The prospecting process in commercial real estate today is quite specific to both your market and your skills. You should have a prospecting system to build your growth of market share around. In that way you will create listing opportunity.
So many agents and brokers struggle with the creation of new listings and market opportunities. That is largely because they do not focus enough on the systems that will help them find new prospects to serve. There are always new people to contact and work with. It is just a matter of finding them. Every day make it a focus of your day to talk to new people that may need your professional services in real estate.
Here is a model to help you with finding new business leads and opportunities:
- I like to work on the segments of the market that have the potential for new business. To a degree you should assess the town or city in which you work to see the things that are shifting and changing. Invariably they produce property churn.
- Look at the history of property change in the area. Over time has there been an abundance of sales or leasing activity locally? What is the supply of new properties like and how will that put more ‘stock’ into the market? How much vacant land exists now and when will that reach the level of fresh development?
- When you look at historic sales in your location, you will find a general pattern of ‘property change’ that applies to most businesses and property investors. It is an average number but it is relevant to track and watch. Over a period of time many of the local property owners and tenants will look for another change in property occupation or ownership. That is a fact to be tapped into. Get to know the right people in the market and stay in contact with them for the longer term.
- Many solicitors and accountants have ‘high value’ clients that need property assistance from time to time. Building relationships with solicitors and accountants will help you with leads. That being said, it takes a while for the levels of trust and respect to be established. They will want to see that you really are a ‘top agent’ before they will let their clients work with you.
These four factors will help you see new listing opportunities. Commercial real estate prospecting is a bit like ‘going fishing’ for a very long time. You keep casting the line and the nets and eventually you find a few fish. Keep the processes going and over time you will grow the leads and opportunities that you require.