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Commercial Property Agents – Why Cold Calling is Really Hard

In commercial real estate, the cold calling process is very difficult for many salespeople.  They may attempt to get a cold calling system up and running, but they will soon find something else to do.  It’s not a new problem and it is all so common in most agencies; that does not however mean that salespeople should not call prospects.  It simply says that many salespeople have an issue to get under control and improve on.  Top agents do that, and over time will build their market share with well qualified prospects.

Many ‘average’ salespeople in commercial and retail real estate know the ‘ups and downs’ of the market.  Over a period of 12 months they will have times of listing difficulty and slow commissions.  The best way to change all of that is through a dedicated call contact program where you constantly find new prospects that may want to get involved in selling, leasing, or transacting commercial real estate.

It doesn’t matter when a person or company needs your help; it does matter that you open the door of contact and build the communication links for the time that they do need you.  Remember, you are the property expert!

Do you know this person?

Have you seen or heard of a salesperson that likes to sit in the office and wait for the telephone to ring or for the prospects to walk in the door?  Believe it or not, there are some salespeople in the industry that do just that even in this difficult property market.  Unless they have another source of income to help them along, they will be consistently ‘poor’ when it comes to commissions.

It is too costly to work in the industry to ‘survive’ on a low income for too long.  Directed effort and prospecting can change all of that very quickly.

So let’s say that you want to fix the prospect pipeline in your business and build more income opportunity.  The best way to do that is in making the calls.  Here is a checklist for you to get started:

  1. Determine the area that your business will come from.
  2. Understand the types of properties and businesses that you serve.
  3. Why should people do business with you?  What are your points of relevance to the market?  Are you better than the competition agents in the local area?
  4. Devote 3 hours a day to making the calls.  In that time you can use the business telephone book to speak to business leaders and managers to identify what their property needs may be in the future.
  5. Use a database system of some type that will allow you to capture information for ongoing contact.

Are you ready to turn your commercial real estate career around?  Set up a contact call process of prospecting; over time you will see the benefits of better listings and greater commissions.  Start the process and practice your dialogue.

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Tips to Winning More Listings Than Your Competitors in Commercial Real Estate Agency

In commercial real estate agency sales and leasing you will always have competing agents crossing into your territory and trying to take your clients and listings.  The only way that you can handle the problem is to be better than the competition in the ways that really matter to your customers and market.  Here are some ideas for that:

  • Prospect for new clients each and every day.  Over time you will need to fill the gaps in your database because some clients will move on for many different reasons.
  • Your current clients and contacts should be nurtured as part of a system of contact with relevant information.  Market information can always be shared with your prospects to help them understand just what is going on with local property.
  • Use the telephone each day as part of a contact and prospecting process.  You should generate at least 2 meetings per day from your call contact process.
  • Split your clients and prospects into categories of relevance and interaction.  Some of your clients will be of higher long term value than others.  Your benchmarks for client categorisation should be set on property type, level of property requirement, and repeat business.

When you look at the actions and results of top agents, it is the quality of the listings that takes them above everyone else.  Invariably top agents will have better properties listed on an exclusive basis.

It is the good properties that produce the solid and real enquiry from the market.  When you think the commercial property market is tough and slow, you simply do not have enough of the top quality listings.  If that is the case, take a serious look at your prospecting efforts and lift them to a new level.

It takes about 3 months to change your listing focus and that can only be done through new levels of prospecting.  Top agents will have weekly targets that help keep them on track.  They will know the numbers that they must maintain to get the local listings and the right levels of enquiry.  Here are some typical benchmarks that a top agent will work to:

  1. Numbers of outbound calls on a daily basis to new people they have not spoken to before.
  2. Constant contact with existing people in their database on a weekly basis.
  3. Conversions of calls to meetings.
  4. Conversions of meetings to listings or opportunities
  5. Conversions of listings to exclusive control
  6. Selling or leasing of exclusive listings
  7. Time on market for different property types and price ranges.

The commercial real estate industry is not really hard or different than any other sales related industry; it just takes real focus and directed effort.  When you do this the benefits soon occur and strengthen your market share.

Do you want more tips in commercial real estate agency?  You can get them in our Newsletter on this site.