When you work in commercial real estate, you really do need a top prospecting model to help you grab market share. The faster that you do this the better it will be for your career.
The most successful top agents, still prospect every day to keep the pipeline of opportunity pointed in their direction. If you are struggling with listings, now is the time to look at your prospecting system and refine it to something that is strong, and results driven.
I like to think of prospecting and cold calling as a ‘jet powered’ process. It is a bit like preparing for an overseas trip on a large airliner. You do all of the preparation work, you then turn up at the airport; you take your seat on the plane and then prepare for the ‘push in your back’. The engines build to maximum thrust and then you power down the runway.
The analogy really works when you look at commercial real estate sales and leasing. The preparation work has to be done; without that preparation you will not take off, it’s that simple.
Some agents are still sitting on the ‘runway’ when it comes time to turn on the ‘engines’, and some have returned to the terminal. Perhaps they have thought that a more local destination may be more realistic in a taxi! Perhaps they decide to walk home!
In this industry you get back that which you put in. The results and the market share are out there to be grabbed by those salespeople that ‘push’ themselves. Develop that ‘thrust’ when it comes to moving forward.
Experience says that prospecting will take you forward in a major way in commercial real estate. Every salesperson in any location should have a prospecting model that works for them. It will be a combination of a few different things that they do quite successfully every day.
Here are some tips to help your prospecting model:
- Devote 2 hours each day to prospecting. In the first instance this can be done on the telephone as part of a systemised cold calling process. The calls produce the meetings and that’s the way to make it all happen.
- Make your prospecting a daily event that you track in numbers of calls out, meetings, listings, and inspections. Every number that you track will help you move ahead.
- Expect that some of the things that you do will be ‘dead ends’, and that is just fine. Learn from the things that did not work for you and find those things that do work for you. Importantly you should be taking forward steps every day.
If you need more listings or you want some more commissions, now is the time to look at your business and prospecting model. If you are not getting your ‘fair share’, then the answer lies ‘within. When you adjust your systems and processes you will find better outcomes are possible.
Exclusive listings are just so important if you want to build your business as a commercial real estate agent. Open listings are a waste of time in the market share equation; sure, you may sell or lease a few open listings, but only exclusive listings will help you build market share. That’s the way it is.
The clients that trust you with exclusive listings really do believe in what you can do for them; you have made the connection in your sales pitch and they expect a great marketing effort. When you have won an exclusive listing, is it time to act with speed and relevance; it’s ‘show time’, as they say.
Marketing exclusive listings should always be at a higher and more comprehensive level than that of ‘open listings’. Some agents forget that fact! Here are some ideas to start the exclusive listing marketing campaign:
- The local area is a high priority in getting the message out regards the property. Most sales and most leases occur in the local area with people that are not far away from the subject property. That is an observation that rings true quite often. Your property is a good excuse to get into the local area and talk to other businesses and property owners.
- The simple signboard on the property will always create local interest and encourage results. Ensure that the signboard is well placed and well designed. Exclusive listings should get special treatment when it comes to the signboard.
- When an exclusive listing goes to the market, I tell salespeople to personally canvass 50 local businesses as part of each campaign for an exclusive listing. That means knocking on doors and meeting the business owners. Now this has great benefit; those people are likely to tell you what is going on in the area; that is what will give you leverage with your property listings.
- With each exclusive listing you can have a specific inspection strategy that can be designed to feature the property in a particular way as you take people through the property. I tell sales teams to document the inspection strategy as a point of difference in preparing for the property sale or lease, and get the client involved in approving it. They then have some involvement in your ideas and campaign.
- Always keep in touch with the client when it comes to exclusive listings. Every couple of days you should be talking to the client and giving them feedback on the inspections of advertising. This process will help when you have to negotiate at a later stage with any interested parties.
Exclusive listings are the best way to build your market share. They give you the leverage and control of your listing and your client. Take the right steps forward; list all your properties exclusively and design your sales pitch for that process. Why waste time on listings that are ‘open’ and listed with so many other agents?