In commercial real estate brokerage you have one or two directions to take. You can let the property market come to you with any leads or opportunities, or you can go out there and find the new business that is available. The latter is preferable.
Get involved with connecting with new people every day. Put prospecting at the top of the list when it comes to new business activities in your daily diary. Don’t let any person or career pressure divert your activities away from new business prospecting.
A common problem
All too often you see brokers and agents avoid the requirements of new business generation. They soon lose market share and fail to convert commissions. Here are some facts to be remembered about commercial real estate brokerage:
- MOMENTUM: It takes about 3 to 6 months of dedicated prospecting activity to generate some listing churn and commission flow. Many agents and brokers struggle to maintain the required prospecting momentum and organisation. That can be an amazing opportunity for the small segment of people that can keep things under control.
- KEEP THINGS MOVING: When the new business starts to evolve, don’t stop prospecting. It is very easy to slip back into a situation where commissions and listings are hard to achieve. Avoid the peaks and troughs of the industry by continually prospecting regardless of the business that you are currently generating. Understand the lead times between prospecting, client contact, listing conversion, and negotiating. I go back to the point that a time frame of about 3 to 6 months exists in the industry as an average business cycle.
- CONTACT LIST: The database that you create is perhaps the most important business tool that you will use. Protect your database and its information. Keep in regular contact with all the people within the database so that you know when they move to a point of action or challenge when it comes to local property.
- IMPORTANT CONTACTS AND PEOPLE: The relationships that you strike with clients should be nurtured and encouraged in a relevant way. Provide local property information freely and directly to the clients and prospects that you have identified. Free local property information will always be of interest to property investors, business owners, and industry professionals.
So the secret here is to develop a proactive approach to commercial real estate brokerage. There are always plenty of opportunities to be found, nurtured, and converted.
Local property investors and business leaders are always on the lookout for assistance when it comes to leasing, sales, and property management activity. Get involved with the people in your property community and maintain ongoing relevant contact so that you can build your database and grow your market share.
You can get more proactive tips and ideas in commercial real estate brokerage right here in our eCourse.
Commercial Real Estate Online 