Wednesday, June 27, 2012

Commercial Property Agents - Top Prospecting Tips for You and Your Market Today

commercial property agent giving OK hand sign
Commercial Agent Prospecting Tips

In commercial real estate agency, you will find that the property market changes frequently throughout the year and over a cycle of a number of years (about 7 to 10 years).  That being said, the need for quality commercial property agents and specialized salespeople just changes and never really goes away.

Here are some prospecting tips from our commercial real estate agents bulletin.

The most important leverage to develop personally in the marketplace today is that of market share.  You need to develop your market share on a personal basis to dominate the territory with your chosen property specialty.  The quality properties and the best clients are attracted to the top agents with a dominant market share.  That is why the top agents specialize in locations and property types.

Here are some clear rules to help you build your share of commissions and quality listings.

  1. Define your territory into geographical boundaries.  Inside the zone, you should have sufficient quality properties to work with or prospect into over the longer term.  Business sentiment and activity inside the zone should be positive and active.
  2. Understand your competitors inside the defined geographical territory.  Some of those competitors will already have a dominant market share.  If that is the case, you will need to assess their impact on your potential commissions and listings.  Self-belief is a great thing; however you really do need to have a definite plan of approach to attract more business in your direction.  Look at your competitors and understand how they do their marketing, listings, and client connections.
  3. Track the listings in the marketplace to understand prices, rents, and time on market.  It is quite likely that some properties have been on the market for a long time therefore becoming immediate targets for personal contact.
  4. Look for properties being sold or leased by owners.  Rarely will the owners have sufficient skill or marketing expertise to create the necessary inquiry to convert their property to a transaction.  That being said, these owners can be unrealistic in price and rental requirements.  Make sure you list these properties in a realistic way because an overpriced listing can be a total waste of time.  Time is your most valuable resource; don’t waste time on unrealistic clients and their properties.
  5. Use your business card as part of your daily prospecting.  It is perhaps the most effective method of marketing known today; it will be more impacting than any flyer or brochures that you circulate.  Use your business card in connecting with all people and in every situation.
  6. Connect with the business community as part of a daily system.  Business activity underpins property performance and occupancy.  The more business people that you know, the greater the potential of serving them at some stage in the future.
  7. Talk to property Investors regularly.  Building trust does take some time with these people and you will find that most other agents are chasing the same people that you are chasing.  Trust will develop with these investors when they respect your persistence knowledge and experience.

Prospecting should feature as the most important part of your daily business activities.  Devote approximately 3 hours to prospecting each and every day.  Over time you will find that quality listings and good clients will be attracted to you.

You can get more tips on commercial and retail real estate prospecting in our bulletin for commercial and retail property agents.