Commercial real estate agents today need a solid strategy and system as part of their prospecting model. It is the top agents of the industry that seems to achieve and establish this benchmark early in the career.
If you wish to rise to the top of the industry in your local area as quickly as possible, it will pay you to consider a successful and ongoing prospecting system. Whilst that will be designed for your local area and agency, here are some tips to help you build the model and get started.
- One of the biggest frustrations for new agencies and salespeople to the commercial real estate business, is in finding clients and prospects to talk to. It is a gradual process that needs to be endeaken every day by each salesperson in the team. Every piece of information obtained through discussing market activity with prospects should be captured into a database by each salesperson. It is of note that many salespeople do not like the attention to detail that this part of the business requires. Top agents always will do this task happily as part of building their market share. You have a choice here. It's really a matter of how soon you want to rise the top of your market.
- The quickest way to drive more opportunity towards your agency is to focus on quality listings. Quality listings will always produce better inquiry from well qualified prospects. When you are a new agent or agency, converting quality listings can be a struggle for short time until the market accepts you as an expert of skill. It is therefore not unusual for agents to take on open listings when they start the career. This focus can change as quality listings start to evolve. The best way to build your agency is from a base of exclusive listings and quality properties. Those two factors should be the focus of every sales pitch and presentation.
- The prospecting system that you create should be focused on a geographical area, and the local business community. It is a known fact that most properties are sold or leased into the local area. Yes, there are some transactions which will occur with people from outside of the area. But those transactions will find you anyway, providing you have quality listings.
- Spend time every day talking to local business owners, property owners, property investors, tenants, and property developers. This is an ongoing task task that should take approximately 2 or 3 hours each and every working day. It is wise to mix the contact system between cold calling, dropping into local businesses, and sending direct letters to the right people. Our industry is based on personal contact. You must get out there into the market and meet the people.
The best prospecting model in commercial real estate is not a secret or overly special. It is simply a system of contact that works for the individual agent or salesperson. They commit to the system and they drive it forward every day.