Planning Your Commercial Real Estate Prospecting Has These Advantages

In commercial real estate agency it is wise to plan your prospecting efforts and actions.  On an average working day many different things will put pressure on your prospecting.  Unfortunately many agents will drop the prospecting activity for the slightest reason.  Over time that single choice will have a major impact on the way they grow their business and market share.

So you have some choices here:

  • You can grow your real estate business and market share through directed effort each day on a client, property, and street by street basis, or
  • You can randomly make calls and contacts if and when time permits.

The comfort zone is a big challenge for many agents and it will slow their listing chances and commissions given half a chance. When time gets tough, keep prospecting and stick to your plan.

To solve all of these issues it is best to have the prospecting plan that gets you in front of more property investors and business owners.  It has to be specific and relevant to your property market and sales or leasing territory.

Not everyone that you talk to will want to do business with you or even discuss property issues; that is quite OK as you really should not waste you valuable time on people that do not have a need or and interest.  Talk to more people and build your skill in doing so.  Over time that one single fact will help you in so many ways to become a top real estate agent.

Many new brokers and agents to the industry struggle with finding clients and prospects to talk to as part of prospecting.  The soon know that growing market share and commissions depends on one thing only and that is prospecting; when they get focused on it they also soon know that prospecting is a complex and dedicated process.

Here is a prospecting plan for you.  Expect it to be a challenge to your diary and daily activities.

  1. Get to know the streets and businesses in your primary sales and leasing territory.  On a street by street basis, identify the property owners and the businesses in occupancy.  Talk to both.  Find out what they are doing in property now and in the future.
  2. Review the other listings in the area that are listed with other agents.  Use those listings as reasons to talk to other property owners and businesses in the same street and general location.
  3. Check out the old sale records for your region.  Find those property owners that purchased property about 3 or 4 years ago.  On average those property owners are going to be the next to come back into the market in some form or another.  Connect with them for that process.
  4. Every property listing that you have on your books will be an excuse to talk to other businesses and investors. Use your quality listings in this way. Over time your current listings will give you more leads and information to act on.
  5. Walk the streets in your property precinct.  You will find and see information that you can work with.  Take plenty of business cards with you to leave at the reception desks, and with the business owners that you see or drop into.
  6. Use the telephone to make plenty of cold and warm calls to your market and business owners.  Track your progress and your calls with a good database.

Prospecting in commercial real estate does not need to be hard but it does need to be systemised.  In that way you can steadily improve your market share.

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