Key Prospecting and Networking Tips for Commercial Real Estate

Commercial real estate agent walking to appointment
Plan your prospecting and networking in commercial real estate agency today.

In commercial real estate today, the prospecting process is critical to your career.  On that basis, the earlier you start prospecting as part of your daily activities, the more successful you can be over time.  If you neglect your prospecting processes, you are doing yourself a lot of financial damage, and creating a loss of market share.  Over time you can be looking for another job!

It should be said that the prospecting process is quite hard for some salespeople and requires considerable focus.  It is hard in the sense that it is a process that not many salespeople are comfortable with or familiar with.  Essentially it is a new skill and requires discipline to create a new habit.  Prospecting does require a specific mindset that will allow the skills and momentum to improve into daily habits.

Finding the right people to talk to is all part of the prospecting process.  When you start talking to them, regular ongoing contact is the rule and not the exception.  This industry is based on personal ongoing contact and networking.  It is a people based industry.  It takes some time for the property owners and business proprietors to trust you sufficiently to help them with their property needs.  Commercial real estate is not an experiment; it is a specialized business process requiring expertise and knowledge.

Here are some tips to help you with your prospecting processes:

  1. The commercial real estate industry is built around local businesses and business people.  It is the business people that occupy the premises and pay the rental.  In starting your career, you can get a lot of information from local business proprietors.  They will also be excellent sources of leads and opportunity.  On a daily basis you should be talking to at least 10 to 15 business people as part of a new prospecting process.
  2. Property investors are on the lookout for quality properties and or future investments.  As you identify these people, your ongoing relationship with them should be nurtured for the opportunity and situation where you can help them.  In many respects, some of these investors are in contact with many agents at any one time.  For this very reason, your relationship needs to be stronger and more productive than those that the other agents may have with the same investor.
  3. Property owners will always be a target from a new business perspective.  The fact of the matter is that they are hard to find and hard to connect with.  In many situations the true owner of the property is hidden within a company structure or Property Trust.  Getting to the required person can be a frustrating process.  That being said, it still needs to occur and it is part of the prospecting process for each and every commercial salesperson.  Set yourself some simple benchmarks in regards to contacting these people and building relationships.
  4. Check out all of the significant local properties and local businesses.  They should all be entered into your prospects list and networked over time.  It may take some time for you to connect with the right person and or get the necessary meeting.  Persistence is the key to getting the results that you require.

Prospecting in commercial real estate does not need to be complex; it simply needs to be done.  When you establish your own prospecting system and merge it into your time management processes, you will find that the property market will open up with the opportunity that you need.

Need more tips for networking and prospecting in Commercial Real Estate Agency?  You can get them here at our main website http://commercial-realestate-training.com/

Author: John Highman

Commercial Real Estate Broker, Coach, Speaker, Author, Broadcaster.