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Why You Must Prospect Continuously in Commercial Real Estate Brokerage

By Jim Gillespie | May 3, 2012

When brokers need to find more business, they often understand that they need to be prospecting in order to find it. But one of the greatest problems that occurs within our industry is the following…

A broker wants to find more business, they begin prospecting, and then when their plate is full of activity and they’re busy working on all of the leads they’ve now generated, they quit doing their prospecting.

This seems logical at times for many brokers. They’ve already generated a lot of leads, and doing more prospecting seems like it will only get in the way of them working on transactions, closing them, and getting paid.

This is a huge fallacy.

When you stop doing your prospecting, you’re very likely to then have a big hole in your pipeline weeks or even months down the road, where you won’t be closing many transactions, and you won’t be making much money, either. This is because of the lag time between beginning your prospecting once again, and it leading to new, closed real estate transactions for you. So if you don’t find a way to continue on in doing your prospecting when you’re already busy working on transactions, there will probably be a big gap in your income somewhere down the road, and you’ll end up making less money because of it.

In addition, there are other reasons why you want to continue on in doing your prospecting once you’re already busy, too:

1) When you continue on in doing your prospecting once you’re already busy, you’ll find new and better leads than some of the ones you’re currently working on, and you would’ve completely missed out on these leads and in closing these transactions had you stopped doing your prospecting. Finding these new leads lets you let go of the more marginal and lower-commission leads you’ve been working on, and it lets you replace them with these new and better leads, where you’ll be making more money.

2) Continually prospecting once you’re already busy working on leads, increases the average commission you’ll be earnng per transaction. This happens because you’ll be letting go of the more marginal leads you’ve normally worked on in the past, and you’ll be replacing them with better leads, where you’ll be closing larger transactions and making more money. In doing so you’ll be increasing the average size of commission you’ll be earning per transaction, which will have you making more money every single year.

But none of this would have ever happened if you had stopped doing your prospecting. You would have had holes in your pipeline where you wouldn’t have been making very much money, you’d have wondered why you couldn’t generate a greater abundance of larger transactions than the ones you’d been working on, and your level of activity would have seemed like it was hot at some times, and then cold at other times.

When you continually get your prospecting done, no matter how busy you feel when you’re constantly working on transactions, you’ll upgrade the quality of client you’re working with, you’ll make more money, and you’ll constantly be swimming in an abundance of solid brokerage activity.

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Greg Barsamian
Coldwell Banker Commercial

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