commercial real estate training

Sales Questions to Ask Prospects in Commercial Real Estate

In commercial real estate brokerage, the questions that you ask will help build listing opportunity.  You may only have one chance to connect with a person or prospect.  Tap into their property needs effectively and efficiently with better questions; then it is simply a matter of tracking the matter with a good database and follow-up.

Top agents and brokers match people to property situations.  That is a great strategy in today’s market.  So how many people should you know in this market?  Whilst the number varies with property type and location, it is essential to connect with all the ‘players’ including the following:

  • Property investors that own quality property currently
  • New property owners that have entered the area
  • Business owners looking for relocation or purchase
  • Business owners looking for a sale and lease back opportunity
  • Property developers (yes, I know they come and go from the market)
  • Solicitors and accountants with property clients

When you look at the list it is easy to see that the questioning process is critical in each of the segments.  Better questions set the scene for property action and opportunity.

Here are some rules that apply to connecting and questioning your prospects today:

  1. Understand that you are talking with a decision maker for the business or the property.  When you are connecting with local businesses you will find middle management quite frustrating and time wasting.
  2. Look for leads and referrals through the people that you know now.  They are the easiest business opportunities to convert.  One good client is likely to know 3 or 4 other people of relevance to what you do.
  3. Find out what the current property situation is for the client or prospect today.  In an ideal world how would they move ahead in investment or business decisions?  What would be the timing of that?
  4. One answer to a good question about property ownership or use can be ‘drilled down’ on further, and in doing so you can get to get to the important catalysts of change.  There is nothing more frustrating than seeing another agent or broker come into your client relationship and take or convert a listing away from your control.
  5. Recognise that when you ask good questions, you control the conversation.  If the client is asking too many questions, you are not in control.
  6. Understand the differences in closed versus open questions on property ownership and use.  There are many variations of issues to explore and investigate.  One good response can lead to a contact call at a later time.

Top agents and brokers ask great questions.  They then watch the total response so they can tap into the needs of the prospect or client.  Control your commercial real estate market through great questions.

By John Highman

John Highman is an International Commercial Real Estate Author, Conference Speaker, and Broadcaster living in Australia, who shares property investment ideas and information to online audiences Worldwide.