Key Priorities in Personal Prospecting in Commercial Real Estate Agency

In commercial real estate agency today, you as an agent really do need a personal prospecting system. When you can establish a prospecting system that is geared to the local area and your relevant property experience, things get a lot easier when it comes to market share and growing your commissions.

One key problem that exists in the commercial property industry is that many agents work with far too few clients. When they lose a few key clients, they lose a massive amount of income and momentum. It takes time to build up good and productive client relationships.

Your personal prospecting process should bring new clients into your ‘pipeline’ of client contact and networking. Be prepared to lose a few clients every 6 months or so. Prepare for the loss by building new relationships. Nurture good clients and quality listings; it is a deliberate process that is ‘formulated and commenced’ at an individual level.

The cycle of commercial real estate sales and leasing is quite long. On that basis it can be months if not years before a client is ready to act in a sale, purchase, or lease. Your networking system has to continue in a relevant way for the ongoing time to capture that business. The only thing that you should determine at the outset of a first contact is that you then know that the person or prospect has the potential to need your services in the future.

Here are some other tips to help you with your personal prospecting system in this property market and economy:

  1. Define your business area and your property type so you clearly know where you are focusing. You should also determine why people should use your services. If you cannot establish that information for yourself it will be very hard to sell and pitch the idea of your services to anyone else. Confidence and relevance are key factors in presenting and pitching your agency services. You must be better than the competition agents; how can you do that?
  2. Given your special services, why are you a top agent? Can you sell that idea to a prospective client? What can you do that is more relevant and real than some of your competitors? Over time these things will need to grow and consolidate. They must become part of your personal brand.
  3. At any time and in any market you will find clients that are under property pressure in some way or form. Through consistent daily prospecting you will locate these clients and you can work with them to solve the ‘property pain’. If you are lacking clients and listings now, take a serious look at your prospecting systems and efforts. Most of the agents that are struggling are those that do not prospect enough. I have met agents that admit that they do little or no prospecting at all; I then wonder why they even bother being in the industry given the costs and pressures that apply to the average agent. Every property market has opportunity to identify and action.
  4. Track your prospecting efforts so you can see where you are progressing in conversions, calls and meeting outcomes. It takes about 3 or 4 approaches to some prospects and targets to get them to let you have a meeting with them. Consistency and relevance in contact are the key factors. When you ‘open the right doors’ with prospects, keep them open through ongoing relevant contact.

Given all of the above, the prospecting time that you apply to your career every day should be split 50% to established contacts, and 50% to finding new prospects. In this way you can build market share for the time that you lose a few good clients. Understand what works for you in commercial real estate and repeat the process over and over again. That’s a good way to get more new business.

Top Gun Prospecting Tips in Commercial Real Estate Brokerage

In commercial real estate brokerage, the prospecting process is critical to the commissions and listings that you attract. The best agents and brokers in the industry have a quality approach and system when it comes to prospecting for new business. Every day they are implementing their system into new segments of the market and with new clients.

To revitalise your career and your market share, you can adopt a ‘top gun’ approach to all of your new business efforts. You could say that the approach is based on an ‘attitude’ more than anything else. When you direct your thinking towards creating new clients and new business, everything tends to follow with leads and opportunities.

Action is the key to getting anywhere in this industry. It really doesn’t matter what agency or brokerage you work for; personal branding and networking will allow you to achieve the results you want with listings and commissions.

Here are some ‘top gun’ tips to help you with your growth of market share and client conversions:

  1. Make it easy for people to contact you. Over time extend your brand into the local area and with the right people through constant contact. To do this correctly, you will require a networking and contact model that devotes 50% of your time to current contacts, and 50% of your time to new contacts.
  2. Take advantage of technology through the use of auto responders, e-mail marketing, social media, mobile telephones, and call prospecting. The ultimate goal in any new business effort is to get in front of the right people to establish a long-term relationship. In our industry, the elements of trust and knowledge go hand in hand. It can be many months if not years before someone is ready to use your services. Staying in contact over and for the long term is really important.
  3. Be prepared to put in the time and the effort when it comes to building your market share. Every day approximately 2 or 3 hours should be devoted to the prospecting and networking model you have devised. That itself can be a very large challenge for some agents. They simply do not have the discipline for the process and hence do not take the required action. When you think about it, this leaves the market wide open for those people that can get organised and stay on track when it comes to their real estate business plan and opportunity network. It is a personal thing. It cannot be delegated.
  4. Tracking your efforts and your results will be important to getting traction in building market share. Understand the number of calls that you are making every day, the meetings you are creating, and the presentations underway for new listings. Seek to improve the numbers in a logical and consistent way. Commit time to the process in your diary so that you can reach new people with new property requirements.
  5. It should be said that the prospecting process usually involves a degree of discomfort and skill development. You can fast track the process through practice and role playing. You can merge those activities into your regular weekly sales team meeting.

A successful prospecting model in commercial real estate will take you quickly into the local property market and help with many new quality commercial listings. Consistency and focus will be required to stay on track and get the conversions that you require. The agents and brokers that control the listings, control the market.