In commercial real estate brokerage, you can get accelerated prospecting results when you systemise the process. It is just a matter of understanding what needs to be done within your property market today based on industry trends and opportunities.
There are always plenty of opportunities to be had in sales leasing and property management. Here are some tips to help you improve your prospecting efforts and business outcomes:
- In any period of 12 months, the property market will change in a variety of ways. Be sensitive to the changes when it comes to inquiry rates, and listing opportunities. Look for the patterns in property enquiry, prices, and marketing.
- Understand the factors of supply and demand that will change the balance of property occupancy and ownership. Ideally your business community should be growing within the region. Understand the pockets of priority and desirable locations that the buyers and tenants are looking for. Focus on those high priority areas.
- Split your territory or prospecting zone up into smaller segments. In that way you can focus your research and contact process. Ideally your territory should contain at least 2000 properties. You can split that zone up into groups of 100 properties based on a street or zone selection. From that point it is simply a matter of researching and contacting the property owners and businesses.
- Every day make a priority to contact at least 25 businesses in your designated area. That process is quite easy given that you can use the business telephone book and the Internet to capture the required information. A simple cold calling process is quite effective here.
- Every day research two property owners within your designated sales and leasing zone. This research can take time hence the allocation of only two property owners per day. Chasing down the required addresses and or telephone numbers is a strategic process and a high degree of investigation is required in most cases.
- Connect with the professionals in the industry that have clients requiring property assistance. Normally the best people to connect with will be solicitors and accountants. Establish levels of trust and service with these groups. Over time it is quite likely that they will release some of their clients to you for property help and assistance.
- Monitor the recent listings for all agencies and brokerages in your territory. When your competitors place a signboard on a property, it is an opportunity for you to network the surrounding properties and businesses.
- Look for the property ownership patterns relating to sales and leasing activity. Generally speaking, beyond four or five years of ownership you will find a property transaction occurring. That will be because the priorities of the property owner will have changed or improved. They may then seek to sell, expand, or lease. Research the historic sales in the area over the last 3 to 5 years. That information will help you create a list of targeted prospects for the future.
Don’t make your prospecting efforts too complicated. Do the job and keep it moving ahead. It is better to progress in a controlled way than try to do too much too soon.
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