In commercial real estate brokerage, you will have plenty of challenges when it comes to finding quality listings and good clients. In most locations, towns and cities, the competition is fierce when it comes to commercial real estate agents. On that basis you really do need to have an effective prospecting model to implement at an individual level.
It should be said that most brokers and agents don’t do this very well. On that basis the opportunities are significant if you can create and stick to a good prospecting model. Create a habit around prospecting.
Here are some proven and highly effective prospecting and networking tips when it comes to agents or brokers winning new clients in commercial real estate today. Compare these to your current strategies:
- Stick to a defined area when it comes to targeting properties and clients. On a street by street basis you can move through the region and research the necessary property ownership details and business proprietors. Don’t spread yourself too thinly when it comes to large areas and diverse property types. Specialization will help you with finding listings and growing property knowledge.
- Devote 3 hours per day to the prospecting process. The cold calling process should occur first thing every morning prior to any meetings or property inspections. Make a priority to get your cold calls done prior to 11 am. Your meetings and property inspections can occur after that time.
- Split your prospecting time into two distinct segments. The first segment will be those people that you have spoken to before. Regular contact here will allow you to tap into the opportunity when those people are ready to make a sale or a lease transaction. The second group that you should speak to will be those that are totally new to your database. Feed your database with fresh contacts and opportunities with new people.
- Track the results that you get from all of your prospecting activities. Understand how your ratios are improving between outbound calls, meetings created, presentations made, and listings converted.
- Understand the differences between open and exclusive listings. As a general priority, you should be targeting exclusive listings at every opportunity. On that basis, track the numbers of listings in each case. Show the client the differences in time on market when it comes to open listings and exclusive listings.
- Any property that is converted to a listing should be packaged for the current market conditions. As you get results and feedback from inspections, you can make clear recommendations to the client regards pricing and marketing. Over a period of weeks, the repackaging of a listing can increase inspection and negotiation opportunity.
So there are some very definite things that can be done to improve your listing conversions and commission opportunities. The secret to making all of this work is to create a personal system of prospecting that you stick to every day. Refine your activities to the current market conditions, and soon you will see the conversions you require.