When it comes to finding buyers for commercial property today, it is really important to tap into the local property market. Most buyers come from the local area. They know the area and understand how to find the right property for their needs.
So the local buyers will come in categories such as these main ones:
- Business owners needing new or larger premises
- Tenants in leased properties that could want to move to owned premises at the end of their lease
- Investors seeking to expand their portfolio
- New investors to commercial real estate that are seeking to take up a portfolio
These property buyers are relatively easy to find if you have a methodical approach in your prospecting process. If you approach the prospecting process effectively and directly, you will find the people that can act in this market. Prospecting is a daily process and should never be delayed or put off.
It is notable that most of the people you talk to when prospecting will not have a need for commercial real estate today. Perhaps only 2% or 3% will ever have an immediate need for commercial sales or leasing. On that basis you can be lucky on the first approach to particular people. It is the other large percentage of people that have a future interest or need in commercial real estate that you really want to know. Establishing relationships over the long term therefore becomes a powerful tool for a systemised commercial real estate salesperson.
There is an immediate observation that can be made regards commercial property ownership and sales. Most salespeople do not keep the regular contact process with the right property people up and running. They lack the systems to keep in regular contact. So much opportunity then goes untapped.
The key to building your market share of property listings and opportunity is in maintaining a focused database of interested people that may transact commercial property now or in the future. It pays to keep in contact with them at least every 90 days so that they remember you when the right time arises for property sales or property purchase. That being said, you will need solid personal process and discipline to make this work. A person that says ‘no’ today, can very well have a need in the future.
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