In commercial real estate agency and brokerage you need to have a stable and effective prospecting model. In this way you can create more market share and consistently grow your leads. Many agents do not have the personal discipline to get a system and process of prospecting underway; they let other pressures take over their day. In the long term that is a recipe for poor results in listings and commissions.
It is wise to note that the industry and the clients that we work with are typically driven by a cycle of activity. It could be the economy or the property market that creates or triggers the cycle, but activity is always available for those agents that look for it.
So the first question to raise here is ‘Do you have a prospecting model that you activate every day?’ Can you say that the model is working for you?
If you are not happy with your listings or market share, you really should have a serious look at how you are prospecting. Some of your processes may be working for you whilst others may not.
Here is a proven prospecting model used by top agents:
- Determine the territory that you are going to focus your efforts within. Within that zone there will be areas that are busier than others from a sales or leasing perspective. You will always find pockets of properties and streets that get more interest and activity than others. Get to know the property owners and businesses in those areas.
- Start a direct cold calling process and a direct mail system to all of those people identified in the previous point. Determine how many of each you can contact every day. In most cases you should be able to make 25 telephone calls and send 5 letters.
- If you sent letters to business owners and property investors, make sure that every letter is followed up with a telephone call and an attempt at a meeting.
- When you talk to prospects and clients today, they may not need your services for many months if not years. Be prepared to stay in contact in a relevant way so they remember you at the right time. The ideal contact cycle is 60 to 90 days. This says that you should make repeat calls to the same people inside that cycle. Have something new and different to talk to them about each time. After the second to third call to the same person you will be converting more calls to meetings, and that will then be the beginning of a growth phase in your business.
- Track all of your relevant calls and meetings in a database. Over time that database will be your goodwill process and method of dominating your market. Top agents have solid and up to date databases.
It can also be said that you should start a social media model and use Twitter, Facebook, and LinkedIn. Get your contacts to interact with you in that way and through those channels. While you are considering that, have a look at Google+ as a social media tool. It is increasingly an important part of the internet landscape.
Prospecting systems and processes work very well in commercial real estate agency. Make those calls and systems work for you.