Sunday, November 17, 2013

Avoid Prospecting Pain in Commercial Real Estate Brokerage

woman talking on telephone headset
Prospecting can be easy.

It is easy to suffer difficulty and struggle with prospecting for new listings and clients in commercial real estate.  Far too many agents and brokers push the prospecting process down the list of priorities on a regular basis.  This then leads to slowness in commissions and leads.

If you want to build market share the only way to do it is through connecting with new people.  Some agents and brokers will do that in a way that suits them and their skills; however the top agents prospect every day.

Here are some facts for you:

  1. You can waste a lot of time chasing properties for buyers and tenants that say they are ‘looking around and need something urgently’.  After a while you will understand that they were either not genuine or they were talking to every other agent in town on the same basis.  If a tenant or buyer wants you to spend time in finding them a property, get a listing appointment signed as a ‘buyer’s agent’ or ‘tenants agent’.
  2. When you have listing stock, every other person and agent has to come to you for the property information.  Focus on creating a good database of prospects and do that from a quality listing bank of exclusive listings.
  3. Your database will be the most important business resource and tool that you have available.  Some agents will spend a large amount of time finding a database to suit and then they do little prospecting.   Get a simple database or CRM program and then fill it every day by talking to new people.  That’s how you build market share.
  4. To connect with lots of new people and attract new business, a fair degree of practice and skill development is required.  The sooner you start the practice, the better your results will be.

They are simple rules and yet they are so important if you want to improve your results in listings and commissions.  Protect your time and your effort by directly taking actions each day with new people; they are the ones that are genuinely in need of an investment property or a property where they can run their business.