The groups are the investors of a town or city and the business owners in the same location. Both segments are linked when it comes to commercial property investment across office, industrial and retail investments.
If you are looking for new business in brokerage, then the new business you seek will be in those groups mentioned. You can help with leasing, sale, or purchase scenarios. Concentrate your ongoing contact with people within those services. Ask property questions and create commercial real estate conversations. If no need exists with a particular person, you simply move on professionally to the next call. If a future need exists, or potentially so, then a real estate contact tracking process is something you will need. How good are you at doing that now?
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Communicating with More Clients Faster
The fact of the matter is that commercial real estate is a ‘people-based business’, and so your systems of connection with people will underpin your real estate business over time. The foundation will be set firmly for the future if you do things well.
So, the question will be, ‘How can you connect with more people now?’ Given that this is a changing property market, you can incorporate a few different contact strategies into your real estate day. Conversations in commercial real estate are the priority if you are seeking to grow your real estate business. How can you create those conversations? The telephone is always the best way to start conversations, and that is a personal process that you can move into at the start of every day.
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Tracking Contact Processes Today
In making outbound calls, track your numbers regarding the actual calls made and the meetings created. Try to improve those numbers as the days and weeks pass. There will be limits as to how many outbound calls you can make each day so that you will reach that limit, but importantly, the number of outbound calls should be substantial and sustainable. In other words, you can make that number of calls every working day.
Below are some other direct marketing methods that you can put into your real estate day and working week. At the top of the list will always be the telephone calling process. When you start doing that, think about how you can stay organized in making the commercial real estate calls. If you call fifty or so people in a few hours, how can you capture the information? Speed and effectiveness will be a consideration.
Gathering Information for Client Progress
Capture the information from outbound calls quickly and move on to the following conversation. Far too many agents call just a small number of people every day; that will typically be less than twenty new people each day, and that number is simply not enough.
So, there is a real estate prospecting formula here to think about and a process. Perhaps you can use a template form to capture conversation results with people. Not all conversations will need to be tracked, so that you would discard those conversations with no future value. Focus on these contact processes in commercial real estate:
- Telephone – This method is always practical, providing you are making enough calls. To achieve that, your organization is required to have your call sheets ready at the start of the day.
- Direct Mail – Send a small number of direct mail pieces to specially selected people. Five letters a day is enough. Make sure you follow up those letters you send with a telephone call in a week or so.
- Direct Email – This is a good process, although the ‘delete’ factor will always see some of your messages discarded. If you are going to send real estate emails, then ensure that the news conveyed is personalized and specific. Give the reader a reason to engage and respond.
- Broadcast general email – Most real estate agencies make the ‘general broadcast’ approach a regular strategy. It has some value and will save you some time, but generally, the system does not allow direct connections and conversations. If you are sending emails like this, see if you can get a report about the ‘opening of emails’. From those details, you can make more outbound calls to follow things up. Again, the ultimate target here is to create conversations with active or interested people in commercial property. The only way you will know all about that is via a chat.
- Social Media Channels – Too many agents think that social media is a ‘mainstream’ marketing process. The matter is only a ‘B’ grade client contact strategy and has little relationship or outcome benefit unless you can get more real estate conversations of engagement from the process. If you are going to engage with your ‘tribe’ via social media, then think about how you can follow up and extend the connection.
So, there are a few common approaches to engaging with clients and prospects here. Your real estate sales plan can be built around them. The question remains as to what processes you can work with and what your system would be around that.
Choose just two of the channels of connection and start your real estate canvassing approach in regular and ongoing ways. That is the most critical process in commercial real estate today. Be responsible for the growth of your real estate business. Build your marketing model accordingly and track how you are progressing each day.