Saturday, April 7, 2012

Cold Calling Tips for Commercial Real Estate Agents

Preparation is the key to Cold Calling in Commercial Real Estate
Some commercial real estate salespeople struggle with the issue of finding people to call as part of a call contact and prospecting process.  They see that finding the name and address of just one property owner is such a task that all subsequent prospecting is put off.  They do not want to spend time in research to get the numbers and make the calls.

Here is an article from our online community and website

Prospecting is not hard, you just need to find out what works and start doing it.  Creativity and consistency are all part of the process.  Here are a few facts about the call contact and prospecting process:

1.       Research required to make the calls always takes time, but that is only with property owner contact details.  There are many other things you can do that take less time.

2.       Local businesses are either tenants or they own the property in which they are located.  On that basis they should be contacted because you can find out so much about their needs with property.  With the right questions they will give you a lot of information.  Use the business telephone book to contact business owners and tenants.

3.       Get out into your sales territory to do some ‘drop in’ contact.  This also helps with local market intelligence.  Business owners know far more about their street and location than you do.  Ask the questions and all will be revealed.

4.       You must make the call contact time a central part of you diary day and time commitment.  In that way you will build a habit that can grow your market share.

5.       The most successful salespeople in the industry have a great database that they keep up to date.  It takes hard work but it is worth the effort.

6.       Practice in the call process will build your confidence and momentum.  You simply have to challenge yourself to improve.

7.       It takes about 3 weeks of real effort to build call momentum.  That process is up to you in all respects.  With a little creativity you can find 30 people to call on a daily basis.  Soon you will find new property opportunity.

So just who do you call?  Try this list for starters:
  • Business owners
  • Tenants
  • Landlords
  • Property owners
  • Solicitors
  • Accountants
  • Developers
All of these groups need help and assistance with property from different angles and at different times.  Some of these sources of business are easier to locate and some are harder, but wouldn’t you expect that?  When you put in the effort you get results out the other end.

Yes the process takes effort, but for those that break through the barrier of contact and prospecting on a daily basis, the property market is your oyster.  I like salespeople to give me solutions and not obstacles.  Prospecting is an obstacle for some, so find your solution that really works.
You can get more tips for Commercial Real Estate Agents right here in our Newsletter.

Thursday, April 5, 2012

Agents Prospecting for Commercial Real Estate Business

Commercial Real Estate opportunity abounds for agents that network.
When it comes to leasing and selling commercial property today, the market is really quite a challenge.  Only the best property agents do really well and that is because they have a specific process of prospecting and networking that they maintain.  They prospect every day at the same time and nothing, not even the boss, can derail the process.
Prospecting and networking is such a simple and basic fact of the business.  You would think that most salespeople would accept and optimise the process.  That being said, there is a massive opportunity out there for the salespeople that really get their prospecting organised and do it every day.
Now some salespeople will say that it is a lot of work to find the owners of property and then chase them down to make a contact call.  I would agree, however I would say that these property owners are not the only people that you should be making contact with.

The easiest way to build your contacts in commercial property sales and leasing is through talking to all the business proprietors in your local area.  The simple fact of the matter is that these people either own the property that they are located in or they rent it.  Either way you want to know the facts relating to their property holding or occupancy so you can help them.
The other issue here to remember is that they will likely tell you who the landlord for the property is.  On that basis they have saved you a lot of time.   Put the information gained into the database.  Your database is the most important tool in your office.   Make the database a personal process so you can build a group of loyal followers in your local market.

The best agents in this market are those that know the local area and everyone that has property issues on the agenda now or in the future.  That can be as landlords, tenants, business proprietors or developers.  Just how many of these do you know?
Here are the rules for prospecting for new business today.
  1. Create a standard form to use in the call process so you are simply capturing the conversation onto paper and then putting it into the database each evening.
  2. Contact people in your database each 90 days to keep up the personal profile that is so important in business.
  3. Research 40 businesses to call. You can do that easily from the telephone books in your area. The research is best done in the evening in preparation for the next day.
  4. Get to know the local area and property trends so you can provide interesting conversation with property owners and tenants when you talk to them.

I hope that the message here is quite clear.  Your success in the industry is really up to you in all respects.  Do you have what it takes?
You can get some ideas about commercial real estate from our newsletter.
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