Sunday, August 11, 2013

Effective Territory Prospecting in Commercial Real Estate Brokerage

city center of high rise buildings
Split up your prospecting territory

In commercial real estate brokerage, you should have a strategy and a system that relates to territory farming and prospecting.  On a daily basis, you can then get into your territory and compound the connections and conversions with new clients and prospects.  Over time that is how you will build your market share.  Fill your pipeline with new people and prospects.

In any property market and at any time, there will always be opportunities to be had by the astute and aware broker or agent.  It is just a matter of understanding the changes in the market, and the people involved in property occupation and ownership.

Here are some tips to help you establish your prospecting territory.  You can add to the list based on your town or location.

1.       Review the growth factors and the opportunities in your market today.  That will require an understanding of sales and leasing history over the last few years, together with an awareness of business and property growth trends in the market today.
2.       Check out the new property developments that are under consideration.  Understand the factors of supply and demand that relate to your property type and your territory.
3.       Review the competitors that currently work within your targeted area.  Some agents and brokers will be better than others.  Review the market share for all of your competitors based on signboard counts, and Internet advertisements.  These numbers should be tracked on a monthly basis.
4.       Set your territory within geographical boundaries.  In that way you can focus your efforts productively and specifically.  Depending on the number of properties in the zone, you can split the area into subsections of approximately 100 properties per group.  On a street by street basis you can then move through the property ownership and occupation issues to identify the right people to talk to.
5.       Monitor the listings that are on the market currently as to price or rental, time on market, and marketing method.  Determine the things that work when it comes to getting results in the current market conditions.
6.       As a general rule, get plenty of signboards into your territory as part of a personal branding process.  Your name should feature prominently on every signboard.  Make it easy for people to contact you by using your mobile telephone number on all of your signboards.  Hand out business cards regularly and frequently every day as part of connecting with new people and prospecting.
7.       The marketing and promotion of one property should give you momentum and reasons to talk to many other people.  Any quality property that is exclusively listed with you for sale or lease, should be directly and personally marketed into your local area.  As part of that process you can ask plenty of questions when talking with other property owners and business proprietors.
8.       Check out the properties that are being marketed by property owners.  Inevitably those listings will usually remain on market for a long time due to the owner’s lack of marketing skills and or market penetration.  If you choose to take on these listings, do so in a selective way at the right price or rental.

So there are some things to do here when it comes to establishing your market share and territory plan.  Every broker or agent should have these facts under control as part of building their personal real estate business.