In commercial real estate agency, prospecting and cold calling is the lifeblood of the industry. Unfortunately so many sales people do prospecting when and only if they have time. They will avoid the prospecting process with a passion.
As a result of little or no prospecting they are setting themselves up for failure or a short time in the industry with little or no income. If you want more commission or income from your career in commercial property then you have to work for it. Be prepared to work in both commercial sales and also leasing as both offer solid careers and income opportunity.
As you would expect salespeople that fail to prospect and cold call have little new business and struggle to make their existing listings convert to a contract or a lease. If you are struggling now with your sales or leasing activity, there is really only one thing to do and that is start prospecting to a plan. As you proceed you can refine your plan and focus given the feedback you are getting.
Every property market is different therefore most prospecting plans are different. Look for the changes to your prospecting plan and refine it as you go. Build your database as that is the foundation of personal progress and a good income.
A prospecting plan allows you to be very effective at cold calling and networking. A prospecting plan helps to direct your attention to the right people in the market who really do own or can own the right property. They are in the following categories:
- Property Investors that may want to own property in the local area
- Property Owners and Investors already in the region that could want to grow their portfolio
- Large businesses in your local area that occupy property as part of their business process
- Franchises that occupy or could need to occupy property in your area
- Tenants in other local property that may need to relocate or expand
- Local accountants that have property related clients in your area
- Local solicitors that have clients that own local property
- Town planners that can tell you about changes to the property planning and zonings
- Builders and developers that may want to create a new building or complex in the area
The best commercial real estate people will know lots of contacts and prospects that own, rent, or invest in local property. You should know about 1000 people in your local area through a well-structured database and there should be a regular contact program with those people.
The secret of success in commercial property sales and leasing is built from one fact or golden rule. It is this. You have to plan your prospecting so you are not scattering your efforts randomly and broadly into the market place. Have a prospecting plan that focuses your efforts into segments and zones of your market. Then you must take consistent and focused action each and every day.