5 Key Prospecting Principles in Commercial Real Estate

When you work as a salesperson in commercial real estate you need a sound and strong prospecting model to take you forward. Without that you will struggle; listings and commissions will be harder to obtain.

If you are having problems with your listings, deals, or commissions, you are simply not talking to enough people or you lack a plan to do so. It is remarkable how many salespeople do not have a prospecting plan of any type. They just approach each day on a do it and see process. On that basis the results that they get are minor and slow. Drive your market forward, take consistent action.

If you get your prospecting model correct and active on a daily basis, you will dominate market share around other real estate agents. One of the best prospecting models that salespeople can follow would be something similar to this list:

  1. Identify the biggest and most active property investors in the market. Approach them one on one. It may take time to get through to them but persistence pays.
  2. Create massive personal branding through your market with the most impacting marketing tool that matters, the signboard. In other words get your name on more properties than your competitors.
  3. Approach all the business owners in your territory so they get to know you. They will be the tenants or owner occupiers of the future. Ask the right questions and you will know what they intend to do regards property.
  4. Make consistent cold calls to 25 new contacts every day. Without this process your market will be limited. So many ‘established’ salespeople limit their calls to people that they know and therefore do not get fresh people into their pipeline. Limited growth is the result.
  5. Build on relationships through referral generation. Everyone knows someone. You can use that relationship with the people that you have served.

When you prospect and talk to new people, understand that you should have something to offer them or gain their interest. The highest value with that is likely to be information about the local property market; prices, listings, and rents are a good start. Tell them about things like time on market, supply and demand, tenant movements, property zoning changes, and listings in their area. Some people will have an interest and it is those people that you should get to know.

You are the local property specialist; make sure that they know that you are. Get more free articles and information for real estate agents on prospecting and cold calling right here




By John Highman

John Highman is an International Commercial Real Estate Author, Conference Speaker, and Broadcaster living in Australia, who shares property investment ideas and information to online audiences Worldwide.