|Start prospecting and improving the process with practice.|
Some commercial real estate agents and brokers struggle with prospecting on a regular basis. Over time that will have a major impact on their market share and listing conversions.
Those agents and brokers are likely to say that the following are the facts of the market:
- The market has slowed
- There are no buyers and tenants around
- Enquiry is dead
- It’s time for a ‘holiday’
- Finance is not available
- Deals are hard to put together
- There are too many agents and not enough buyers and tenants to go around
So the list goes on, and I guess you may have a few other things that you can add to the list and have heard in the industry. Excuses are prolific and easy for most sales people to come up with in commercial real estate. If things are not good with listings and commissions they will fall back on one or more of the ‘excuses’ I have just given you.
Show me a broker that is at the ‘top of their game’, and I will show you a focused and 'prospecting active' salesperson.
So prospecting is at the centre of everything. Without prospecting, nothing works. It really doesn’t matter what brokerage you work for, it is the prospecting that will give you market share and listing opportunity.
To fix any problem of this type in commercial real estate, it is time to ‘look within’. Understand the personal things that are holding you back from finding more new clients and properties to work with. Deal with those ‘weaknesses’ and move ahead into the market with a fresh attitude on growth and client contact. Put your clients at the centre of your business and market share.
If an agent or broker is coming up with ‘excuses’ as part of addressing low market share or commissions, it is time to turn the focus back on that salesperson to find out what they are not doing and why that is so. Training and performance planning can fix those issues.
You are responsible for the business that you generate and on that basis real action and focus is required. Market knowledge and skill may help you with some of your listings, but it is the prospecting that is more important than anything else. Find out why you are not prospecting enough and solve the problem.
In an average working day, a commercial real estate broker or agent should be prospecting for 3 hours and at least half of that time should be spent with talking to fresh new people. Set some personal targets to connect with 10 or 15 new people per day. It will take you 30 or 40 cold calls to achieve that. From those connections you can create some valuable meetings and that will then be the start of a valuable client relationship for the future. That is what prospecting and networking is all about.
You can get more tips for commercial real estate brokers in our Newsletter right here.