In commercial real estate agency, your ability to get appointments with prospects will directly relate into the listings and commissions that you seek. The more appointments you generate the better your real estate business will be. That is the equation of business growth.
Everyone knows this, so what is the problem here? Not enough salespeople in commercial real estate sales and leasing consistently focus on getting fresh appointments. Their prospecting pipeline of opportunity delivers a slow drip rather than a constant flow. That's the problem.
It's the nature of salespeople to hate doing the calls and the front end prospecting. Add to that the reluctance to maintain the database records and then you have two of the biggest problems in the property industry.
To help you here and resolve the prospecting challenge, the matter can be split into 6 critical elements that can be personally improved and optimised. When you do this, you generate a lot more new listing business.
- Preparation is the first key to prospecting. That by definition is the preparation in finding the property and the people to call. This research will help you call the right people. It stops you wasting time on the smaller properties or the people that are really not the decision makers. Preparation for prospecting is best done at the end of the day and in the evening, thereby setting you up for the next day.
- Create a series of market updates and property briefs to use in discussion with the people you talk to. Many business leaders and property investors like to hear about other things going on in the property market.
- Know why you are calling the person from their angle and then talk to it. Never talk to the prospect from your need for listings. Asking the prospect if they want to sell or lease a property is too blunt and direct. Frame your approach around a conversation. Seek to connect with them rather than pitch to them. Get to understand their business and property activity before you pitch. It shows them greater respect. It also helps them with only the things that they need.
- Think about the market and what your prospects need right now. If the business sector is changing or the economy is shifting then there will be property needs evolving from that. Expansions, contraction, new location, new investments, are just a few things you can talk about. Your local property knowledge will support the discussion substantially.
- Getting the interview or the appointment is appropriate only if the client or prospect has a need or an interest in property matters. Do not waste your time simply to have another meeting. Meetings should only happen when a valid need exists.
- Opening the presentation or meeting with relevance and attraction is part of the process. Ask yourself what you could say, do, or provide regards property activity that would interest the prospect. Stories from local market activity are very useful.
So these are the main rules of prospecting. The most successful salespeople in the industry have a prospecting system and they use it every day. That is the foundation to progressing with more listings and commissions.