Many people start off their career in commercial real estate with little or no list of prospects to call and establish business relationships from. As a first priority new salespeople should start to focus their efforts around prospecting and cold calling. The sooner the process starts, the faster they will move ahead in the industry with quality listings and better commissions.
The reality of the commercial property market is that you should have some form of market share within three or four months; that means some listings. Over time the market share can grow and you can even reach the levels of a top agent through persistent and accurate prospecting activities.
So to kick start your career or perhaps to resolve current problems that you may be having with your market share, the following model of prospecting and contact will be useful.
- Devote 2 or 3 hours per day to making cold calls from your office using the telephone. This is a distinct discipline and will be initially difficult until such time as you create that habit in your diary. It should be said that this prospecting process is likely to radically change your levels of opportunity quite quickly. Establish a habit for the task and then keep it under way into the future. Regardless of how much business you have currently, keep the levels of prospecting up and accurate.
- Find some form of database software to assist you with the collation of market and prospect information. This is a personal process on a daily basis and will allow you to take ownership of your market share. Look at a database each evening so that you can track and plan your telephone calls for the next day.
- As mentioned earlier, when you first start your career in the industry, you will likely have no clients to ring. Every call you make will be to someone new that you have not spoken to before. Practicing the call process and your dialogue will help you convert more calls to meetings where there is a genuine need or interest in your offering. Exactly what do you have to offer? Make sure you know that before you start prospecting.
- Check out your competitors and most particularly the top agents in the local area. Find out what they’re doing on a daily basis and see what prospecting efforts they are implementing.
Your habits are the key factors that will drive your personal business forward. New habits have to be developed and that takes intense focus and consistent process. Many people enter the industry without understanding this requirement and believe that they will be successful with little or no change to their actions and activities.
Commercial real estate is totally different than any other sales industry, in that you are working with some very experienced and challenging property investors and business proprietors. Some of those people connect to a number of agencies at the same time. Any listing opportunity or potential transaction could be competitive and pressured from the activities and actions of other agents.
Top agents refine their knowledge relating to the property market and the best methods of sale or lease that work currently. Clients like to work with top agents understanding that success is more possible and real. If you aspire to this high level of performance, take time each and every day to practice your processes.