Saturday, August 31, 2013

Podcast 140 - Commercial Real Estate Broker Radio

Here are 3 topics today: 1. How to use the educational approach in pitching and selling, 2. How to get started in commercial real estate brokerage, 3. How to solve the 4 barriers to commission value today. These are commercial real estate training programs by John Highman.

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Commercial Real Estate Brokers - Successful Marketing Campaign Tips

Here are some tips for commercial real estate brokers in creating a successful marketing campaign in commercial real estate sales or leasing.  There are plenty of ways to tap into the opportunities of the market in finding more buyers or tenants to inspect your property listings. Every listing should be matched to the market and the current enquiries.

Friday, August 30, 2013

Podcast 139 - Commercial Real Estate Broker Radio

Here are 3 topics for today. 1. How to roll out a marketing campaign in commercial real estate brokerage, 2. How to increase your leads in commercial real estate sales and leasing, 3. How you can make more commissions in commercial real estate brokerage. These are commercial real estate training programs by John Highman

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Thursday, August 29, 2013

A Guide to Success in Commercial Real Estate Brokerage Sales and Leasing

man standing outside office building
Plan your commercial real estate career.

The commercial real estate sales industry can be very rewarding to brokers and agents.  That being said it requires focus and consistent effort if you are to reap real rewards and become a top agent.

Many salespeople join the industry with the hope that ‘things just start to happen’ as part of working for an agency or brokerage; unfortunately those salespeople do not last very long at all.  After 6 months or so the reality of the market ‘kicks in’ with few if any commissions coming in.

It takes about 3 months of real effort to change your personal market conditions and your income.  It is not a stop and start process.  Things should happen to a plan and that will be a plan that you implement every day.

The agency or brokerage that you work for has little to do with the listings and clients that you create or serve.  When you start working in the industry, start working hard on your commitment to personal success and progress.  You will need a business plan or something similar that keeps you on task.

So what do you need to make the industry work for you?  Try these for starters:

  1. A good database that you keep up to date in all respects
  2. A list of prospects and clients in your database that you can talk to in a continual way
  3. Market knowledge and skills relating to your specialist property type
  4. Sound and established negotiation skills for listing, inspections, marketing and negotiation
  5. Excellent documentation skills relating to your property type, contracts, leases, and any other supplementary documentation
  6. Personal drive and a passion for prospecting and selling
  7. Excellent marketing skills in both direct, and indirect marketing
  8. Communication skills that are advanced for the complexities of property sale, leasing, negotiating and closing.
  9. Good time management and documentation processes that allow you to start the day early with momentum and results.
  10. Targets and goals that you can track.
  11. Exclusive listings that you control for your clients.
  12. Referral opportunities with established clients and prospects.
  13. Clients that trust you and your skills to help them resolve property problems.

To give momentum to these things it requires deliberate effort.   Every agent or broker has plenty of opportunity to rise up in the ranks of the market.  The key to making it happen is ‘personal activity and planning’.

Podcast 138 - Commercial Real Estate Broker Radio Online

Here are 3 topics for today. 1. How to maintain professionalism as a broker, 2. How to analyse your competitors, 3. Tenant management strategies. These are commercial real estate training programs for commercial real estate brokers and agents from around the world.

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Wednesday, August 28, 2013

Commercial Real Estate Brokers - The Facts of Competition Between Brokers

man standing on ladder looking to sky
Know your competitors in commercial real estate brokerage.

In commercial or retail real estate the tenant management process will help strengthen property cash flow and tenant mix.  It therefore stands to reason that every well managed property should have a systemised tenant management process.  The process itself should feature as part of a property management strategy provided by real estate brokers and agents.

Many agents struggle with finding ways to be unique in providing property management services; they fail to look at the specialisations that are possible as part of providing a property service for landlords today.
So ‘tenant management’ can be one of those ‘specialisations’.  It can feature in your presentations and proposals to serve your clients.  It can help you provide a point of difference in your property services.

How can you make the process of tenant optimisation and property management special?  You build your marketing message around being totally committed to property improvement for the client through a number of strategic issues including these big ones:

  • Lease optimisation
  • Tenant improvement and management
  • Vacancy minimisation
  • Financial management
  • Risk minimisation
  • Property control

Taking all of these things, the package of agent professionalism works if, and only if, you drill down in the 6 service elements with relevance to the property.  You can systemise all of these things.  You can make them specific and relevant in the market today.  They can help you win new business.

Let’s go back to the ‘tenant improvement and management’ issue to give you an illustration of what you can do here.  One simple topic can be opened up into many specialist services and communication processes for the client.  These facts will become very important in quality properties and larger properties.  They will help you win the attention of the client.

Consider these expanded issues on ‘tenant controls’:

  1. Lease compliance is a complex problem and it gets deeper when you have lots of tenants in the one property.  Understanding the lease terms and conditions and the methods of control with critical date management all comes back to the skills of the property manager.  Have you go the right person to do the job for your clients?  Does the property manager really know how to get on top of lease compliance and upcoming dates?
  2. Every lease will produce income and expenditure activities.  Each lease then needs to be looked at across the cash flow for the property and the landlord.  Prepare for the upcoming rent reviews, options, outgoings recoveries, and market rents.
  3. Some tenants are better than others when it comes to property performance over the long term.  As part of a business plan for a property, establish a tenant mix strategy, tenant retention plan, vacancy management process, and lease marketing system.  
  4. Look at the speciality tenants, the anchor tenants, and the extra sources of income from a property like communications towers, casual rentals, third income streams, and licences for special use or occupancy.  All types of occupancy should be considered for income growth and optimisation.  Create an income strategy as part of the property business plan.

So there are some real ways here that will help you be ‘professionally different’ with your property management services.  Understand the services that you are to provide as a real estate brokerage and ensure that you have the right persons for the job.

Monday, August 26, 2013

Asking Quality Questions and Helping Your Commercial Real Estate Clients Today

commercial real estate brokers talking in taxi back seat
Connect with more clients in commercial real estate brokerage.

In commercial real estate brokerage, the process of connecting with people is essential to growth of market share.  As you connect with more prospects and clients, ask how you can help them when it comes to property activity now and into the future.

There can be so many opportunities to tap into when it comes to a single client or a single property.

Consider the following ideas:

  • A fully leased property today can have vacancy exposure into the future.  Ask questions about the lease expiry dates, and the tenancy movements.  Look at the clusters of tenants within the one property and how they interact with each other.  Look at the opportunities of change and improvement within the mix.
  • Understand the differences between specialty tenants and anchor tenants.  A well-chosen anchor tenant will have significant impact on the growth and the opportunities for the specialty tenants in the same property.  When you talk to your clients and those that are the landlords of investment property, ask them about tenant activity and the interactions between specialty tenants and anchor tenants.  Every property can be improved when the tenant profile is shaped as part of a tenant mix strategy.
  • The rental of a property today should be compared to the trends within the market.  There are different rental types to consider and track including net, gross, passing, face, and effective rentals.  Understand the differences between each rental type and how the rentals are performing in the market today, has this will help you greatly with many client services and activities.
  • Each property type will have an ideal rental profile and tenancy mix.  Understand the comparable properties in the market today so that you can quote real facts and market evidence with your clients and prospects.
  • A sales transaction today can open the door for future leasing opportunity and potential property management appointments.  When you sell a property to a new property investor, ask questions about leasing services and property management requirements.  If the property management fees are recoverable under the existing tenants lease documentation, it stands to reason that the client should outsource property management services (it is cost neutral to them).
  • A single client may own other property investments locally or regionally.  As they purchase more property within their portfolio, property management services become viable and attractive.  Most property owners don’t have the mechanisms and market knowledge to simplify and professionally manage a quality property.  That can be your point of difference in providing specialist services.
  • The success of a tenancy mix within a property will have a lot to do with market rentals and income recovery.  Understand the trends that relate to the tenancy mix and compare those trends to nearby competing properties.  Monitor the vacancy rates, and the supply and demand factors within the property type and the region.  Tell the client what’s happening within those key market indicators.
  • Every quality property with multiple tenants in occupancy should have a business plan established that tracks income, expenditure, tenancy mix, leasing standards, vacancy control, and property maintenance. These are all separate factors that can be specialist services provided by your agency or brokerage.

So there are many things that you can do here when it comes to asking questions and helping your clients.  Look at every single transaction as an opportunity for other new business across the broader spectrum in commercial real estate brokerage.

Saturday, August 24, 2013

Free Wallchart for Commercial Real Estate Brokers

Free 'Top Agent' Wallchart for Brokers

Every now and then it pays to think about the skills of top agents in today's property market.  It helps in understanding the core skills that work well and drive more business in listings and commissions.

I put together this free wall chart as a download for all my friends online.  You can get the file right here.

Podcast 137 - Commercial Real Estate Broker Radio

Here are 3 topics for today. 1. How to improve your career in commercial real estate brokerage, 2. How to do a tenant mix analysis, 3. How to rehabilitate listings to get better enquiry. These are parts of commercial real estate training by John Highman.

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Expert Marketing Solutions in Commercial Real Estate Brokerage

fortune cookie
Creative marketing works in commercial real estate brokerage.

The marketing of commercial real estate today requires expert opinion and guidance; that’s what a good broker is for.  The generic approach to marketing is very dead and generally wastes a lot of time.  If any property is to be taken to the market for promotion, then the campaign has to be carefully considered and implemented.

What should be the main objects of marketing commercial real estate today?  Try these:

  • To create enquiry from the target market segments
  • To spread the message comprehensively
  • To create action on the part of  buyers or tenants (as the case may require)
  • To stand out as different, unique and relevant
  • To make it easy for people to get more detail and move to the next step of enquiry

When you consider these things with some care it is easy to see that the marketing solutions to be provided to clients and prospects should be well crafted and comprehensive.

Before I go any further I will say that obtaining vendor paid marketing funds today is essential if the total property message is to be spread widely and thoroughly.  The sales pitch and presentation process by brokers and agents should be constructed accordingly.

So there are many tools to use in a property promotion.  The key issue here is that the right tools are selected in a way that will tap into the target market segments.  Far too many agents simply advertise a property on the internet or in the newspaper and hope that something will happen.  If life was that easy, many property owners would be marketing their property themselves.

We are the ‘experts’ of property promotion; we know what buyers and tenants are looking for and when they are doing that.  When you truly realise that fact, you can move to the next stages of advertising and marketing with a highly relevant and directed campaign.
Here are some more ideas to help you with your promotional strategies:

  1. The internet is an increasingly important part of property marketing in both sales and leasing.  Consider the ways the advert is crafted and the words used.  A combination of keywords (search engine relevant), professional photographs, and local area attraction should feed into the advert layout and message.  It takes some considerable time to craft a great advert.  The time you spend in the ‘preparation phase’ will reap rewards in enquiry.
  2. The listing when placed on the internet should feature on a number of key industry portals.  Added to that should be the advantage of banner or priority placement.  Without that the property will merge into the masses of other properties on the market today.  Vendor paid marketing funds will be required for that to occur.
  3. Place the property on your website with a refreshed listing format and wordage.  There is no point in using the same words from advert to advert and portal to portal.  Different words and layout will help you attract readership.
  4. Link your website listing to your newsletter and send out the newsletters to your database at least monthly and preferably fortnightly.  Over time the regular newsletter will help you consolidate relevance and ‘top of mind’ consistency with your clients and prospects.
  5. Every single property should have a theme of promotion that ‘brands’ it as unique in the local area or property type.  Get a book of ‘words that sell’ to help you with crafting great advert headlines and featured dot points in all of your adverts.

When you consider that you have spent considerable time prospecting, pitching and marketing your services and properties, it stands to reason that every quality listing should be well promoted.  Creative marketing is the final stage of setting up the inspections and negotiations that you require.

Thursday, August 22, 2013

13 Essential Sales Skills in Commercial Real Estate Brokerage

man sitting at desk
Develop your skills in commercial real estate brokerage

Looking to start or grow your career in commercial real estate brokerage?  If so, it is worthwhile simplifying the role of a commercial real estate broker or agent to see how the opportunities work and how your career can take shape.
In spitting up the critical roles of a broker or agent you can soon see the essential sales skills that help improve results in commissions and listings.  Here is the list:

  1. Researching the right properties and people to work with
  2. Prospecting for new business, listings, clients, and property opportunities
  3. Qualification of sellers, buyers, tenants, and business proprietors
  4. Arranging meetings with the right people that have an interest or need in commercial property
  5. Presenting your services as a specialist agent or broker in the local area
  6. Listing a property professionally and correctly for the market conditions, the client, and the location
  7. Marketing a property to the target audience of buyers or tenants as the case may be
  8. Showing and inspecting a property with qualified buyers or tenants
  9. Handling objections related to a sale or lease
  10. Negotiating and closing on the essential terms and conditions of a property transaction
  11. Documenting a sale or lease accurately in accordance with the law and the clients instructions
  12. Following through on a closed transaction to ensure compliance and completion by all parties to the contract or lease
  13. Maintaining an accurate database of leads and contacts that you can draw on when the right property opportunities arise

This is a simple list, but every phase or stage is critical to the next.  Top agents are very good at most things on the list; ordinary agents are generic at best.

If you want to rise to the top of the industry as a broker or agent, this list is something to be reviewed regularly, and worked on.  Practice is required.  The key skills take time to develop.

Do some self-analysis now to review where you ‘rank’ on the separate issues in your work practices.  Separate the items to see where your strengths and weaknesses are.  In many respects your ‘weaknesses’ are likely to be the things that are holding you back from achieving results in more listings and better clients.

Many people come to the industry without the required self-assessment and plans for improvement.  Over time they struggle with momentum and income.  If you regard yourself as a person that can be a top agent in your local area, now is a good time to start on the required skills.

Superior Database Strategies in Commercial Real Estate Brokerage

computer keyboard
Start your database in commercial real estate brokerage.

In commercial real estate brokerage, a database will be critical to your progress in building market share.  That being said, there are some rules to the process.

Recently I had the opportunity to examine the computers and database activity two agents that had recently left a brokerage.  They left the business because they were reasonably unsuccessful; their cost was becoming a problem to the business.  So what was wrong with what they were doing?  What was not ‘working’?  After 6 months in the industry they had converted few listings and closed only smaller deals.

When I examined their computers and database records it was easy to see that they had negligible systems to help them with progressing in the industry and with listings.  On investigation I found around 6 spread sheets each with only 5 or so entries.  It was easy to see that those agents were not building momentum in any way.  Each day was a ‘random’ process for them of waiting to see if the telephone would ring.  The sad fact is that they only worked in the industry for 6 months and the pressures of ‘no income’ then took over.

So the key fact here to understand is that the industry can be very difficult for those that do not prospect daily and systemise their business.  I now go back to the point that a database is critical to make all of this happen.

Here are some tips to building a superior database in commercial real estate brokerage:

  1. You do not need to purchase something that is expensive as a database software program.  Simplicity is sometimes better in the long run.  Choose a program that you can understand, use, and keep up to date.
  2. How long does it take to load a new person into your database?  If it is longer than 2 minutes, consider if you really want to have that ‘slow’ process holding you back in data entry and updating.
  3. Make sure you can import and export to and from the database.  Normally that will be in a common file format such as a ‘csv’ file (comma separated values) or a spread sheet.  Note that some software manufacturers make it hard for you to do this so you cannot easily move to another supplier of software. 
  4. If you load your data into an existing software system that exists in your brokerage, ask the questions about just who will own the data when loaded.  Can you get at your data when you want and can you take it with you if you leave the business?
  5. Make sure you can load a new person quickly and easily to the software program. At the end of every day you will be loading a number of new ones and upgrading others with fresh information.  Will all of that be easy to do?
  6. Ensure that you can back up your data.  Keep plenty of copies of the data so you have something to fall back on if some computer ‘goes down’.

I am a great believer that the requirement of entering data and loading client updates each day is a person process.  I say this because personal involvement will keep you committed to the system of shaping and building your business.

So many agents and brokers never connect with their database and it quickly becomes stale and inaccurate; that is then a waste of time and effort for all concerned.   A good database in commercial real estate brokerage will take you to the top of your market faster than any other method.

Monday, August 19, 2013

Podcast 136 - Commercial Real Estate Broker Radio

Here are 3 more topics for today. 1. How to find more buyers in this market, 2. Some more fee opportunities in commercial real estate leasing, 3. Finding the Right Clients to work with today. These are commercial real estate training programs by John Highman.

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Explode Your Commercial Real Estate Brokerage Market Share

address book
Grow your database for better commercial real estate brokerage.

In commercial real estate brokerage, your market share will always be of concern and focus especially if you want listings and commissions in a competitive town or city.  For that reason you do need to have a distinct plan that can move you forward and grow listing opportunities over time.

It is a fact that the agent that controls the listing also controls the deal.  When you list a property exclusively, the market needs to come to you with enquiry and inspections.  You have something to work with when it comes to prospect opportunity, inspections, and negotiations.
It is very difficult for other agents to get involved in your exclusive listing process.  They need to talk to you as the listing agent before they can introduce their buyers or tenants as the case may be.  That’s where control is so important.

So let’s look at some ways to ‘explode’ your commercial real estate market share and grow it exponentially.  Here are some ideas that you can merge into your business plan:

  1. Start every working day with prospecting.  Devote 2 or 3 hours to the process.  In that way you can grow your pipeline of opportunity and new contacts.  It doesn't matter how busy you are with current listings and current clients; the prospecting activity remains number one in your diary.  Those agents that overlook this simple business factor soon see their market wax and wane as part of local market pressures.  Remove the volatility from your listings and commissions; create career and brokerage stability by regularly prospecting and growing relationships with new people.
  2. Review previous sales and leasing transactions undertaken by your office over the last five years.  There will be clients and prospects that you can reactivate as part of that process.  Many people come back into the market at a later time for differing reasons.  A process of regular contact will help you stay ahead of the opportunity.
  3. Start a referral program where you can grow new listing and business opportunities through the relationships of others.  Ask for the referrals at the right time.  Every successful sales or leasing transaction will be a catalyst to ask for the names and addresses of other people that you can serve.
  4. Watch the activities of competing agents in your town or city.  When they place a signboard on a property, you can approach the owners and businesses surrounding the listed property and those that are located in the immediate vicinity.  One signboard can be a catalyst for other property activity locally.  Most property investors and business owners prefer to compete rather than cooperate with any other listed local property.  You can be the agent to assist with that process.

So there are some things to do here, all of which will be very helpful to growing your commercial real estate market share and your contact database.  Establish the contacts with the right people in the local area and grow those relationships over time.  Soon you will see the listing opportunities grow.

Sunday, August 18, 2013

Podcast 135 - Commercial Real Estate Broker Radio Podcast

Here are 3 topics for today. 1. How to get extra leasing fee opportunities, 2. Property Inspection tips for Sales or Leasing, 3. Prospecting the Right People that Matter. Commercial Real Estate Training by John Highman.

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Saturday, August 17, 2013

Marketing Postcard Solutions for Commercial Real Estate Brokers

man holding checklist
Develop a marketing system to send postcards in commercial real estate brokerage.

The process of sending postcards in commercial real estate is quite common.  It is a marketing tool used by many.  It is always questionable as to how effective the process is in creating market share, so you must track progress against postcards sent and distributed.
So let’s look at the averages with this type of marketing.  What will usually happen from the sending out of say 2000 cards would be a few random telephone calls coming back in.  The fact of the matter is that you could get far better results from making 100 cold calls into your local prospecting area.  From 100 cold calls you should expect 5 meetings.  The only real cost involved is time when it comes to telephone prospecting.
So don’t rely just entirely on ‘postcard’ marketing to build your business.  You must do other things in parallel.


Some agents see the card process as convenient given that they do not have to make ‘cold calls’ and spend the time in doing so.   If that is what works, then that may be the only way of prospecting for some brokers.

So what you have here with ‘postcards’ is a large cost and a minimal return for effort.   The situation gets a lot better when you follow up the postcards and send them in cycles of say once every 2 or 3 months.  Every card should be in a different theme and give a unique message.

I would have to say that the postcard process is not very successful as a prospecting model as most cards will be ‘binned’.  If you want to make faster progress with your prospecting and market share in real estate, why not try both postcards and cold calls for 6 months and compare them?  Soon you will see some patterns of response and skills will be developed in each process.

If you want to send postcards, here are some tips for the process:

  1. What type of person will be your target for each campaign? Always have a definite message to the card process to capture readership.  The cards should be designed for the majority of people that will be receiving them.  There will be message differences between cards for property investors, sellers, buyers, tenants, and business proprietors.
  2. Split the delivery cycles up into zones so you can control outbound messages and inbound responses.  To do that, split up your territory into 2000 post-boxes or areas with that many properties.
  3. The cards should be simple in format and use the ‘white space’ principle of marketing (plenty of white space).  That is usually achieved by using ‘dot points’ as part of your message, some professional photography, and a call to action.
  4. Test and measure the responses from the cards on an area by area basis.  You will soon see the averages when it comes to results in each message and the best target market segment.  Err on the side of the ‘majority’ in compiling your message.
  5. Sending cards every 60 days will help conversions and inbound enquiries.  Consistency is the key to the process.

So this can be a marketing tool for you in commercial real estate brokerage.  If you are going to use it as part of your prospecting processes, expect results over time and repeat the process every 60 days across a period of one year.

Friday, August 16, 2013

Some Marketing Tips for Commercial Real Estate Brokers

Here are some marketing tips for commercial agents and brokers as they try to create better inbound enquiries for their listings today.

Thursday, August 15, 2013

Podcast 134 - Commercial Real Estate Broker Radio

Here are 3 topics for today. 1. Some marketing choices for your client, 2. How to move your mind to greatness, 3. How to get above average market share. These are commercial real estate training programs by John Highman.

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Free Commercial Real Estate Brokerage Wallchart

Well it's Friday :) and its that day of the week where I like to do something different.

Here's a free motivational wall-chart for Commercial Real Estate Brokers.  Consider the 'Rock Stars' of the World.  Top brokers and agents are a bit like that.

It doesn't matter if you work in Commercial Real Estate Sales, Leasing, or Property Management, you can still be a 'Rock Star'.  Download the chart and put it by your telephone for some 'motivation'.

I have put this wall-chart hanger together for all my friends on-line.

free motivational wall chart for commercial real estate brokers

High Quality Marketing Response Mechanisms in Commercial Real Estate Brokerage

black telephone
Choose your marketing response tools well.

In the marketing of commercial real estate today, you do need to choose the right marketing response mechanisms to capture property enquiry.  Some properties will create a lot more enquiry than others.  Be prepared for the challenges of property marketing and any complex campaign.

Be aware of the differences that can occur when it comes to marketing a quality property in the local area.  Understand how you will respond to the inbound enquiries from every campaign.  Be prepared to action every enquiry in a timely way.

It is a fact that most of the real estate business we do today is created from personal contact.  That will come through prospecting, but it will also come through inbound enquiries from current listings.  Most top agents work with quality listings for this very reason.  It is easy to create market share and ongoing transaction opportunity from a base of quality listings.

Let's assume you are going to take a large project or a quality property to the market today.  That could be in a sales or leasing transaction however for the purpose of the illustration let's look at a sale situation.
The first three or four weeks of the marketing campaign for a quality property will create significant inbound enquiry.  If there are a number of units or allotments within the sale process, tracking the enquiry becomes even more complex.

You will have different marketing packages relating to the units or allotments, inspections will need to occur, and information will need to be provided.  Through all of this, the qualification process must occur with every inbound enquiry and the details of each person should be captured into your database.  Organization is required with the relative salesperson and or the members of the team.

Here are some tips to help you with your property marketing response mechanisms:

  1. Any major project should incorporate a specifically designed website for the duration of the campaign.  It is very easy to get a domain name and a website created within a period of days.  The cost of the process is relatively low for the commissions that you will potentially achieve.
  2. It should be remembered that the marketing of commercial and retail property today is a seven day a week process.  The Internet has changed the world when it comes to property marketing and promotion.  Be prepared to take the inbound enquiry at any time on every day of the week.
  3. Any special property should achieve a special Internet presence through the use of banners on the industry portals.  That will be at vendor cost.  A special property should be exclusively listed and comprehensively marketed.  The cost of the process requires planning and strategy.
  4. Consider using a special free telephone number for any project sales or project leasing.  All inbound calls can be directed to this specific number and be answered by a special staff member or allocated call centre.
  5. When an inbound enquiry is taken, information should be provided and qualification should occur within 24 hours.  I go back to the point that a major property project can create significant demands on individuals in the sales team, so the planning process will need to pick up on the required response mechanisms to take inbound enquiries.
  6. You can create and use an auto responder within your e-mail system to send out information automatically for any major property project.  You can place the entrance point for the database on the project website or your real estate brokerage home page.  If you are going to use an auto responder, make sure that the required fields are suitably detailed for completion; the salesperson can then get back to the enquiring party efficiently and in a timely way.
  7. Make it easy for people to enquire about any property listing.  The relative e-mail details and cell phone numbers should appear on all pieces of advertising.
  8. Give every property listing a specific number that can be related back to the property and the location.  When you have a lot of listings and particularly a high number of quality listings, this strategy will help you greatly to respond to the inbound enquiry.
  9. Any e-mail based newsletter that is send out for a property project or particular listing should have a tracking mechanism.  You can then see the number of hits that apply to a particular property type or listing.  You can also see who has clicked through on the particular property or project.  That then allows direct follow-up as required.
  10. Capture all property enquiries into your database.  Keep the database up to date and accurate.  Follow through with unsuccessful parties that missed out on particular properties.  There will be further transaction opportunities within the list.

So there are some special things to be considered here when it comes to property marketing.  Understand the listing, the client, and the current market conditions.  Choose the right marketing response mechanism to control the inbound enquiry.

Wednesday, August 14, 2013

Commercial Real Estate Brokers - Prove Your Competence to Clients

business performance graphs
Show your results as a top agent or broker

In commercial real estate brokerage today, you will need to prove your industry competence when it comes to working with clients and prospects.  You need to show them why your services are superior to other brokers and agents in the area.

It directly follows that you should specialize within a territory and within a property type to help the competency equation and in taking any listing or negotiating.  Most top agents specialize in this way.
So the parties to a transaction, be it in sales or leasing, like to know that they are working with a top professional in the industry.  The same can be said for property management and retail center management, albeit from a different direction.

  • Can you successfully claim that you are a top professional in your market segment and property type? 
  • How will you display that information to the clients and prospects you work with? 
  • Why are you better than the others in your industry? 

To resolve these questions, you need strategies and market evidence.

Here are some ways that you can prove your competence as a top broker or agent in the property industry today:

  1. Define your industry territory and understand all of the transactions and activity inside the zone.  That will include sales, leasing, prices, and rentals, time on market, marketing strategies, and outstanding listings.
  2. Most clients or prospects will expect you to know about local properties listed with other brokers and agents.  You will need to have specific responses relating to compatible or comparable properties through the region.  Understand why some properties are staying on the market for a long time, and share those facts with your clients and prospects.
  3. When you look at selling, leasing, or property management, there will be specific things that need to be done as part of moving every listing forward; that will be through the process of preparation, control, marketing, and performance.  Set up a series of charts relating to sales, leasing, and property management activities.  The charts should be a graphical representation of the critical stages of client service, marketing, inspections, and negotiation.  The visual process works well when it comes to displaying your expertise.  It also helps the client understand the elements of service that will help them get results with the listing.
  4. Track the levels of inbound inquiry when it comes to each property type and or sales or leasing activity.  Those levels of inquiry will have real impact on the choice of marketing for the client.  It is preferable again to use a graphical display in this case of tracking.  Use a Gantt chart wherever possible to display the results.  It is the easiest chart to create and visually professional.
  5. The promotional and marketing process for each listing should be quite specific.  You can only achieve this through an exclusive listing.  Don't waste too much time with clients that refuse to give you an exclusive listing.  Let them suffer the delays on market and frustrating negotiations through random agent promotion.  Most open listings don't work very well at all.  Open listings convert to closed deals only through luck and hard work.
  6. Develop some real skills when it comes to the exclusive listing process and pitching for the clients business.  You can refine your skills through practice and role playing in your weekly team meetings.  Pitch and sell your services with real points of difference.
  7. Be prepared to talk to the client about Internet presence and signboard numbers relating to your brokerage and your marketing activities.  Tell them the numbers that compare your brokerage or agency against that of others.  It is very difficult for a client to ignore real market presence within a town or city.
  8. Choose the best methods of sale or lease that should apply to the property type and location.  Give the client some real reasons for your choices and recommendations.  A good logical argument will help you move closer towards an accepted listing.

The best agents and brokers in the industry are extremely clever when it comes to proving confidence and confidence with any listing or property situation.  Local market knowledge and information will help, however the skills of the individual are essential to close on a listing or a transaction.

Tuesday, August 13, 2013

Setting Up for Cold Calling in Commercial Real Estate Brokerage

The cold calling process in commercial real estate brokerage today is very important to growing new business opportunities.  That being said there is a significant degree of call reluctance around that stops many brokers and agents from making more calls.

Here are some tips to help you build your commercial real estate brokerage prospecting system.   Use the telephone to find more people to serve and help with real estate sales, leasing, and property management.

Money Making Prospecting Letter Systems for Commercial Real Estate Brokerage

Here are details of how to establish a commercial real estate prospecting letter system that helps you build listing opportunity, client lists, and property listings.   Every commercial real estate broker should establish and use a prospecting letter system in this market.

It is a fact that letters of this type will be read more than any email that you send out to prospects. Make yourself known as a top real estate broker by building a prospecting system in this way.

Here is the video explaining the parts to this method of self branding and promotion as a real estate agent.

Podcast 133 - Commercial Real Estate Broker Radio

Here are 3 topics for today. 1. How to create a commercial real estate broker sales plan, 2. How to create a prospecting letter system in real estate, 3. How to do a retail shopping centre outgoings budget. These are commercial real estate training programs by John Highman.

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Monday, August 12, 2013

Podcast 132 - Commercial Real Estate Broker Radio

Here are 3 topics for today. 1. How to build an effective prospecting model, 2. How to sell the counter offer in commercial real estate, 3. Strategies for being a buyers agent today. These are commercial real estate training programs by John Highman.

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Commercial Brokers - Divide and Conquer Your Commercial Real Estate Market

hi rise office buildings
Divide up your sales and leasing territory in commercial real estate brokerage

When it comes to winning market share as a commercial real estate broker or agent, it pays if you can divide up your market or listing territory into segments.  In this way you can then focus your marketing efforts and activities.  Results come from systematized focus and you have limited time available each day for prospecting and marketing.

It is a fact that you cannot be everywhere at once when it comes to prospecting and networking.  As an individual broker or agent look at your market and consider the following facts:

  • What is your specialised property type?
  • Where is your market?
  • Why should people do business with you?
  • How can you cover the sales and listing territory?
  • What is your competition doing now with marketing?
  • What is your market share and how did you get that?

When you answer these questions quite clearly you can soon see the strategies required to move ahead as a top agent or broker in your local area.

So let’s look at some rules that can help you divide and conquer your local area for increased commercial real estate activity and opportunity.

  1. Determine a key service that you will be focusing on.  That could be leasing, sales or property management.  You can also have combinations of sales and leasing, or leasing and property management.
  2. Build a marketing package for your ‘key services’.  Carry that package of information with you so you can connect with new people at any opportunity.  Practice your scripts and dialogues for your ‘key services’.
  3. Identify and set up your main primary territory for new business based on local area growth and opportunity.  The primary area of focus should give you 80% of your business.  Assumptions should be made on the local area and how it is changing.
  4. Determine geographical or road boundaries that contain your primary area of focus.  From that you can determine the desirable and active zones for sales and leasing activity.  You can also determine the better streets and properties to connect with.
  5. Your territory is likely to contain many properties and businesses.  On that basis split up the zone into segments of 100 properties.  Segment by segment (each of 100 properties) you work through the local area to identify owners and businesses.  Talk to more new people every day in those zones to identify property change and opportunity.
  6. In addition to the above strategies, connect with property developers and franchise groups separately.  You never know when they may require a new location or parcel of land to build on.

New agents and brokers in the industry need a system to proceed and attract clients and property listings.  This process will be a very good start in doing that.  You can modify it to suit your market circumstances.

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.

Saturday, August 10, 2013

Prospecting Letter Systems for Commercial Real Estate Brokers

high rise office buildings
Get prospecting letters into your market faster.

Prospecting letters are a good strategy for commercial real estate brokers when it comes to building market share and client listings.  They are useful processes for you if you are looking to get your real estate business established, or are struggling with competitors in your market.  That being said you do need to create a system of action based around the letter process.

So why do these letters work in this world of email and the internet?  The letters are not as common as they used to be in commercial real estate and on that basis are more likely to be read and remembered.  Anything that helps your personal profile today is a good thing.

There is a cost and a time factor in this type of marketing.  For this reason every letter should be followed up with calls and meetings where possible.

There are some important rules to set and follow if this is a marketing process for you today.  Here are some ideas to get things going:

  1. Every letter needs to have a clear message and a call to action.  That is easier to do when you specifically focus on a property category or the category of person you are writing to.  Segment your database so you can send separate letters to landlords, property investors, business owners, and tenants.
  2. Make the correspondence simple and easy to read.  That says the letter should be one written on a single page over 3 or 4 paragraphs.
  3. Use a headline that is relevant to the category of prospect.  To help with your letter content you can get some good books on ‘words that sell’ or ‘phrases that sell’.  Simple well-chosen words will help your message and letter being read.
  4. As a general rule ensure that you follow up as many letters as possible.  The main reason you are corresponding in this way is to find people to meet with and merge into you prospect list.  Our industry is built on the strength and diversity of relationships.  Get to know as many new people as possible.  Spread the word about your relevance as a top agent in the local area.
  5. Only enclose your business card with the letter.  It is likely that your card will be retained for later reference even after the main correspondence has been ‘binned’.
  6. The contents of the letter should be focused on the market and the client, and not your agency and recent ‘brag list’ of achievements.  Design the message to attract interest on a theme of property activity or any changes.  You can for example get good stories from the local area on any new developments or business changes.
  7. The focus of the letter is to get the person to ring you, and or for you to make a call and get a meeting.  Over time you can connect with many more people in this way.  That’s how you build market share.

So the process of sending prospecting letters is productive and professional.  It is more effective than emails as a method of marketing.  Over time the cycle of letters should be set to once every 60 days to the same person.  Make each letter different and direct.  Get away from the generic approach wherever possible.

Friday, August 9, 2013

Top Broker Planner Worksheets Download

top agent worksheets and performance analysis
Worksheets for Brokers and Agents

Here are some worksheets to help brokers and agents with their focus and career in commercial real estate.

I have created the worksheets so they apply across sales, leasing, or property management.  At this time of year they are a great way of reviewing the marketplace and the opportunities that it provides you in listings and clients.

You can get the pdf file right here.

The worksheets are 8 pages in length so you should set aside a few hours to consider the questions provided and the actions you can take.  So settle down with a few cups of coffee and let the worksheets take you to new areas of opportunity in your real estate market today.

We send these sheets out each week on a Friday, so join our Newsletter here and you will get them automatically through our emails.

Podcast 131 - Commercial Real Estate Broker Podcast

Here are 3 topics for commercial brokers today. 1. Creating proactive proposals for clients, 2. Presenting offers in a sale situation, 3. What to consider in time on market. Commercial real estate training by John Highman.

MP3 File

Thursday, August 8, 2013

Prospecting Secrets of Top Commercial Real Estate Brokers

telephone and diary on desk
Top Commercial Real Estate Broker focus

There is no doubt that top commercial real estate agents do things differently than most others.  They have a system and focus that takes a ‘lions’ share of the market from their competitors.

After studying many top agents across the country for years, it is relevant that we talk about the differences with the best agents in the market. Their skills and focus can be replicated by others and indeed you.  Success in commercial real estate is a choice backed up by a process.

The best agents in the market make up only about 10% of the industry (and sometimes less).  Out of an office or brokerage of 10 agents, you will usually see only one and possibly two that are ‘stand-out’ performers.  They reach the top of their ‘game’ due to effort and activity.  It is their choice and they can see how to build on every success.

At any time of year, there will always be plenty of opportunity available to list commercial property for sale or lease.  It is the quality and the location of the listing that will have a lot to do with the results that you achieve from marketing and inspections.  This also then says that you should be selective as to what properties and clients that you take on.

Here are the critical factors that help top agents rise to the heights of success in their industry:

  1. They have a plan of approach to do certain things each day.  Prospecting and marketing usually are at the top of the list in their diary.
  2. To get anywhere in market share, deliberate effort is required.  It is not unusual for a broker or agent to regularly put in 10 or 12 hour working days.  The rewards are great in commissions when effort is applied.  Stay organised and active on the things that really matter to your business.
  3. Working late and working on weekends should be something that all agents and brokers are prepared to do as required.  Commonly you hear some agents say that they do not want to work on weekends!  That is a strange choice when you consider that salary and commissions can be impacted.
  4. The qualification of a buyer or tenant should occur before any inspections and meetings are arranged.  There are lots of ‘hopefuls’ in the market that really do not have the capacity to act in a sale or lease.
  5. Test and measure all activities relating to marketing and prospecting.  Understand the things that are working and those that are not.  When you improve your marketing choices you can move ahead in property inspections and enquiries.
  6. Every top agent will usually have a strong and up to date database that they use personally.  Every day they add more people to their ‘list’ and maintain relevant ongoing constant contact.
  7. Property and area specialisation allows any broker or agent to focus on results and knowledge from the market.  Clients like to know and see that they are working with the best agents that dominate the property type and location.
  8. Prospecting letters, success letters, cold calls, and personal meetings all feature as an important focus of building market share.

So there are some good things to focus on here.  It all comes down to a personal approach and the choices that are made.  Drive your real estate business forward with total focus and action.  Track your progress and let every day build on the success of the previous day.

Wednesday, August 7, 2013

Tenant Move-in Checklist for Commercial Real Estate Brokers and Agents

Moving a tenant into a commercial or retail property is quite a challenging event.  There are many things to do and monitor to ensure that the tenant complies with leasing and occupancy agreements.

Here is a short video to help you with the creation of a leasing move-in checklist today.

Make a Ritual of Cold Calling in Commercial Real Estate Brokerage

man on telephone
Plan your cold calls in commercial real estate brokerage.

When it comes to getting traction in commercial real estate brokerage, you should make a ritual of cold calling each and every day at the same time.  The creation of a habit is important to the process.

You could say that the prospecting and cold calling process is a bit like going to the gym every day.  You can’t miss out for one day otherwise you’ll fall back in results and lose traction.  If you want to find more clients and listings, you will need to make a ritual of the prospecting process.

It’s a bit like making an appointment with yourself to set aside the time to do the required things every day.  You book yourself into your personal diary to do the hard work and implement the prospecting effort.

Here is an interesting comment for you.  

'Show me one agent or broker that is consistently prospecting on a daily basis, and I’ll show you 10 that are not.'  

It directly follows that only the best in the industry really do get their prospecting efforts under control.  Over time that converts to better clients and quality listings.  Isn't this a massive opportunity in waiting?

So how can you make a ritual of this process?  Here are some ideas to help:

  1. Determine why some clients and prospects should talk to you when you make the telephone call, or drop into their business.  What value do you bring to the market that is so special and unique from a sales, leasing, or property management perspective?  The best agents and brokers are not generic, and you should similarly position yourself.  Understand the unique value that you do take to the market and the profile of the clients that you serve.  Be prepared to talk to the challenges and the situations that every property owner, business proprietor, or client struggles with today.  A client or a prospect will listen to you when your conversation is relevant and real to the prevailing market conditions.
  2. It is a fact that you will need to make many calls and speak to many people to get a few meetings.  Consistency and regularity will help you convert more meetings over time.  Practice will help the professionalism of first contact and meeting conversions.
  3. If you want to make a lot of calls, you will need to do the research beforehand.  That research should be done outside of business hours so that you do not slow down the prospecting process.  Preparation is the key to momentum.  In that way you will talk to far more people during the allotted two or three hours each day.
  4. Capture the issues and the comments of people that you talk to.  The easiest way to do that is to use a standard form or booklet as part of the process.  At the end of the day you can enter the information into your database for future follow-up.
  5. Learn how to converse over the telephone rather than pitch your services.  The conversational process will get you far more meeting opportunities over time.  You can practice this activity at your regular sales team meetings each week.  Every broker or agent will have experiences and challenges to use as part of a role playing activity.

If you were learning how to play the piano, you would expect that a fair amount of practice would be required.  The same principle applies to making cold calls and prospecting.  When you practice, you improve, and that’s when you create more meetings.  It’s a very rewarding industry for those brokers and agents that can get this process under control.

Podcast 130 - Commercial Real Estate Broker Radio

Here are 3 topics for today. 1. Tips on Shopping Mall Leasing, 2. How to do an Outgoings Reconciliation, 3. How to do Shopping Center Marketing. Commercial real estate training and coaching by John Highman.

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Shopping Mall Leasing Tips for Real Estate Brokers

The process of leasing a shop in a shopping mall is quite special.  Here are some tips for leasing brokers to consider in handling rentals, tenants, and the landlord as part of negotiating a retail lease.

This is part of a  larger commercial real estate training video.

Tuesday, August 6, 2013

Podcast 129 - Commercial Real Estate Broker Radio

Here are 3 topics for today. 1. Leasing Fee Opportunities for Brokers, 2. How to Send Prospecting Letters, 3. High Quality Property Presentations and Sales Pitches. Commercial real estate training by John Highman.

MP3 File

Shopping Mall Leasing Strategies

woman shopping for fruit
Choose your retail shopping mall tenants well.

The leasing of a shopping mall is a specific strategy relative to the location, the property type, the customer demographic, and the landlord.  All factors come together to contribute towards a successful leasing outcome and tenancy mix.

It should be said that a successful leasing strategy will contribute towards the greater the benefit of the property.  More customers will be encouraged to visit the property and purchase goods or services.  On that basis retail leasing is quite special.

Here are some tips to help you with leasing a retail mall in today’s property market:

  1. Understand the vacancy factors that apply to the precinct or location.  An excessive number of vacant tenancies will have an impact on market rentals and incentives.  Check out the factors of supply and demand that apply within the region.  Look for any new property developments that could have an impact on tenant movement and market rentals.
  2. Understand the types of incentives that can be offered by the landlord to attract tenants.  Also understand the requirements of tenants when it comes to incentives in today’s market.  Any vacancy that you have available for lease needs to be matched to the prevailing market conditions.  That will include the rental types, and the incentives offered.  The landlord needs to adjust to the prevailing market conditions.  Get some details of comparable rentals and other properties nearby to help the landlord understand the packaging of their vacant tenancy.
  3. It should be said that a lease incentive cost should be recovered through the rental structure over the lease term.  In other words, any money that is lost or offset in the incentive availability should be recovered by rental growth and escalation across the lease term.  You can do this calculation through an assumption of market rentals and a discount cash flow calculation.  The net present value of the deal can be compared across the duration of the lease.
  4. Successful leasing executives usually have a substantial database of retail tenants to contact.  Any new leasing opportunity can be offered through the database to targeted tenants, anchor tenants, retail specialists, franchise groups, and other industry professionals.  Any vacancy can be directly marketed to these groups through cold calling, direct contact, e-mail marketing, and direct mail.
  5. It is acceptable and normal to market a vacant tenancy through the generic media.  That will involve newspaper advertising, and Internet listing.  There are costs associated with that marketing activity and the landlord should contribute towards those costs.  
  6. Most successful leasing transactions occur through the involvement of the leasing executive and direct marketing to the right people.  I go back to the point that the database for each broker or agent is quite important to converting more commissions and listings.

It should be noted that any quality property in a good location will create good inbound enquiries.  If you are selective with your property appointments and vacant tenancies, you will create more churn and activity in property leasing.

You can get more tips like this in our weekly newsletter for real estate brokers right here.

Sunday, August 4, 2013

Top Quality Property Listing Presentation Tips - Commercial Real Estate Brokerage

office boardroom
Prepare well for the commercial property presentation

When you work in commercial real estate brokerage, you will be pitching your services on a regular basis to property owners and business proprietors.  For this reason your presentation strategy should be well crafted and considered.

Here below are some tips from our Newsletter.

Certain standard marketing elements can be applied across all property presentations, but unique property information should overlay to match the property to the market and the opportunities available.  Specific presentations win the attention of the client and convert the listings more effectively.

Consider these questions:

  • What makes your property presentations different and engaging?
  • Why should the client choose you to solve their property challenge?
  • What can you do with the particular property listing that will attract more enquiries and shorten the time on market?
  • How can you get the best price or rent for the client in an efficient and direct way?

These four questions are at the heart of pitching and winning new listings in office, industrial, and retail property.  If you do not have specific answers to each question then your presentation will be difficult to convert and win.

It is now easy to see why you should have a very specific approach to presenting your services in sales, leasing, and or property management.  Here are some elements to consider and to help you devise your property presentation approach:

  1. What is your ‘claim to fame’ when it comes to the local property market?  Your brokerage will have some profile (hopefully it is substantial and positive), and you will have a personal profile as a property specialist.  Review the sale and leasing results that will help you win the attention and confidence of the client.  Have some testimonials that support your claim for success in the industry segment.
  2. What is your market share today in the segments that are relevant to the listing?  Have provable numbers that will help the client see that you have the ‘lions share’ of the enquiry relevant to their property type.  It is hard for a client to ignore dominant market share and deal results over time.
  3. Hopefully you really are a specialist in the location and the property type.  That will allow you to ‘drill down’ into property and marketing specifics.  Tell the client exactly how you will reach into the target market and convert more enquiries for their property.  Help them see the process by telling a few relevant success stories from the local area.  Stories help engagement in any property presentation.
  4. Pert and Gantt charts will help you display the sales and leasing process for any property.  The more complex the property, the greater the need to show the client the stages of marketing, inspections, and negotiation.   Selling or leasing a property can be a stressful process for many clients; make it easy for them  to make a  decision by using charts and graphs that apply to moving ahead with you and your brokerage.

These simple strategies allow you to move into a property presentation with focus and information.  That will make it easier to engage the client to see and accept your recommendations as a property specialist.

Need more tips for your property presentations?  Join our Newsletter to get them.

Saturday, August 3, 2013

Setting Up Your Cold Calling System in Commercial Real Estate Brokerage

woman on telephone smiling
Make cold calling your system of growth.

In commercial real estate brokerage the cold calling process should be well considered and set up for momentum.  You will need to call lots of people and track your progress as part of that.  It is a personal activity that should not be delegated to others.  It is a skill that you can master and develop over time.

Here are some tips from our Newsletter.

Top agents make their own calls regardless of how successful they are now or have been in the past.  They know the importance of connecting with their market.  They understand the requirement to fill their pipeline of opportunity with fresh new contacts.

There is one significant opportunity in the call prospecting process that you should understand and remember.  Most of your competitors will not be doing it very well, if at all.  If you can master the process you will have greater advantages in meetings and listing conversions.

Here are some ideas to help you set up your cold calling activities and systems.  You can vary the strategies based on your location, working day, and property type.  Here are the ideas:

  1. For the activity to be successful, consistency and persistence are required.  Every day you will need to be making some more calls into your area in a logical and controlled way.  Set aside 3 hours for the process.  Target approximately 40 outbound calls.  In doing that you should reach approximately 15 people.  From those people, you should be converting two meetings per day.
  2. When you look within your town or city, you will see segments of the market that are active and attractive to the tenants and buyers today.  Understand the listings that they are looking for.  Direct your prospecting efforts to those property types.  Research the property owners and the businesses that are active and successful.  Make the calls to the people within those groups.
  3. Researching the right people to call is always an issue.  It takes time to find the right people to call and particularly the property owners.  Split your telephone prospecting activities between property owners and business proprietors.  You may only be able to locate two or three business owners per day due to the necessary detailed research.  It is far easier to contact lots of business proprietors from the telephone book; some of them will be in occupancy as tenants, whilst others may own the property in which they are located.  Ask the right questions.  Maintain your focus and organisation as you do your calls and research.
  4. Document and track your progress within simple organised systems.  The easiest thing to use will be a contact call form or template.  A single sheet of paper or a template with the required boxes will help you in doing this.  Move those completed sheets between labelled paper-clips as you escalate the contact towards your database.  It's not necessary to enter everyone into your database unless they show a need or an interest in commercial property.

So these four factors allow the necessary simple organisation to get your call prospecting under-way.  They are the basic elements of a successful prospecting system.  In commercial real estate brokerage centralise your database growth through this process.  Over time you can see your market share grow successfully and continually.

Join our Newsletter here to get more tips in commercial real estate prospecting and cold calling.