When you get spare time in commercial real estate, the important thing is that you do something of relevance and importance to help you build market share. As a general rule, focus on connecting with new people, property investors, and business leaders.
As you get busier with listings and clients, the frequency of spare time tends to diminish. However, between meetings, or perhaps between property inspections you will always have some spare time to use in a positive way. Spend the extra 10 minutes or half an hour between meetings productively by creating connections and conversations with the right people.
Things consistently change in commercial real estate today. From time to time new leads and opportunities evolve from the relationships that you make and have with other people. Asking questions at the right time or connecting in the right way will help you build listing opportunity.
Most new business opportunities come from established relationships and ongoing conversations. It can take some months if not years for some clients to move to the next stage of property involvement or change. Help them understand that you are the right person for the job. Make sure that you are consistently available when they need you. Keep them fully briefed and appraised when it comes to regional and local property market activities, prices, rents, and upcoming quality listings.
Spare Time Checklist for Agents and Brokers
Here are some of the best ways efficiently use your spare time as a commercial real estate agent or broker:
- Make 10 direct cold calls – The telephone is the most convenient way to connect with your market whilst using your time effectively. Some top agents will deliberately set aside time every day to make cold calls, and they also make those calls between meetings. You are never too busy to make more direct calls to clients and prospects.
- Door knock some local businesses – The local business community will be a great source of property market information, leads, and change. The business leaders locally will generally know more about local property issues than you do. They will understand the factors of changes that apply to neighbouring properties, businesses, and landlords.
- Send 5 marketing letters – In sending five marketing letters per day, you will have the chance to make direct follow-up phone calls later in the week. The idea here is that the marketing letters ‘open the door’ to the conversation that you can create over the telephone. A telephone conversation should lead to help you understand future property needs with the people that you talk to.
- Contact previous clients – Some clients that you have worked for previously may soon be looking for other assistance across sales, purchasing, property management, or leasing. Bring some versatility to the services that you provide. Be prepared to convert one level of business activity to another.
- Ask for referrals – There will always be referral opportunities available to the creative agent. If you have successfully serviced a client in a previous transaction, the referral conversation is easy and logical. Contact the people that you have worked with over the years, to see if they can refer you to other people and property activity. It is always a lot easier to create new business through the referral process.
Simple strategies like these can help you use your spare time effectively and efficiently. These simple activities can also assist when it comes to identifying property changes and client needs. Use the telephone to create relevant and real contacts with the best people in your local property market.