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How Much Prospecting Should You Be Doing in Your Commercial Real Estate Brokerage Business Every Week?

By Jim Gillespie | December 8, 2011

Whenever brokers fall short of meeting their income goals, it’s often a direct result of not getting their prospecting done. There’s a direct correlation between the amount of prospecting you’re getting done, and the amount of business you’re closing.

With this in mind, how much prospecting are you getting done these days? And is this the amount of prospecting that will lead to you making the kind of money that you want to be making in your business?

Here are some questions to be asking yourself around this:

1) How much prospecting should you be doing every single week in order to meet your income goals for the year?

If you already know the answer to this question that’s great! If you don’t know the answer, knowing what your average commission is per transaction, and the number of prospecting calls that it takes to find one lead that will result in a closed transaction for you, is important information to have. Along the way you’ll ideally want to determine the number of prospecting calls it takes to make one listing presentation, the number of listing presentations it takes to successfully land one listing, and the percentage of your listings that eventually lead to closed transactions for you. In addition, if you’re primarily focused on representing buyers and lessees, you’ll want to know the relevant numbers on that side of the equation, too.

2) How much prospecting are you getting done every week right now?

This tells you exactly where you’re at around doing your prospecting. If there’s a gap between how much prospecting you should be doing, and how much prospecting you’re actually getting done, this gap represents lost income to you. If you think you should be doing 10 hours a week of prospecting, and you’ve only been getting 5 hours of prospecting done every week, you’ll begin doubling the number of leads you’re uncovering every single week when you double your prospecting time to 10 hours a week.

So first you need to identify the amount of prospecting you need to be getting done in order to meet your income goal for the year, then you need to make sure you’re getting that prospecting done. Making sure you’re getting that prospecting done is what I’ll be covering in my next article.

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If you want to learn how to plan your next year in 2012 so you stay focused, on track, and producing the kind of income you want to be making, that’s what I’ll be showing you how to do during my next teleconference. In addition, I’ll be interviewing a top broker who’s producing extremely outstanding results in this economy, and I’ll be sending the audio CDs from the teleconference in the mail to you, too.

Click here for more information on "Planning Your Commercial Real Estate Excellence for 2012".

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If you’re interested in one-on-one coaching to take your commercial real estate brokerage business to the next level, click here to contact me.

"My work with Jim has stepped-up my marketing program, making it easier for me to follow-up on deals while continually creating a steady stream of solid new leads for me to work on."

John Kilroy
John Kilroy Realtors

Click here to see more testimonials from my coaching clients.

 


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