In commercial real estate today, your contact system is critical to the results that you seek with listings, clients, and commissions. The property market will change throughout the year and your database list is the one consistent process that can take you across and into all types of properties and opportunities. NB – you can get plenty of client contact ideas here in Snapshot – its free)
There are plenty of ways to establish and run a contact management system in commercial real estate brokerage. Similarly, there are plenty of software programs to support the client list process. Whilst you can always choose a good and well proven CRM package to support your contact processes, everything still comes down to personal momentum and commitment as part of a prospecting model.
Growing your business?
If you are looking to build your real estate business, seriously consider your database activities and your prospecting model. Establish a system that works for you comprehensively and consistently across the location and your targeted groups of clients or prospects.
Understand who your clients are by type and by location. Understand the targeted properties that you should be working on overtime. Define your territory and your priority buildings. From that point on, your prospecting model can take shape and the database can grow effectively and directly.
In this audio, I share my thoughts about contact management and list creation. Grow your list of clients and prospects and put more ‘logic’ into the process.
In every town or city there are things that you can find that relate to commercial property sales, leasing, or property management. You can get plenty of leads if you drill down into the location. Meet people and ask questions. A good conversation will take you closer to a property activity.
Having a good database will always help with new business generation. For the new people in the industry, the priority to establish a good database is high. Three to six months of effort will usually get a contact list established; from that point on it is a matter of keeping the data fresh and accurate.
To help my friends in the industry get established and stay on top of the right market trends, this audio will probably help. It talks about who you should know and why that should be done. Enjoy.
Without a doubt, prospecting is the most important tool in your commercial real estate toolbox. Without a good prospecting model your commissions and listings will flounder.
The ‘golden rule’ to establishing a prospecting model is to make it a daily event. You cannot look for new business once per week. When it becomes a central part of your diary on a daily basis, then and only then will you see results.
If life is that simple, why is it that so many commercial real estate salespeople really do not prospect well, if at all? Most salespeople suffer from a mindset issue that holds them back from making ‘cold’ contact to people that they have not spoken to before. They just ‘hate’ the process.
When you start anything new, the process does take time to ‘settle down’ and gain momentum. Setting new habits over old habits that you have established over the years is quite difficult. Persistence will however get you through if you set up your model of prospecting.
Here are some rules to help you get a good prospecting model together:
From the very start make sure that the prospecting time in your diary is the same time every day. So often salespeople break this rule and a habit of prospecting is not created. It is best to do the process in the morning first thing before anything else takes over.
You will need a simple script to use as part of making cold calls. The simple script should be an ‘opener’ to a conversation. It should not be a pitch for new business; a conversation is what you want when you reach new people.
Start your contacting model with local businesses. They are easy to find and approach. You can use the business telephone book to help you here. Those businesses will tell you a lot about the local area and be a great source of market intelligence. In some cases they will tell you who owns the property.
Define your boundaries and your streets. In this way you will know the ‘priority zones’ where you think the main properties are located. Opportunity starts to show itself when you focus and dig into a zone to extract all of the local information. Systems like this are really important.
Use a good database that is easy to use and backed up to the internet. So much work today occurs out in the field. You need to get to your database from a mobile telephone or laptop computer in the field.
Our industry is built on established ‘face to face’ relationships. Getting in front of the right people is a big part of building your market share. Remember, you are a self-promoter of your experience and relevance to the prospects that you talk to.
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