In commercial real estate brokerage, you can find plenty of opportunity locally when you delve into the factors that support and drive the business community. When you understand the business community, you can turn that understanding into property leasing and sales activity.
Property Investments thrive and change when the local businesses are growing and relocating. As part of your brokerage prospecting model, get to know what businesses are doing and what they are thinking when it comes to growth and location.
Don’t be ‘Average’
Far too many agents and brokers wait for the listing opportunity to come to them through some inbound telephone call to the local real estate office; that is the slow way to grow market share.
If you want to get anywhere faster in our industry, then get out into the property market daily and talk to local business owners.
Find out what they are thinking about the pressures of their business and industry segment; some business segments are more active than others and that is what you can work with.
Ask questions about:
- More or less space
- Growth pressures
- Head office changes or merges
- New businesses moving into the location
- Improvements serving the business needs
- Access to transport or end user markets
- Lease duration or end of lease
- The decision maker involved in finding new business locations
As an extension of this idea, you can work with particular types of businesses such as:
- Franchise groups
- Bulky goods warehousing
So when you put these variables into a ‘local area equation’ of prospecting for new business, you can ask some valuable questions about business intentions, shifts, pressures, and requirements. Don’t be afraid to talk to new local people.
Local area business
Most of your new business will come from the local area. You want people to remember you so get out into your zone or territory and talk to the right people in a positive and direct way. Do these things:
- Create a list of streets for your location where the better businesses are located.
- Segment the businesses in size or type.
- Research the leaders of each business before you make the call or contact.
- Look for any property pressures in the location by travelling the streets and looking for the tell-tale signs of pressured property occupancy.
The good thing here is that there will always be local businesses looking for help in finding new premises. Whilst it is always good to know the owners of properties, you should also get to know the occupants as businesses as well.
Somewhere in that owner/occupant awareness, you will find property change and churn requirements. Grow your property market on the basis of local area awareness. Talk to more people every day and build your business directly.