|Send your prospecting letters regularly.|
In commercial real estate brokerage the prospecting letter process really works. To be successful at it you need to plan the process and control your actions as you progress.
Why will the ‘letter’ process help your prospecting efforts today? Well, it’s because the letters are less inclined to be ‘binned’; that is of course if you plan them correctly and follow the rules.
Here are some facts in comparing letters to emails in prospecting for new clients:
- Prospecting emails are not very successful at all. Most of the people you send them to will delete the communication quickly. As a by-product of the process you must have their approval to communicate in that way, otherwise you will be breaking the laws on ‘spam’.
- A letter is very professional as long as you do not ‘overdo it’. In commercial real estate the best letter is compiled on one single page. The contents should be contained in no more than 4 paragraphs. Sign the letter personally in blue ink. Ensure that your signature is legible and professional (don’t sign in a ‘scrawl’ as it sends the wrong message).
- Create the correspondence to introduce your upcoming telephone call. Make the call a few days after the letter has been received. The prospect will be expecting your call and will be more inclined to take it.
- Always put your business card in the envelope. Don’t put anything else in a prospecting letter. The object is to sell yourself and your upcoming telephone call. Don’t confuse the message with bulky brochures on other issues and property matters. Focus on the one thing that is important, and that is your upcoming telephone call.
- Design the letter for the person you are writing to. In other words you should have separate letters covering sales, leasing, property management, and retail. Get away from the generic approach and be specific to a part of the industry. Sell your upcoming telephone call on that basis.
- Get a reference book on ‘words that sell’ or ‘phrases that sell’. Add a few words from the books into your letter to increase readability.
- Every good prospecting letter should have a great headline. You want the person to read the message. Perhaps the headline you use could reflect local property activity or changes. Understand the concerns of the market and match the letter to the focus of investors, property owners, or tenants as the case may be.
- The letters should be sent every 60 to 90 days. As part of that process, follow-up as many of the letters that you can. It directly follows that you should not send out too many at once and thereby create a situation where you cannot make the calls.
This is a system of prospecting. The letters are part of the bigger picture. They do not replace cold calling, but they add to the momentum that you would have in other prospecting processes. Start using the system as a boost to your market share.
If you would like more tips like this on prospecting, please join our Newsletter right here.