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 commercial real estate today the leasing of premises can be a real challenge. This is especially the case if you do not have a good database of tenants to call on and connect with. This is where expert property leasing specialists will have the advantage providing they have a good collection of tenants that they regularly connect with.
Here is a fact for you. The difference between an ordinary leasing executive and a top agent leasing executive is the database. The more people that you have spoken to previously and that you can call on with confidence and relevance today, the better off you will be with your leasing conversions and business.
In this property leasing market, many variables exist such as:
Amount of vacant space available
The enquiry rate for different property types
The quality of the listings
Rental types (gross and net)
Comparable and competing properties
The ability to pay market rental
The ability of the landlord to accept true market rentals to encourage a lease
The rate and type of incentive that is available for tenants in differing property types
The supply and demand of space in the different property types
All of these things produce variations of what tenants want and how they can negotiate on a lease. For this very reason you really do need a comprehensive collection of tenants in your database. As you add prospects to that list, make sure that you keep in regular contact. This industry is based largely on relationships and trust. Top agents win the deals and the listings mainly because they have the trust established with the right people.
To build an ‘everlasting’ list of tenant prospects today, here are some strategies for you:
Understand that the best results will come to you when you specialise. That will give you the ability to talk rents, leases, and improvements in properties with greater relevance.
Determine the property type and tenant type that you should be working on. Make sure that the segment of market is active and growing (not contracting).
Get to know the rental and leasing strategies behind leases today with your specialist property type. Your client will normally be the landlord, and they need help to see the best way to attract lease enquiry and tenants to the property.
Talk to 15 businesses per day. Most of that can be done on the telephone. Importantly these businesses should be ‘new’ prospects that you have not spoken to before.
Depending on your area and location, you should have over 600 businesses in your database that you speak to regularly. Focus on relationships and property requirements.
Consistency is the key to getting results in commercial property leasing. Examine your diary and personal systems to ensure that you really do connect with enough of the right people. When you have a good database, landlords will be attracted to you. Landlords cannot ignore a top agent with a relevant and large database. Sell your leasing services on that basis.