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The Many Direct Benefits of Cold Calling in Commercial Real Estate Brokerage

city buildings at sunrise

When you really understand the commercial real estate market and the brokerage activities in your location, you will fully appreciate that you should be talking to lots of local people in a regular and ongoing way.   The database that you create from the people that you know and talk to regularly will be your pipeline of new business in so many different ways.  (NB – You can get our free commercial real estate course right here)

Whilst some listings will come to you because of the brokerage that you work for, most of the high quality listings will be a direct result of your personal effort and ongoing contact with property owners, investors, and business leaders. 

In those 3 categories of people you will find commissions, listings, and a good degree of property pain.  So how do you get this important business activity underway?  You make lots of cold calls in a regular and ongoing way.

Cold Calling Benefits

The principle and main benefits of cold calling can be best described in this way:

  1. Building you personal profile
  2. Finding new people that need property help locally
  3. Tracking property changes locally
  4. Finding new listings
  5. Keeping up to date with market trends

All of these things fit quite specifically into the business of commercial real estate brokerage.  If you are looking to improve your career in commercial real estate, then look to the strategies and skills in cold calling.  Learn how to make more professional business calls every day in a relevant and logical way across property and business segments in your town or city.

In this audio program, John Highman talks about the real benefits of cold calling and why you could consider it as an important part of your real estate model.

Learn the real and relevant skills behind making more prospecting calls in a positive way each and every working day.

 

 

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Proven Strategies to Sweep Aside the Competition in Commercial Real Estate Brokerage

city high rise buildings
Get deeper into your property market.

In commercial real estate brokerage, you really do need to know how to work through and around the competition when it comes to listing conversions, and property marketing activities.

(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)

Fact

You cannot be generic when it comes to working with your client’s properties and the listing activities locally. You need some specific strategies to stand out as the agent of choice in a relevant way above the other competing agents in the location.

Look local

In most towns or cities there are always degrees of competition coming from the other agents locally to interfere with listing conversion and listing retention. It is always better to find the listing off market before any other agents locate it. You can then design your marketing strategy accordingly.

So have a serious look at your prospecting activities first and foremost. Understand what you’re doing when it comes to connecting with the right people, researching the levels of property activity locally, and drilling down into the business community to help them when it comes to relocation, property change, and property acquisition.

Most of the results you get in the property industry today will come from your personal efforts and one-on-one contact. You will need a plan to achieve that. Everything else is a factor of luck in the industry, and luck really doesn’t work when it comes to commercial real estate brokerage over time.

What’s your plan?

Establish your plan to help you find the new business opportunities or leads from the market segments, the property types, and the clients that you really want to work with. Make the right choices and then drill down into those segments deliberately and directly.

So some questions here……  Do you know your targets in the industry today? You understand exactly where you are headed and how you will achieve the momentum required?

Here are some specific ideas to help you with brushing aside the impact of your competitors in today’s property market:

  • Stop listening to your peers in the industry. There are plenty of people who will flood your thinking and activities with negative comments and unnecessary observations. Master your own property market through your own observations and experiences. Learn from the best, but ignore the average agents in the area that may be simply seeking to support their own poor performance through irrelevant reasons and market observations.
  • Fast track your listing opportunities through a cold calling model and business process. Make plenty of calls each day into the local business community. Some of those business owners will be tenants whilst others will be owner occupiers. A simple telephone call will help you understand who the business owners are that need help when it comes to property change, relocation, or upgrade. A professional cold calling process will help you drill down into the requirements of property investors and business owners.
  • Through regular ongoing research, develop various packages of market evidence that you can call on when it comes to many conversation, meeting, or presentation. A simple chart, checklist, advertising campaign, or set of photographs can help you grow a conversation into real listing momentum.
  • Be yourself and improve yourself as an industry professional. You cannot reinvent the wheel when it comes to your personal character and business history. You can however improve your presentation and your presentation skills to deal with property types and the clients in your town or city. You can never really know enough about business communication today, so start practicing at each and every opportunity. Learn how to put the right words and phrases to well selected resources and presentation material. Be prepared to show the client exactly how you are the best solution for the location and their property challenge.
  • Understand exactly where you are headed when it comes to new business opportunity and listing activity. You will need to use a business plan as part of that process, and that business plan should be structured on real market evidence that you have research over time. Look at the location and assess the property activity for the last few years. Understand where you can fit into the predictable property churn and activity as an industry professional in each and every way.

So there are some things to do here as part of positioning yourself as an industry professional. Take your business to the next level through deliberate ongoing daily activity. Most of your competitors will be rather ordinary when it comes to marketing, client contact, and competition.

Simple changes

A few small changes in your business focus and local market evidence will help you convert client to accept your professional services at the right time in the right way.

(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)

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4 Essential Prospecting Skills in Commercial Real Estate Brokerage

business woman sitting at table
Develop effective prospecting systems in Commercial Real Estate Brokerage.

Every commercial real estate agent should have a prospecting model.  In an ongoing way they should be connecting with new people each and every day.  That can be a challenge for some brokers and agents as they balance workloads and property listings.  The fact of the matter is that we should all be careful when it comes to personal time focus and client commitment.

Attract and Focus on the Best Properties and Clients

We should be focusing all or our prospecting activities and model on the best opportunities and the best clients locally.  Applying that back to the beginning of the contact pipeline cycle, we should be concentrating our prospecting skills into the best segments of the market and particularly the best people owning an occupying the prime buildings and the prime properties.

We all get our fair share of poor quality listings and redundant properties.  That being said, we do have a few choices to make when it comes to accepting a listing and working for a particular client.  As you grow your market share, be increasingly selective as to the properties that you list, and the clients that you work for.

Size Matters

The larger properties and the better listings will always create better enquiry churn and activity from your marketing activities.  If you focus on the higher quality listings within a location, the levels of enquiry will always be higher, more active and interesting.  That is how you can build a pipeline of investors and prospects faster within a location.

Here are some ideas to help you improve your prospecting activities within your town or city:

  1. COVERAGE: Understand the coverage of your prospecting activities. There is no point in spreading your prospecting activities across a huge area or a large town.  You have limited resources and time to cover the market.  Consider your territory and split into priority precincts of prospecting focus.  You should have your primary zone of prospecting.  Most of your new business should come from that defined area.  Everything else outside a primary zone will be a secondary focus; listings may come to you from the secondary zone but you would not specifically prospect into the secondary zone.  Understand your time as a resource, and focus all of your prospecting on a time basis into the primary precinct of property activity.  Typically you will need about 2500 properties to focus on in that primary precinct so you will need to get organised.  Over the year you can get to know all of the best property owners, the business leaders, the lease expiry dates, and investment opportunities.
  2. LOCAL PROPERTY: Focus within particular property types locally. When you focus your prospecting activities within a particular property type, you can get to know exactly what’s happening when it comes to prices, future supply, and time on market, contracts, and leasing.  You can also predict what challenges may exist when it comes to the segment and the location.  That then allows you to adjust your marketing activities and any negotiation factors that arise.
  3. PRIME PRECINCTS: Get to know the owners of quality properties in prime locations. As a commercial real estate specialist, you will already be focusing on certain segments of properties such as office, industrial, or retail.  Within those segments, identify a small group of prime properties locally.  Determine the ownership identity of those properties and make contact.  Connect with the owners and build relationships at professional level.  Understand that those property owners are likely to be talking to many local agents, so your connection will need to be comprehensive and professional at all levels.
  4. THE BIG END OF TOWN: Track the property ownership and occupancy activities of the larger businesses and corporations in your primary prospecting precinct. Certain businesses will be more successful than others and therefore more active when it comes to property.  Certain industries will be looking for resolving factors of expansion and contraction.  You can and should focus your prospecting into the active segments of the local companies and businesses.

These four simple approaches to commercial real estate prospecting will help you find the right people to talk to in a timely and ongoing way.  Focus on building relationships.  As a general rule, don’t list or work with low quality listings unless there is a bigger agenda to support the approach.

Understand that your pipeline of prospecting will be an ongoing event and will require a commitment at a personal level to keep up the momentum and the persistence.  Over time you should be talking to many hundreds of people in an ongoing and relevant way.

Keep it moving

Connect with all the people in your database at least once every 90 days.  When you can identify a property need or challenge, the frequency of contact will be shortened to monthly or even weekly.

Relevance is the key to making the contact prospecting process work effectively with reasonable levels of conversion.  The relationships and the trust that you build through that regular contact will eventually lead to listings and property requirements.  That’s how any top agent will build market share and grow market relevance.

You can get more prospecting tips for commercial real estate brokerage in our ‘Snapshot’ eCourse right here.

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Commercial Real Estate Brokers – Establishing Relevance as a Top Agent Locally

two business people standing in blur
Build your commercial real estate relevance to clients.

Most agents and brokers that are struggling in the property market today are doing so for the simple reason that they are not ‘relevant’ to the prospects and clients that are looking for property help.

Relevance wins property business; the ‘generic approach’ to commercial real estate has little magnetism for pulling in listings or commissions.

Disaster strikes when there is no real reason for clients, business owners, investors, or tenants to remember a particular broker or agent, and particularly so at the right moment when they are handling property issues and challenges.

So where are things now?

Want to improve your real estate business?  Answer this question.  Why should a commercial property client or prospect choose you to help them with a property challenge?  It’s a scary question to ask; commonly the answers given by most agents are ‘generic’ and bland like these.  They can provide:

  • Quality services
  • Local market knowledge
  • Client commitment
  • Team service for the client
  • Client communication, etc.

All of these things are too ordinary, and just about every agent or broker uses the same ‘ordinary stuff’ which inevitably makes little or no difference to the clients that they serve.  The statements are of no real attraction or interest to any client wanting property help.

So what can you do here when pitching your services?  Clients prefer ‘specifics’ that are matched to their property challenges.  For example:

  • A database of 2000 tenants in the location, 250 of which have been shortlisted to the client’s property listing (Leasing)
  • 15 parties ready to inspect the new listing in the next week (Sales or Leasing)
  • Savings of $40,000 to be found in energy by load shedding (Property Management)
  • 4 investors that missed out on the last local campaign are to be contacted (Sales)

If you haven’t got a very specific answer to that question given, then it is likely you will struggle for some time in converting business leads and opportunities.

Why do you have to determine a clear answer to that question?  In simple terms you must be able to market yourself specifically as the best agent for the job.  The only way you can do that is through a mixture of the following:

  1. Locational coverage – Split your city up into a ‘primary zone’ for implementing all your prospecting, and a ‘secondary zone’ where you will still take business if it arises. In this way you can really cover the right people and the right properties in your ‘primary zone’.  This extra level of focus in prospecting helps you with local area information, market evidence, and personal marketing.  The question arises as to how many properties and or owners you should have in your ‘primary zone’.  The answer is related to your capabilities to cover the patch with a direct marketing approach.  You are the person that has to make the calls, create meetings, and door knock streets.  In an ideal city location, choose a primary zone of properties and streets containing about 2000 properties.  Then you can split the location up into activity zones that you can move through in a logical way.
  2. Marketing mastery – Ensure that all of your promotional efforts are well crafted and implemented. Use words, phrases, photographs, and layouts that pull in the enquiry.  Top agents are usually respected and chosen for their marketing skills.
  3. Database depth and relevance – If you prospect directly into your area, you can build a database that will help you build your business. It is very hard for a client to overlook an agent that has a top quality database containing people from the location and within the targeted segment of business owners, tenants, buyers, or business leaders.
  4. Property speciality – Get to know everything that you can about a property location and speciality. From that effort you will then understand where the next listings are likely to evolve and why that is the case.  You will also know what things are selling or leasing for.  You will understand why some levels of enquiry are better than others with certain listings.  When you understand the enquiry, you can do something with it and improve it over time.  Know what people are looking for in local commercial property and then market comprehensively into that.

Commercial real estate brokerage does not need to be complicated but it does need to be relevant.  Get involved with your property market and show the right people why you are highly relevant to them as they seek to solve a few property problems.

You can get more tips about broker marketing in our eCourse Snapshot right here.

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How to Attract New Commercial Real Estate Business in the Best Ways Possible

business men talking outside building
Focus on the best ways to convert new commercial real estate business.

To get a reasonable market share around you in commercial real estate brokerage you should consider your daily efforts and actions.  Understand what you are doing and not doing.  Understand the things that are wasting your time.  From that point it is just a matter of change.

Caution!  Some agents and brokers never change their ‘problem’ habits, and on that basis they struggle for their entire career.  Things don’t need to be that way.

How’s Your Business?

Perhaps you are wasting your own time in real estate due to a lack of process and quality in your business systems?   So it is time to step up to move into a better level of property performance.  It’s  a good year in the industry and there are things out in the market to be done.

If you are lacking listings, enquiries and clients, then you are likely to be lacking good business processes centred on the best clients and properties.  Here are some ideas to help you resolve that:

  1. Think about and action your prospecting around your listings – When you have a listing in your area and within your property speciality, you have something to work with. Use your listings as reasons to talk to others in the street or suburb.  Remember that business owners need to relocate from time to time, and property investors look to upgrading their portfolios.  Help those people remember you at the right time by getting in contact and staying in contact in a relevant way.
  2. Referrals – When you have finished a successful transaction you will have the opportunity to explore referrals, leads, and repeat business. If the client is satisfied with your professional efforts then there are things to do with referrals and leads.  Help other people to direct you to the next clients and property owners that you can serve.
  3. Previous clients – Go back in your sale and leasing records to find those people that you and or your business has helped over the last 5 years. It is likely that some of those people are still active in the property market.  Do they want some more help?
  4. Other agent’s clients – Don’t be afraid of positioning yourself with clients that currently use other agents and brokers. There could be some reasons for those clients choosing a different agent.  Professionalism will help you connect with those people and stay in their memory for the right reasons.
  5. FSBO – This is a strange market segment, although a useful one. Some FSBO owners eventually give up trying to resolve their property problems.  Let’s face the facts; they probably don’t have the contacts, the database, or the skills to negotiate a sale or lease deal professionally.  Can you help them?
  6. Investors – Local property investors are great clients for the long term. They need all types of help across tenant mix issues, leasing, selling, renovating, and portfolio mix.  When they trust and respect your skills, you can do something to help them.
  7. Business Owners – Stay in contact with local business owners. They will require professional property assistance at some time in the future.  Keep them up to date with prices, rents, enquiries, and stock availability.  Share your facts about the property market and pull in the local business owners that can use your help.

These simple strategies will help you attract more new business in the best possible ways.  Make yourself known locally as the agent of choice; that agent that people must go to when property challenges present.

You can get more tips on business building in our eCourse ‘Snapshot’ right here.

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Common Problems for Brokers to Solve in Commercial Real Estate Database Use

man with telephone in hand.
Grow your database every day and talk to ever more people.

Like it or not, the database process in commercial real estate brokerage has to exist at a personal broker level, and it has to be up to date.  Old and redundant information in any database will bring with it problems and time wasting conversations.

Every broker should be very focused on their data growth, content entry and accuracy.  The process can’t and shouldn’t be delegated.

So It’s Logical!

So this sounds very logical and yet why is it such a problem?  Some brokers struggle with the processes of list management.  These are the most common issues in commercial real estate database creation and growth today:

  • Choice of the wrong record keeping process – Many agents and brokers still keep information on basic spreadsheets. They do so in an effort to contain costs and or for the purposes of simplicity.  The fact of the matter is that a spreadsheet with a lot of contacts will leave itself wide open to data loss and or errors.
  • Doing the work of data entry – It takes time to load data into a software program. Many brokers either do not have the time or do not want to enter data; they try to delegate the process.  Unfortunately the person delegated the work of list management has little involvement or commitment to the end result.  The message here is that the work has to be done personally by the broker, and the best time to do so is after hours at the end of the day.    Keep a standard form process underway so you can write things down during the day that could be required as a new entry in your lists.
  • Set targets for growth – Determine where your client and customer numbers are now. Set some simple growth targets of perhaps 5 new people per day.  Over time you will lose some current contacts as they will have moved on, so a growth strategy is important.
  • Making categories work for you – Categories will be required to help you find the right people to talk to. Split your list up into zones, budgets, property requirements, VIP’s, owners, tenants, and business owners.  Your selected software for recording the data should allow you to cross reference categories to find people and situations.
  • Regularly making contact – When a person is captured into your list, they should be entered for one reason only, and that is because they have a property interest now or in the future. From that point onwards regular meaningful contact is required with clients.  Talking to them or connecting with them at least once every 90 days will help with list momentum and new business conversion.

If you are looking for new business in commercial real estate today, the answer is in your list.  Refine your database activities and drive relevant contacts and conversations through it. Over time the listings will emerge as will the commissions.

Need help with commercial real estate brokerage?  Get our free eCourse here.

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Create a Blueprint for Commercial Real Estate Brokerage Results

plan of action in commercial real estate brokerage
Establish your commercial real estate brokerage plan of action.

 

In commercial real estate brokerage today it pays for every agent to have a definite plan of approach to bring together all of the many things that need to be controlled and actioned.  If you like it is a bit like having a blueprint to the business at a personal level.

I have put together some of the more important issues to get under control personally and to help you formulate your commercial real estate agent blueprint.  You can add to the list based on your property type and location:

  1. Define your property type – Some property types will be more relevant to your skills and or marketing confidence.  Understand what you are good at and focus on that property type; that will give you required confidence and then help you with listing conversions.
  2. Define your services – There are differences between sales, leasing, and property management.  Sales and leasing activity are strongly linked and one leasing deal can lead to a sales opportunity in the future; that is why I say that all agents should be able to jump from sales to leasing and back again quickly and effectively.  You will normally earn greater commissions from a typical sales deal than from a leasing deal (based on averages), and the people that you target as prospects in each group are different so understand those differences and track both types of people.  As the property market shifts from a buyers focus to a tenants focus, you can move with it.
  3. Set your marketing zone – Limit your zone of activity in your town or city to a number of properties and inside a precinct of main roads.  The focus inside a geographical area allows you to track property activity, rents, prices, time on market, and marketing strategies.  That focus will also help you a lot when it comes to connecting with clients in a property presentation.
  4. Define your clients – What does your ideal client look like?  Where are they located?  How are they involved in the property market?  What will they need from someone like you?  When you know the answers to these questions you have something significant to merge into your personal marketing efforts.  Your prospecting and cold calling will become a lot more centred on market segments.
  5. Research the property market – In each year there are changes, dips, troughs and peaks in market activity.  Some are predictable due to seasonal holidays and business calendars.  Your prospecting and listing efforts should have due regard to those seasonal changes.  Only take a property to the market when all targeted segments are active and looking for something to buy or lease.
  6. Determine key indicators to track – Some of the main indicators that can show you how you are performing as an agent are centred on prospecting, listings and negotiations.  Each week take those indicators such as commissions, listings, and presentations into account so you can see where things are developing.  Build on your strengths and fix your weaknesses.  That’s how you progress in our industry.
  7. Set up action processes – Every day a system of actions will take you forward.  It really matters what you do in a regular way.  Consistency will take you forward; random actions will not do much at all.
  8. Set your goals and targets in listings, commissions, and clients – These 3 categories of activity are most important.  They are simple numbers to track so start charting the progress you are making in each.  Ratios will soon be seen and that is when you can improve your skills in key business generation activities; start practicing!

So these numbers and categories of activities will show you where you are heading as an agent.  You can strive to improve in so many different ways in our industry; it’s a personal process.

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Classic Commercial Real Estate Sales Letters

address book
Send prospecting letters in commercial real estate.

In the commercial real estate brokerage today, the classic sales letter will always create opportunity for an agent or broker if the process is put in place successfully and consistently.  It is necessary to understand the logic behind the process, the timing of the letters, and the requirement to do it regularly.

It is a fact that the e-mail prospecting process has taken over a large section of the real estate industry.  For this very reason, the traditional sales letter sent through the Post Office System will create a major point of difference in marketing when it comes to the prospecting activities of an agent or a broker.

If you want to stand out from the crowd when it comes to your marketing efforts, merge the sales letter process into your personal marketing efforts.  Here are some rules to help you:

  1. The sending of letters needs to occur regularly.  Send your letters to groups of prospects on a monthly or bimonthly process.  Given that each letter is specifically written for the target market of property owners or tenants, it is quite easy to group your prospects into segments.  At different times of the month you can send your letters to selected segments.
  2. So a key factor here is to write letters specifically to the targets within each group.  You can are groups for landlords, tenants, business owners, investors, and developers.  Specific letters are used in each case.
  3. As a general rule, and wherever possible, take the time to follow-up each letter with a telephone call.  If you know the telephone number of the person concerned, make the call.  Many letters will help you convert more meetings.
  4. It is preferable that the letter process is simple and select.  Three or four paragraphs on a single page will get the message across.  Sign your letters individually and ensure that they are personally addressed to the people concerned.  Enclose your business card with every letter.  You are marketing yourself and your contact details; that is what the letter and the message must do.
  5. Given that this is a prospecting process, the letter is designed to connect with the person you are sending it to, so that you can get more meetings and opportunities.  On that basis the message and the letter needs to be simply designed.  Do not fill the envelope with bulky marketing material that will confuse the central message.  Marketing letters are best left to a different approach and a generic mail system.
  6. Make it easy for people to contact you as part of the mail out.  Some people will call you as a direct result of getting the letters regularly.  That is why you enclose your business card as part of the process.  It is quite likely that the receiver of the correspondence will keep your business card for future reference.

So the direct mail process is a real and important part of the commercial real estate brokers marketing system.  Make it an important part of your regular marketing efforts.

Get more tips in our Newsletter right here.

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Choosing the Right Clients in Commercial Real Estate Brokerage

two business men walking in city street.
Understand your best clients in commercial real estate today.

In commercial real estate prospecting some people will want to do business with you and others will avoid any real connection.  You will get the feeling that some people really do not care for a connection or information.  Look for the ‘signs’, and understand what is going on (or not going on).

You can spend far too much time in chasing people that are ‘not interested’.  Whilst it is great to have a good degree of professional persistence in prospecting, the fact of the matter is that you must protect your time.  If someone is not receptive to your genuine approaches and communication you should remove them from your contact process and simple move on to talking to others.

In any town or city, there are plenty of people to talk to.  Momentum is really important when it comes to growing your market share and your contact database.  In most towns or cities you will have several thousand business owners and property investors to talk to.  Finding them remains the challenge; however diligence will get you there over time.

Here are some guidelines to help you with a system for prospect and client communication:

  1. Set some daily prospecting goals that you can relate to and believe in.  That will usually involve a mixture of outbound calls, personal meetings, and property inspections.  From that contact process you will find the people that really want to talk to you and build a relationship.
  2. If you are at the beginning of your career and prospecting activity, start with some achievable numbers so that you can grow your momentum easily and effectively.  Ultimately you should be prospecting for 3 hours every day.  In that time you should be making 40 to 50 outbound calls.  That can be a daunting target for many people.  If you are at the early stages of your professional career and prospecting is a developing habit, then make 15 outbound calls every day until that becomes an achievable habit and target.  From that point onwards, you can grow the numbers at five extra calls per day to reach the level of 50 calls.  When you reach the level of 40 to 50 outbound calls, your prospecting time will be saturated with activity and meeting opportunities.  At that level you can sustain reasonable activity and attract new business.  From 40 or so calls you should be able to connect with 15 people.  From that connection you should get 2 meetings per day.  That is how you build your prospect list.
  3. Practice your dialogue so that you can improve your connections and conversations progressively.  In approaching a new person for the first time, the conversations should be based on trust and information.  There is no point in pitching your professional services or pushing for a listing opportunity over the telephone; that can occur when you meet with the person and truly understand their needs in property today.  Help the person trust you by providing valuable market intelligence and genuine property solutions.

So the key message here is for you to establish a contact and prospecting cycle based on trust; understand the necessity for filtering out the people that will not do business with you over the long term.  Read the signs in any conversation, and avoid time wasting people.  When you look at your sales territory and property speciality, there are likely to be many more people for you to research and connect with.

You can get more tips like these in our Newsletter right here.

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Commercial Real Estate Agent Prospecting Model

commercial real estate agent on the telephone
You can perfect your cold call process in commercial real estate agency.

In commercial real estate you must prospect for new business every day.  In that prospecting time, 50% of the time should be spent on people that you already know and are progressing up the contact pipeline, and the other 50% should be spent on the new people and property owners that you have not spoken to before.

When you follow this model of prospecting, you find that your market opens up with opportunity; the clients and contacts that you know will expand.  From that action plan you see the new business that you need.

It is a fact that many agents if not 90% of agents do not prospect enough.  They like to find excuses to move on to other things.  When they get busy, the first thing to be avoided or removed from the diary is prospecting.  That then leads to a market downturn and decline in listings and then commissions.

Here are some rules for prospecting in commercial real estate:

  1. Don’t work with a small group of clients and prospects.  This will expose you to loss of income when a client moves away or stops activity in property.  It is better to have your main client list (the ‘A’ list) and then a secondary client list that you can move into or escalate when the ‘A’ list is shrinking.  As a general rule you should have an equal number of people or prospects in your ‘A’ and ‘B’ list.  Prospecting on a regular basis will help you with the numbers in each group.
  2. Know what your idea client looks like and where they are located.  When you get focused on a specific client you can target your prospecting for better effect.  Top agents tend to focus on clients with large properties or portfolios of multiple properties.
  3. Know what your ideal property listing will be and where it is located.  This focus helps you with organised prospecting.  Keep to a geographical area so you can methodically go through your region with focus on properties and clients.
  4. The prospecting efforts between sales and leasing, versus property management are a bit different.  The best agents can work with sales and leasing quite well.  Be aware of the property management opportunity and have someone to service it with you or for you.  That being said you will need the right people in the agency business to take on the workload.  Commercial property management is quite special.  The same can be said for retail shopping centre management.

These are quite simple rules to follow; simple to create, but hard to do.  Prospecting reluctance is a big issue for some agents.  Take on the task and get better at it.  Soon the business will come in.

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Problems are Opportunties for Commercial Real Estate Agents Today

two commercial real estate agents talking in car
Top commercial real estate agents get results.

There are plenty of problems out there in the commercial real estate industry for us to solve.  The landlords and property investors are challenged with vacancy factors, redundant properties, and high operating costs to name just a few.  We thereby become the solution provider in the local area.  Here are some tips from our Newsletter.

It is not a seller’s market, it is not a buyer’s market, but it is an agent’s market.  We have the opportunity to reap the benefits of change; that is change in property ownership, occupancy, and eventually some new developments.  The longer you stay around the industry you will know that the business is always out there, we just need to help the right people at the right time.  Your database is critical to the process.

The property market is going through some reasonable change at the moment, and in many cases it is starting to consolidate and improve.  There is a cycle to things, and right now the cycle has opportunity. 

The moment businesses start to see better sales and improved client numbers, the flow through to commercial real estate is quite fast.  The changes in tenant mix and property ownership start to occur.

  • So what problems can you help with?
  • What value do you bring to the clients and prospects currently?

Here is a list to think about; see where you can qualify as a ‘problem solver’ for your clients.

  1. The tenants in the property are struggling to pay the rent.
  2. The vacancy factor is too high.
  3. Occupancy costs are higher than necessary.
  4. New tenants are needed.
  5. Renovation and refurbishment should occur to maintain tenant interest in remaining in the property.
  6. Leasing strategies are non-existent or unsuccessful.
  7. The tenant mix is wrong and needs adjustment to improve tenant sales.
  8. The shopping centre needs a boost in customer numbers.
  9. There is no business plan for the property.
  10. Competing properties are taking all the tenants.
  11. The property needs to be sold and enquiry is low.
  12. The new property development is planned but tenants are hard to find.

These are all specialised processes.  They require good agents with experience to move the property issues forward.  You can provide specialist services and market yourself through them.  Every problem that a client has is an opportunity.

A tenant retention plan is a good way to help current property owners with the tenant mix and the vacancy factors.  You should charge a fee for the plan and get a fee from all of the leasing activity that you create.

Think outside the square and decide what services you can provide that the property market requires.  To be a top agent you need to solve problems and specialise.

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Grab Prospects Attention as a Top Commercial Real Estate Agent

two business men talking in street
Develop a sales character to grow your market share in commercial real estate.

When you grab the attention of the property investors and tenants in the local commercial property market, you can rise to the status of a top agent locally.  In this way you can attract more listings and clients.  Every agent wants to do this; but you need a plan to get there.

It is not overly easy to rise to the top of the industry.  It takes real effort from you personally and the establishment of your own marketing plan that you can stick to.  Each and every day you follow the steps in your plan.

Here are some ideas to help you get started:

  1. Signboards throughout the local area will be very important.  Most of the deals that we do in sales and leasing are done with people from the local area.  The signboard will help you get the message across the region of just who you are and what you have available by way of quality listings.
  2. Direct marketing around every listing will be critical.  Every listing is a great opportunity for you to talk to other business owners and investors in the area.
  3. Success letters and flyers should go out into the local area from each successful marketing and listing campaign.  Sell your successes into the region.
  4. Prospecting requirements will always exist.  They do not go away.  Get on the telephone to make cold calls every day, and also visit people in your territory.  Personal contact is really important.
  5. Top marketing systems and campaigns will strengthen your profile as an agent to be watched.  If you market a listing in an effective and special way, the people in the market place will notice you.  That’s what you want.
  6. The best listings will produce more enquiry than ordinary ones.  Get the best listings on your books and market them comprehensively.  Be known as the agent with the best properties to sell or lease.
  7. Conversions of listings to sales or leases will be a factor of importance.  You can have a lot of listings, but if they are not moving, then you have some more work to do.  Promote each exclusive listing in a comprehensive and positive way.
  8. Editorials for each good property should be encouraged where the media will cooperate with you.  The fact of the matter is that the traditional newspaper media is fast becoming redundant in property promotion, however they do like to boost readership and a quality local property will help them do that.
  9. Internet based marketing, Blogs, and Social media, are all parts of the more mainstream marketing effort in commercial and retail property today.  Make sure that you have everything under control.

Today you must market yourself as well as your properties.  When you get the balance right, it is much easier to rise to the top of the local property market as the agent of choice.

You can get more tips like this in our Commercial Real Estate Agent Newsletter right here.