Sunday, August 12, 2012

Commercial Realtors - How to Prospect for More Commercial Property Listings

business man using the telephone and a laptop computer on a desk
Cold calling is a good part of prospecting.

When the commercial property market gets slow or tough, the agents prospecting process for new listings should get more active and comprehensive.  It is the quality listings that bring in the right sort of enquiry.  In slower markets it is the enquiry that helps agents get the commissions they require.

So each and every salesperson in a commercial real estate agency should be diligent and thorough when it comes to servicing property enquiry and finding quality listings.  The time on market relating to both sales and leasing will tend to blow out to many months and perhaps even a year in some cases with some difficult property types today.  Again I go back to the point that quality listings really matter when the property market is slow and tough.

Far too many agents and realtors struggle with open listings.  Whilst it may be nice to have an open type listing on a property, you have absolutely no control on anything when it comes to open listings.  The client cannot be trusted, and the client is likely to be an adversary in the entire marketing and negotiation process.

We need exclusive listings to control our market.  If we want to build market share, it needs to be built on the back of exclusive listings.

So the prospecting process is critical to the growth of our market when times are tough.  Every salesperson needs to take a serious look at the amount of prospecting that they are doing on a daily basis.  Order takers serve no purpose in tough commercial markets; we need the tougher salespeople that are prepared to drive better enquiry, exclusive listings, and quality properties.

So where do you find this magic person?  Are they looking to be employed or perhaps are they ready to be moving from another agency?  As in any agency principal will know, finding the right people to employ is always a daunting challenge.  That being said, it is always necessary to be on the lookout for good salespeople or those with the potential to be so.

Any job interview with a potential new salesperson should comprehensively and deeply explore the subject of prospecting.  Any new salesperson in this market must be prepared to prospect on a daily basis and do so in a comprehensive way.

A good prospecting model for this market looks something like this:

  • Researching the right property targets to prospect into
  • Incorporating a prospecting model into the daily diary process
  • Using a database for comprehensively connecting with clients and prospects over time
  • The ability to pitch and present their services as a specialised commercial property agent
  • The ability to not just list property but also market, inspect, and negotiate through to a satisfactory end result

When you look at the varied tasks required of a commercial agent or realtor today, prospecting still remains number one when it comes to daily tasks and activities.  Find the right people that can do this exceptional task to the right level.