In commercial real estate brokerage there are many different and good ways to generate sales leads and opportunities from the local property market and from the types of properties that you are interested in. Some strategies are better than others. The important thing here is that you have a plan for the process and that the plan is being refined and shaped over time.
Any agent or broker without a lead generation plan is really wasting their time, and that will have an impact on the listings and commissions that the convert. Remember this. The sales opportunities and leads that you create in commercial real estate can open up into leasing appointments and an expansion of your property management portfolio for the brokerage.
Linkages in Brokerage
The linkages between specialized services in commercial real estate will always be there for the astute agent looking for new and ongoing associated business; ask plenty of questions with the right people as clients, and look for the ongoing business in your valuable existing and new client relationships.
So let’s look at some specific ways to identify and shape the right type of sales leads and new business opportunities in a typical CBD. Consider the following strategies:
- Property specific – when you focus within specific property types from a prospecting perspective you can ask the right questions with the right people and particularly the Property Investors looking to upgrade portfolio performance with the new and fresh property with an improved cash flow. In this way you can put together a sales opportunity ‘off market’ between willing and interested parties.
- Location concentration – research down into the properties within your location on a street by street and transaction basis. Get to know exactly who the property owners are locally and what they are thinking when it comes to property change, growth, or investment. Be there for them when they need change. Logically working through the property ownership detail locally can be slow and painstaking work, however through that process you will find the opportunities and the right people thinking about a future sale. Focus on the property owners and build the relationships in each case.
- Property owners – from the previous point, you will get to know plenty of local owners by property type and by location. As part of that review, you can segment those owners within your database list in categories such as intention, timing, property type, location, budget, and capability. Understand what a VIP client would be to you from a commercial real estate perspective, and how you can find them, and then qualify your contacts accordingly as you enter them into your database. Devote special and relevant attention to the higher quality clients and prospects that you find. Ideally you want the clients that can give you larger transactions or the repeat business locally.
- Business owners – the local business owners will be rich sources of opportunity and information about local property. They will hear and see things locally before you do. They will know what their neighbouring businesses are thinking, doing, and the changing. They will also know a lot about the landlord that owns the property they occupy. Ask the right questions with all of the business owners that you talk to.
- Tenants – when you look into the specific buildings with multiple tenants in occupancy, you can work through the tenancy lists as part of your prospecting process. Some of those tenants may be looking to consider purchase and or relocation. They can be moved across into a sales transaction as a buyer or potential buyer; they can also be introduced to another lease vacancy that you may have listed. Note that all of the tenants that you talk to should be entered into your database. That is where your database becomes the valuable foundation of your new business and sales leads. Ignore your database at your peril.
- Referrals – consider everyone that you know now, and what they may be considering when it comes to property activity in the future. Also think about the referral opportunities and leads that may exist in every client or prospect relationship. Ask for the referrals at the right time in every transaction, meeting, or client relationship.
Within these six simple categories, there are plenty of sales leads to be identified, nurtured, shaped, and actioned. Sales leads can be generated through an astute and direct approach to your client relationships and prospecting activities. Beware of the right questions to ask as you move through your marketplace and connect with the right people.