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Develop an Action Plan for Commercial Real Estate Prospecting

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When you create an action plan for prospecting in commercial real estate brokerage, you have something to work with that can help you find the right clients and listings.  Most prospecting plans require modification and refinement given that most property markets will change throughout the year.  The important issue here is that you also change your approach accordingly, and keep new contacts and prospects flowing into your database.

So you need an action plan.  That plan is something that you can do every day to reach new people to talk to and connect with.  Have you got one of those plans now?  If not this will help you get started:

  1. Understand that you are the person to drive the prospecting plan and all the stages of it.  Diligence to the process is required.  You can’t take a day off or ‘cheat’ on the tasks required.  When you define the actions to take, they simply have to be done.
  2. Define your territory to focus on.  That will be ‘geographically’ so that you can concentrate on the streets, property owners, quality properties, and listings in a logical way.  Split up the area into segments to be covered and worked.  Ideally that will be in segments of 100 properties.
  3. Understand your property speciality in all respects.  Most of the clients that you work with require an agent that is really experienced in the property type and the market; the client must see that you are the ‘real deal’ when it comes to understanding the property and what to do with it.
  4. List high quality properties as a preference.  On that basis be selective in what you list and why you do it.  It is a fact that any quality property will create better levels of inbound enquiry.  In that way you can create more inspections and create leverage in negotiations.
  5. Letters should be sent to property owners locally and the required follow up calls should be done.  Don’t send letters and hope that the prospect or property owner will call you back; it is highly likely that they will not.  You are the key to getting momentum from your prospecting letters.  Only send out the required number that you can follow up in calls.  A good number to start with is 5 letters per day.
  6. Each day call at least 25 business people, tenants, property owners and any others that may have an interest in commercial real estate today or in the future.  Ask the questions to see what they are doing now with property.  Qualify them before you seek a meeting.
  7. Conversations are the secret to finding the leads and the opportunities that you require.  Talk to lots of people every day and leave your business card with all the people you speak to.  You really do not need much in the way of other marketing material.  Your business card is the key to the process.
  8. Other listings, sales, and leasing should be watched for action and opportunity.  Monitor your competitors and the factors of time on market.
  9. Track your momentum with a good database.  People of substance and relevance to commercial property should be spoken to frequently, and a database will help you do that correctly and specifically.

Your prospecting plan doesn’t need to be complex, but it does need to be done.  It’s not something that you can delegate.  Personal action is required.  The processes that you create can take you to the top of the commercial real estate market much faster.

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Accelerated Prospecting Results in Commercial Real Estate Brokerage

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Make your prospecting a breeze to action.

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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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