You can do a lot of new business in commercial real estate brokerage by following up on all your contacts and conversations. Most agents and brokers don’t follow-up enough, and yes, there are reasons for that including time and money, however follow-up or a lack of is a common weakness in brokerage activities today. (NB – You can get more tips and ideas here in ‘Commercial Snapshot’)
In this very fact there are some good things that you can do for yourself in finding new clients and new listings, simply through follow up and regular ongoing contact.
There are some opportunities in the property market waiting to be found and converted.
Process and Time
The follow-up process takes time and effort, and there is no question about that. Organization is also required at a personal level when you are controlling a large territory or database of people. Don’t let that dissuade you and your efforts; get organized and do a bit more in your client and prospect contact.
Think about all the circumstances over the last week that could be reviewed and followed up. Consider those facts with people that you have connected with recently. Here is a list of the most common matters:
- Inbound calls– when you get that inbound call about a property or a precinct, ask plenty of questions using the traditional ‘who’, ‘what’, ‘when’ approach to business activity and property need. The more that you know in doing that, the more that you can share.
- Inspections – every property inspection with a tenant or buyer will put you closer to a person and their property requirements. Send out brochures on email of other properties that could match their needs. Use your database email integration to the fullest.
- Property pressures for business owners – some tenants will be under occupancy pressure with expansion or relocation requirements. The same can be said for business owners. Look into your property zone for the tenants that are under change ‘pressure’. A sure sign of pressure will be car park overload, storage
- Listings by type – if you specifically work certain property types in a limited zone, there will be plenty of things that you can ask about and talk about. Local property specialities lead to abundant conversations.
- Location listings – some businesses and tenants like to stay in a location when it comes to ongoing occupancy. You can help with that. Use the streets and the suburbs as conversational triggers. Talk deeply about the streets and what is happening in them.
- Price and rental ranges – every person that you speak to will have targets and limitations with property selection, leasing and or purchase. What do they want and how can you help them? Think from a ‘help’ perspective. Go deeply into price and rent capability and then send out all your listings that match the requirement.
Take all of these things and go further with your mailings and prospect contact. Send out commercial real estate information and always follow up.