Commercial Real Estate Agents – 13 Ways to Qualify Your Prospect

When an enquiry for commercial property comes in to your real estate business, the most important follow-up steps for you to take are in qualification and in knowing how the prospect came to contact you in the first place. Both facts will help you assist the prospect but also allow you to avoid wasting any time with the wrong issues or people.

Your time is precious when you work in commercial real estate. Qualify your prospects well and do not establish meetings or appointments with random people until you have qualified them.

Let’s face it, there are a lot of people out there who simply want to snoop around the market and not take any action. The owners of nearby property are commonly the ones that will ring you early in the marketing campaign of a fresh property for sale or lease. This will usually happen soon after you put a signboard on the property.

The best way to qualify a prospect is by asking the right questions and being very good at it. A checklist for the process is of high value. Do your “detective” work first before you spend time with the enquiry.

The way to do this efficiently and effectively is to keep a standard qualifications form near the telephone and on you as you travel in and around the market. The qualifying Commission Split Arrangement questions you ask will vary from prospect to prospect, and by property type, but the following questions will help you create your own qualifying questions checklist:

What property are they enquiring about?

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How did they find Diy Sell Your Home the property?

Do they want to rent or buy property, or could they do either if the right property were available?

Get their contact detail, name, and phone numbers. As part of that process, check that you are speaking with a decision maker and not an underling given the task to gather information. When you know exactly who you are dealing with, you can address them and their need more effectively.

What do they know about the property they are enquiring about now? Have they seen it from the road or passed by at any stage? What did they see?

What improvements do they need in a property?

Have they looked at any other local property recently with any other agent and if so what was it? If so, why did they not take the other property?

Why do they want to look at the subject property or any other property in the area? They will have a principle reason to enquire about the property and you have to find out what that is.

Do they have property elsewhere now and does that impact their current property need or enquiry today? If so get detail.

If they could find the ideal property today, what would it look like and what other elements would the property have?

Have they spoken to financiers regards the property need so they have the required finance ready to go?

What is their budget in looking for another property?

Find out what they know about the existing market prices and rents just in case they really do not know what benchmarks are established in your local area.

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You can add to this list, subject to the property type and your location. When you ask the right questions you will save yourself a lot of time. You will also convert more sales and leases with the people that really can act in the existing property market.