Saturday, May 5, 2012

Prospecting Tips for Commercial Real Estate Agents

In this commercial property market the value of networking is high; it is the only way you can build a reasonable database of contacts and prospects.  When the property market gets tough (like now), it is the database that you personally manage and maintain that will help you so much.

Here is a tip from our Commercial Agents Newsletter.

So who should you network and from what angle?  Here are some people that are high on my list of prospects and contacts:

  1. The local property investors are very important contacts.  The only thing is that they are hard to find because they hide behind company and ownership structures.  The best way to find local property investors is to check out the best properties in the area and chase down the owners.  This takes time but it needs to be done.
  2. All the local business owners are very high on my list because they know so much about the local area and can tell you what is going on in their proximity.  They also know the property owners and the other business leaders nearby.  Asking questions here will give you lots of leads.  
  3. The local business owners are a source of movement to other properties.  They may own the property they are in or they could lease it; either way there is some opportunity here when you contact the key decision makers.
  4. Look for any distressed properties that could need tenants or may be reaching the end of their serviceable life.
  5. Check out any parcels of vacant land in your area and find the owners.  They may be a source of a new development.
  6. Make contact with the local property developers in the area.  From time to time they will be looking for new projects and locations to build from.  Whilst a new property development takes time to create, lease, and sell, they are always a good source of long term commission and business.  Get to know the local property developers.
  7. Solicitors and accountants always have lots of clients that need property help.  They will not normally introduce you until they trust you and know that you are really the expert that you claim to be.  Get to know all the local solicitors and accountants.  If some of them are experienced in commercial property they could also get reciprocal business from you.

At the centre of all of this activity is some form of database.  The choice you make here is up to you but it must be the database that you are comfortable in using and that you take responsibility for its management.

Out of every commercial property there is a sale, lease, and property management opportunity.  Be open to the ways in which you can help the people in your market.

You can check out some more tips for Commercial Real Estate Agents at our parent website