Sunday, May 20, 2012

Commercial Agents - Tips to Build Your Prospecting Network

When you work in commercial real estate today, it is essential that you have a significant network of people around you that can bring you new business opportunities.  The industry and your successes are built around knowing the local people involved in property investment and ownership.  Here are some tips from our Commercial Real Estate Agents Newsletter.

When you first start your career in the industry, this can be a slow process and without some system of prospecting, you will find that your market and network will grow very slowly.  Make the decision today to drive your market share growth forward; take the consistent steps to do this every day.

On that basis you need to know and contact more of the right people.  Typically the lists of people to work with or network around are:

  • Property investors that own local property
  • Property landlords that lease property to tenants
  • Solicitors and Accountants that have clients who need property help
  • People associated with property development
  • The owners of vacant land in the local area
  • Business owners and proprietors that require a property to operate their business from

One of the most difficult tasks for many salespeople is in establishing their network.  The longer that it takes to establish your network, the slower the income and listings will be.  So a key recommendation is that you establish your prospecting and networking system as early as possible in your career.

Commercial real estate agency is based around property knowledge and property contacts.  When you put the two together, you create listing opportunity and the potential for negotiations.

Within the lists of people previously mentioned, you can drill down into subsets of special property ownership.  They can be community groups or types of property owners that have special property needs.
Many salespeople have made significant opportunity for themselves through understanding the property needs of special groups such as charities and church groups.  These special groups have requirements of location, improvements, price, and rental.  When it comes to selling or leasing, the decisions that they make are handled differently than normal property owners; this is where an agent with understanding and knowledge can make a real difference.

This then suggests that you can build a niche market for yourself within a networking process.  Many salespeople do not do this and on that basis the opportunity awaits.  Look around your property market to find those groups that are special from a property requirement point of view.  Here are some ideas:

  • Church groups
  • Charities
  • Government connected groups
  • Cultural groups
  • Community organisations
  • Franchise groups

When you delve into these subsets of property owners, you will find specific needs that can be tapped.  Get to know the decision makers and set up the ongoing networking processes.  They are likely to need property help at some stage in the future; make sure that you are at the ‘top of mind’ when they look for that agent assistance.

Join our online community of Commercial Real Estate Agents right here.