Better commercial real estate listings and clients are frequently ‘just one step away’ when it comes to growing your opportunities in commercial real estate brokerage. That one step involves prospecting and questioning.
The last step to take will be the difference between a top agency and ordinary brokerage; however it is the step that is the hardest to take for many salespeople. Without a prospecting and contact model, many agents struggle between the peaks and valleys of listing performance and commission income.
It takes about 3 months of effort to break into a new level or cycle of listing activity and market share. Three months can be a long time for some brokers to focus and drive the prospecting model ahead. From a ‘competitive’ position that can be an advantage to those agents and brokers that can get organised and stay focused.
So the last step to take is always ‘prospecting’ and that will be ‘getting in front of the right people at the right time’. For that purpose, every agent or broker should have a solid system of client and prospect contact; that will help them stay on track on a daily basis. The outcomes to a good contact system are usually better commissions, more clients, and quality listings.
When you reach out to talk to a new person about their property needs and they decline your services, remember that the listings are just one step away. I go back to the point that extra step is there and it can involve:
- Staying with the contact over a period of time
- Asking the extra questions about sales, leasing, or property management
- Checking out the adjacent properties and businesses in the area around a listing
- Understanding the pressures of property performance, income, and lease management
- Providing a ‘repositioning’ strategy behind the property issues and challenges
- Knowing that other agents or brokers may be under-servicing the client
- ‘For sale by owner’ listings can be a real headache for some clients
Many agents and brokers don’t win listings easily because they do not take the ‘extra step’.
To tap into this ‘pipeline of opportunity’, it is best to have a good database where you can track the information and the leads. Every time you go back to a person for ongoing contact, make sure that you know what happened and what was discussed at the last point of contact. The client or prospect will remember those facts and will be impressed by your diligence in process and understanding.
You can get more tips like this at our main website here on commercial real estate training.