In commercial real estate today, the prospecting model that you develop will make or break your career. Far too many agents overlook the requirement to develop a prospecting model as part of their business day and business week.
It takes about three months to establish and grow your contact base from consistent prospecting. It takes about the same time to lose momentum in both listings and commissions.
Most people are entering the commercial real estate industry understand the need to prospect and cold call. Unfortunately most of those people will reluctantly undertake the process and avoid it at every opportunity. Over time that will have significant impact on their income and market share.
Here are some ideas to help you with your commercial real estate prospecting model. You can use a variety of these strategies and add some of your own based on your local area.
- Understand where your market is located. Determine exactly where your business will be coming from. That will involve both a geographical area, and or property type. You can then focus your efforts into the region and talk to the right people.
- Know who you should talk to. When it comes to talking to business proprietors and property investors, the right people with the correct levels of decision or control should really be the focus of your attention. The business community will offer great opportunity to you providing you prospect into it every day. You will find so many leads relating to tenancies, rentals, sales, and purchases. Asking the right questions is the key to the process.
- Have something worthwhile to say. The people that we talk to have limited time and will initially give us little of their attention. For this reason, the first initial point of contact has to be relevant and to the point. This says that you should have something worthwhile to say that is of interest to the prospect. You may specialize in sales, leasing, or property management. Your opening conversation should center on one or more of those issues and how it may be of some use to the prospect.
- Create supporting systems as part of your contact call process. It is a fact that we should be talking to many people every day. The only way you can effectively do this is to have some form of database and follow-up system. It is a personal process that cannot be delegated to administrative staff. In only that way will you achieve ownership and accuracy of the data.
- Take action every day. Systemized action will get you further into your market so that you can assess results when it comes to meetings, listings, and commissions. The prospecting process should feature as one of the first items in your diary every day.
- Return to the same people as part of a contact plan. Over a 90 day period you should be returning to the right people that have some relevance to your property market and or market share. It is quite likely that it will take three or four telephone calls to the right person before you will get a meeting. Consistency is the key to the process.
- Have something relevant to talk about and some information that the prospect requires. A successful contact process will normally involve relevant information that is up to date relating to the local property market. You can create a newsletter as part of that process.
The prospecting process is a very specific business process. When you treat it with respect, your commercial real estate market can be much stronger with both listings and commissions.