|Understand the prospecting game and play it well.|
In commercial real estate brokerage, the prospecting process is critical to the commissions and listings that you attract. The best agents and brokers in the industry have a quality approach and system when it comes to prospecting for new business. Every day they are implementing their system into new segments of the market and with new clients.
To revitalise your career and your market share, you can adopt a ‘top gun’ approach to all of your new business efforts. You could say that the approach is based on an ‘attitude’ more than anything else. When you direct your thinking towards creating new clients and new business, everything tends to follow with leads and opportunities.
Action is the key to getting anywhere in this industry. It really doesn't matter what agency or brokerage you work for; personal branding and networking will allow you to achieve the results you want with listings and commissions.
Here are some ‘top gun’ tips to help you with your growth of market share and client conversions:
- Make it easy for people to contact you. Over time extend your brand into the local area and with the right people through constant contact. To do this correctly, you will require a networking and contact model that devotes 50% of your time to current contacts, and 50% of your time to new contacts.
- Take advantage of technology through the use of auto responders, e-mail marketing, social media, mobile telephones, and call prospecting. The ultimate goal in any new business effort is to get in front of the right people to establish a long-term relationship. In our industry, the elements of trust and knowledge go hand in hand. It can be many months if not years before someone is ready to use your services. Staying in contact over and for the long term is really important.
- Be prepared to put in the time and the effort when it comes to building your market share. Every day approximately 2 or 3 hours should be devoted to the prospecting and networking model you have devised. That itself can be a very large challenge for some agents. They simply do not have the discipline for the process and hence do not take the required action. When you think about it, this leaves the market wide open for those people that can get organised and stay on track when it comes to their real estate business plan and opportunity network. It is a personal thing. It cannot be delegated.
- Tracking your efforts and your results will be important to getting traction in building market share. Understand the number of calls that you are making every day, the meetings you are creating, and the presentations under-way for new listings. Seek to improve the numbers in a logical and consistent way. Commit time to the process in your diary so that you can reach new people with new property requirements.
- It should be said that the prospecting process usually involves a degree of discomfort and skill development. You can fast track the process through practice and role playing. You can merge those activities into your regular weekly sales team meeting.
A successful prospecting model in commercial real estate will take you quickly into the local property market and help with many new quality commercial listings. Consistency and focus will be required to stay on track and get the conversions that you require. The agents and brokers that control the listings, control the market.
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