Commercial Real Estate Brokerage – Highly Skilled Telephone Prospecting Facts

woman talking on  cell phone
Cold call planning is required to make your commercial real estate business grow faster.

In commercial real estate brokerage, the telephone should be your principal prospecting tool when it comes to generating meetings and new business opportunity.

Every day you can make plenty of new calls into your location to talk to the business leaders and the property owners that may one day need your services.  The telephone is easy to use on a time basis as part of a prospecting model; it is not the only tool to use, but it is the most time and cost effective.

How do you make calls?

Relevance will help you convert more calls to meetings.  Most of the new business that you create will be through those meetings and the establishment of your professional skills at a personal level.  In some cases you will need to know plenty of people for a long period of time before they trust you enough to give you fresh leads and listing opportunities.

The property owners and the business owners that we connect with take time to understand the value of local market coverage and local market knowledge in property.  It takes time for them to trust you, and also takes time for them to remember you at the right time when it comes to property activity.

Your call model?

So let’s get your prospecting model underway so that you can attract more new business over time.  Here are the rules to the process:

  1. LONG HAUL: This is not a short term solution. It is a long-term strategy and on that basis real effort and organisation will be required.  Every day you will need to reach into the local area to find new people to talk to.  That will require research and that research cannot be delegated.  You understand your market better than anyone else.  You understand the people that you should be talking to, so get involved with your prospecting activities and new business generation.
  2. EXPERIENCED: Most of the clients and customers that we work with are experienced business people. They will generally take your call when it comes to cold call prospecting, however they will shut you down very quickly in the conversation if you are not professional in any way or form.  Professional communication skills will help you grow your relevance and conversational ability.  Understand the things that these clients and customers like to hear when it comes to local property activity and or opportunity.  Information will help you open the door to opportunity.  You can talk about the local property trends, prices, rentals, and recent listings.  Feed these things into your cold calling activities.
  3. SEEK FACTS: Ask the right questions at the right time. The people that you are connecting with will share information about property ownership and occupancy, providing you ask the right questions at the right time in the conversation.  Respect the conversation for what it is, and that is an introduction at a professional level.  Practice your call conversations each day so that your conversions will lift over time.
  4. WHO ARE THEY?: Connect with the right people. Remember what you are trying to do here. Essentially you are looking to meet with the right people so that you can build that level of trust as the local property specialist.  Commercial real estate is a long term proposition when it comes to new business and opportunity.  The longer you stay in the industry and the more comprehensive your prospecting model, the greater the commissions and listings that you will create.  The industry can be a career for a lifetime.  Your clients can stick with you for a long period of time, and you can generate plenty of new business across sales, leasing, and property management.  Understand the value that you bring to each and every client locally.  Your information and your property knowledge is valuable.
  5. LOCATIONAL: Use your local listings as a foundation of conversation. Any listing that you have within a location will be a good reason for you to talk to property investors and business proprietors.  The same strategy also applies when it comes to door knocking and personal prospecting within a street near to the listings that you have currently.  Use your local listings as leverage in building your prospecting model, the number of meeting conversions, and your data base.  A good conversation will allow you to create plenty of information to enter into your database.

So these are simple yet effective things that will help you improve your telephone prospecting activities and results.  Practice the simple things and improve on them each day.

Its up to you!

Build your skills professionally so that you can make more calls every day, generate more meetings, and convert more listings from the meetings that you attend.  Be the expert when it comes to property presentations at any time and on any basis.

Practice your property presentations are ready to go at any time, so that they can support you when the client sends out the right signals in any conversation or meeting regarding property needs or property challenges.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Commercial Real Estate Brokerage – Effective Listing Prospecting Strategies Using Other Agents Signboards

woman holding diary
You need an effective prospecting strategy that works in commercial real estate brokerage.

In commercial real estate brokerage today, you will always be on the lookout for new listings and new clients.  One strategy to consider that is well proven and successful is that of marketing your services around general location of other agent’s boards.  The strategy is quite simple and yet effective.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

So how does this work?  When another agent or broker places a signboard on a property within your territory or location, you can approach the other property owners and business proprietors in the immediate location and particularly with the adjoining properties.  They may like to compete with that new listing nearby.  You can be the person to help them.

The logic works

This listing and prospecting strategy is based on the logic and premise that one listing will create local area interest and churn.  You can help with that; you can provide solid reasons for property owners that the strategy would work locally for different property types.  Build your marketing strategy around that.

Other property owners in the area may consider competing with the other brokerage competition and their listing.  Other business owners in the area may consider taking property action as part of the other local listing.  Market yourself into the location based on those two assumed situations; you will find leads and changes in that way.

Factor of attraction

You could say that this is potentially a real factor of attraction when it comes to new business generation.  When you understand the process and how it works, you can attract your new business opportunities from in and around the activities of other agents through your listing territory and city.  Use their listings to find more property churn nearby.

To establish the system of your business conversion and listing attraction, you will need to track all of the new listings with your competitors as they come to market.  As soon as they place a signboard on a property, you then canvass the street and the location personally.

Assess the local area

Given that there are plenty of signboards within your location, you can use these signboards as points of leverage to get started and to attract other listings from the location.  There are some rules to make this work:

  1. Get personally involved – When another agent places a signboard in a street or on a particular building, get into the location and meet with the local business owners. Also separately and directly approach the property owners in each case; this will require a degree of research so be prepared to put in the effort.  Talk to local people about how you can help them with their property needs at the same time as the other listing may be on the market.  One property listing will create local property interest; you can market your services on the property churn.  The extra new listing that you can create in the location can be positioned competitively and keenly for alternative property marketing.  Your listing can compete competitively with other listings in the immediate location.  Your listing presentation and service pitch should be structured accordingly, and that is to build on the momentum of the other listings.  Explain to your clients and prospects how your marketing process will integrate into the area whilst providing leverage and greater value to the target market with price, rental, or improvements.
  2. Demand exclusivity – To make this work consistently, you will need to convert your listings exclusively. There is no point in focusing your efforts on listing marketing and local area coverage unless you have exclusivity.  Many agents and brokers struggle with this concept and can’t sell their services ‘exclusively’; exclusivity is the only way to dominate market share as a relevant and important agent for the location.  When you have an exclusive listing, you can drive new business using unique and special marketing processes.
  3. Focus on quality – A good listing will help you stand out as the agent of choice for the targeted segment and the location or territory. A quality listing should be comprehensively marketed locally at a personal level, and then comprehensively both online, and offline.  The marketing process and the campaign that you create will involve vendor paid marketing funds.  Given all of these facts, your listing pitch needs to incorporate the base strategy of exclusivity and vendor paid marketing, giving the client plenty of reasons why that will be so important to their achieved price and time on market.
  4. Target marketing – With every listing that you pitch for focus on the target market and help the client see that factor as being critical to the momentum they require. Show the client exactly where that target market will be located and how you will tap into that category effectively and directly.  When the client can see that you totally understand the target market and how to tap into it, your listing conversions will be easier to achieve.

So you can now see why you should have some quite specific prospecting and listing strategies that you can improve on and develop over time.  Show the local area why you are the agent of choice, doing that through relevant and real marketing for the location and the target audience.

Walk away when you have to

As a final point here, be prepared to walk away from listings and clients where the ‘package of property’ seems unrealistic and unmatched to prevailing ‘market’ conditions.  Your time is precious, so only take on the clients and properties that offer potential.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Commercial Real Estate Brokerage – How to Help Your Clients with Leases and Tenants

man standing by arrow
Help your clients with their leased investments and tenants.

It is one thing for your client to purchase a property with the tenant in occupation. It is another for them to purchase a high quality investment with an excellent lease covenant and a high quality tenant.

The fact of the matter is that lease documentation will support the investment and on that basis the lease documentation should be analyzed for opportunity together with the tenant(s) before your client purchases the property.

What do they want?

Most clients looking to purchase a property will focus on a property and its location first and foremost. They may look into the basic facts of the lease structure and strategy across the tenancy mix, but rarely will they read the lease document itself as it applies to each and every tenant. That is where you can add value and provide commentary relating to the investment over time as that investment may be supported from and through the lease documentation. In a complex property with plenty of tenants in occupancy, that is then a real service and something that should be provided to your best clients.

So the message here is that you can find the right property for your clients in your local area taking into account the complexity of the tenancy mix and the lease documentation. You can determine and understand the investment benefits that the lease documentation in any property will provide to your clients over time.

Lease Facts to Know

Here are some ideas to help you do exactly that:

  1. RENTS: Understand the rental structures and strategies that apply to the lease document. Compare those rental structures to the prevailing market conditions. The type of rental will also have an impact on the outgoings recovery be that as a net rent or as a gross rent. Exactly how can the landlord recover the outgoings from the property given the prevailing market conditions and the existing lease documents? Should any of the existing leases be replaced with better documents when the next lease negotiations arise?
  2. RISKS: Are there any risk exposures within the tenancy mix? Risk will usually be created through a future threat of vacancy, or an existing vacancy exposure. You can deal with these problems through planning tenancy placement and negotiating leases well in advance prior to expiry.
  3. COSTS: Assess the levels of outgoings as they apply to the particular property under consideration by your client. How do those outgoings compare to the industry averages for the property type in the location? Look at the history of outgoings expenditure within the property over the last few years. Look for patterns of expenditure and make sure that the costs to run the building are genuine and real.
  4. MAJOR CAPITAL COSTS: Whilst ordinary running costs will likely be recoverable through the various types of lease rental and documentation, major capital expenditure items will not be recoverable in that way; they are a property owner cost. On that basis you can review the property for upcoming items of major capital cost outlay. Will your client have sufficient funds to cover such a capital expenditure in the timeframe required for renovation or rectification?

So there are some good things that you can do here when it comes to helping your clients with lease documentation and property selection. You could help them understand the way each and every lease document will work as part of their overall investment performance and result.

Look for the strengths and weaknesses in lease documentation as it applies to investment property today. Show your client exactly how they can benefit from a well negotiated lease and a high quality tenant.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Taking Your Career All the Way in Commercial Real Estate Brokerage

Commercial real estate podcast
Commercial Real Estate Career tips

In commercial real estate brokerage a career has the opportunity of being extraordinary or it can be ordinary.    Any broker or agent can build their skills and local property knowledge to match the requirements of their clients and prospects.  When you understand the local area comprehensively you can do that well.

To help you more you can get our templates and ideas in ‘Snapshot’ right here.

Brokerage Career Tips on Audio

Having worked within many property markets and also having seen a lot of agents come and go over the years, I know that the results achieved are largely personally created and based.  I have compiled this audio below where I talk about the ways to approach a career in commercial real estate brokerage today and how to improve that career in a positive way.  Have a listen and consider how you can improve your focus and actions locally.

It doesn’t matter if you work in Sales, Leasing, or Property Management, there is a solid requirement to create a marketing model at a personal level that taps into a specific location and property type.

Here are my thoughts on why that is so important.   You can also get my eCourse here on Commercial Real Estate Brokerage.

Here is the audio for you: