Let’s face some facts about the commercial property market today; it slower and tougher. It does not matter what location you work in or what property type you specialise in, things are more difficult in the marketing and sale or lease of commercial property. That being said, there is still opportunity for you to capture.
One of the biggest mistakes that I see with most commercial real estate agents in all locations today is that they fail to prospect and cold call on a daily basis. When things get easier or more comfortable, it is the prospecting process that is neglected or postponed. It is the easiest thing for them to put off as it is the task that most salespeople dislike.
When you stop prospecting, you stop the future of the business, your listings, and your cash flow. It’s that simple.
Prospecting does this. It puts you in touch with:
More Sellers Cheap Land
Each of these stakeholders has an interest in commercial or retail property and need help, even in the toughest of property markets. You are the solution provider and the pain relief that property people need. Market yourself to their pain and the listings become easier. Understand their pain and tap into it with great solutions.
This lack of attention to prospecting creates a problem for the agent about two or three months away. They have less stock and fewer enquiries. This means that their commissions dry up and things get tougher. They then have to repeat the cycle and work hard to lift the business and listings that they are working on.
Commercial real estate agency does not have to be that difficult; there is always opportunity out there to grab. So here are some strategies that all can use:
Prospecting is the number one activity in your diary every day. It has to be done before anything else.
Take ownership of your database by filling it daily with more people that you have spoken to. It is remarkable what a database can do for you when the market becomes slower or tougher.
Split your day in half. The first half is for prospecting and the last half is for meetings and Gary Vee How To Get Real Estate Clients inspections. In this way you will retain a major focus on speaking to new property people.
Make sure that you know your market well by picking a street every day where you can walk around and look at 25 properties and speak to the business owners.
Use the telephone to make lots of calls. The more new people that you talk to will help you build the listing bank and close more sales or leases.
These five simple things are obvious and yet not everyone does them. Commercial real estate is a challenge and you must rise to that challenge every day.