When you work as a salesperson or agent in commercial real estate, the prospecting process can be very frustrating. That is because it is not easy and it does require practice and real focus. Some people find those two things really hard to achieve on a regular basis. Here are some tips from our regular bulletin for Commercial Real Estate Agents.
The good agents prospect every day for about 2 or 3 hours. When this becomes a habit in your business processes and diary, the market opportunities start to evolve. Given that your salary usually revolves around commissions, this is a good thing.
Having seen many salespeople struggle with the issue and most not handling it well, I have developed a set of rules to help the process for those that want to get ahead.
When you follow the rules, things start to happen. I want to share those with you now:
- Prospecting and cold calling is the single most important thing that you should do every day. There are no short cuts; just research and do the work. That being said, it is best to get your ordinary business day very organised so that the same time frame is set aside for you to prospect and cold call. Research does not fit into that time frame; researching the people to call takes time and should occur in the evening the night before you make your calls. The internet and the business telephone book will be good sources of opportunity if you use them methodically.
- There are only a few simple things that will make a lot of difference to your career in the industry. Prospecting is always number 1 on the list. Presentation and negotiation skills fall at numbers 2 and 3. As you can see, the industry is quite simple if you break it down to the main categories. So what should you do with items 1, 2, and 3? You should practice them on a regular basis. The process of practice will fast track the results that you get.
- The process of prospecting involves contacting lots of people on a regular basis. Some of those people will have no interest or need for your services and on that basis should be dropped from ongoing contact. Others will have a need one day, and on that basis you will need to talk to them at least every 90 days until you can get a meeting and put a ‘name to a
face’. This industry is all about relationships, and meetings are really important to start that.
- As you prospect with new people, expect that most people will not want to talk or meet with you. That is quite OK given that you do not want to waste your time (or theirs). Look at ‘rejection’ as a simple process of advantage that allows you to talk to other people and find the right opportunities.
If you prospect well, you will build a good market share faster than those that struggle to organise themselves. Are you up to the challenge? I hope so.
Need some more tips to handle prospecting in commercial real estate sales or leasing? Get our bulletin here.