In commercial real estate agency today, the leasing market offers massive opportunity for individual agents and salespeople. There are lots of vacancies to fill in quality properties. That is a great opportunity. Here are some tips from our Newsletter for Agents.
If commercial real estate sales are a bit slow for you today, take a serious look at the leasing market and how you can tap into the leasing opportunity. There are plenty of landlords out there who require assistance in finding new tenants for their assets. It should also be said that there are also many landlords that require assistance when it comes to tenant retention in their property investments.
So here are two distinct systems for you to develop and evolve with this:
- Find new tenants to fill vacancies in the current local area
- Help landlords to retain their existing tenancy mix and improve their tenant profile
Both of these factors require new leads and opportunities when it comes to finding new tenants. So where can you find these tenants and what system will work for you in ongoing contact?
Here is a well proven tenant contact system to use in investment real estate. This model will work with retail property, office property, and industrial property.
- Set a geographic area as your principal territory. Understand the boundaries of the territory and stay within it when it comes to prospecting activity. Within that geographical territory, identify the areas of priority and the good streets where property investors and tenants like to occupy or own.
- On a street by street basis, personally walk down the key streets as part of your system and note the businesses and the physical details of each property. Get into your area physically so you can see the properties and relate to what’s going on. This helps you a lot when it comes to understanding property opportunity and action locally.
- After you have reviewed particular streets full of good businesses and properties, it is time to start connecting with the businesses. Take a batch of business cards with you to drop into the local businesses and introduce yourself. On a daily basis, you should be able to drop into 10 businesses as part of this process. Ask to see the business owner or the manager as part of this process. Sometimes you will get through to the right person, and other times your business card will simply be passed on. Either way the process works. Keep up the contact system.
- In parallel with the contact system mentioned in the previous point, use the business telephone book to make cold calls to local businesses throughout the established targeted region. In most cases you should be able to make 25 calls in 2 hours per day. That can be done from your office at a regular set time as part of your prospecting model. Note that you will not get through to 25 people when you make those calls. You may get through to 10 people as part of that process, and you should be able to generate at least two meetings from contacting 10 people. On a daily basis two new meetings with people that you have not spoken to before will be an exceptionally good way to escalate and implement your database and contact management program. That’s how you build your market share.
So the simple things will get your tenant contact program underway and strengthen your prospecting model. They are not complex issues, but they do require personal commitment. In this way you can elevate yourself to the level of top agent in your local area far quicker than any other method.
Get more free tips like this for Commercial Real Estate Agents in our Newsletter.