Wednesday, June 6, 2012

Resources for Prospecting in Commercial Real Estate

business woman with notebook
Get the research tools you need for prospecting.

When it comes to commercial real estate agency, and your career as a salesperson, you need to lookout for suitable resources that will give you lists relevant to prospects in your area.  Here are some tips from our Newsletter.

There are many different strategies to apply in this case, so assess everything on the basis of its suitability for providing you with information. 

To get you started, here are some resources that can be used to set up your prospecting model:

1.    Given that we interact with many business owners with regard to their lease occupancy or property owned, the first resource for you to use and perhaps the most convenient resource is that of the business telephone book.  Get a copy of the latest of business telephone book and start to work through it for business types and businesses of suitable size for your cold calling process.
2.    Go to the local library and get a copy of the latest list of associations and corporations.  This list will allow you to drill down on particular companies of certain types in your region.
3.    Go to the local council and get a copy of the recent planning regulations that apply to commercial, industrial, and retail property.  These regulations and development plans will allow you to focus your efforts on properties of a particular type in compliance with the precinct regulations and plans.
4.    Purchase some simple software that will allow you to compile a database of contacts from your prospecting activities.  Over time you should develop a database of well over 1000 people.  Some 300 of those people will be of high value to your ongoing business plan should be contacted quite frequently.  You will need the database software to channel your attention and focus on the right people.
5.    Review the Internet for links to telephone books and business registers that will give you lists to work with.  Capture these targets each night in preparation for your calls the next day.
6.    Visit company websites for the larger businesses in your local area and gather information regards their company profile and products or services.
7.    Competing properties in the local area will be a good source of tenants and businesses.  Make direct contact with these groups to ascertain their intentions regards property needs over the next few years.

You will be able to add to this list given the activities and attributes of property types in your local area.  Many opportunities exist at different levels and with the information commonly at hand.  The local daily newspaper will also give you simple snippets of information that you can act upon and chase up.  Top agents are good ‘gophers’ to chase down information as available in the most unusual of locations.  You can do the same.

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