« | Home | »

How to Recognize When You’re Not Getting Enough Commercial Real Estate Prospecting Done

By Jim Gillespie | August 8, 2012

There are so many brokers within our industry who believe in prospecting, but they’re still not getting it done. In addition, there are brokers in our industry who believe they’re getting more prospecting done than they really are within their brokerage businesses. Regarding the latter, there are brokers who are scheduling hours of time for their prospecting, but they’re still taking incoming calls during that time, and they’re spending time on the Internet during their prospecting time, too. So in reality, this makes the actual time that they’re spending doing their prospecting much less than they may actually believe.

If you’re wondering if you’re getting enough prospecting done, here’s one additional way to check in on this…

Ask yourself the following questions:

1) Are there listings that have come onto the market in your territory where you didn’t even know that the owners were going to sell or lease their property?

2) Are there transactions being closed in your territory where you didn’t even know that the buyers and lessees were looking for another property?

If you specialize in getting listings, or specialize in working with only buyers and lessees, then only one of these two questions will apply to you. But if you’re working both sides of the fence as a commercial real estate broker, then both of these questions will apply to you.

If there are listings coming onto the market, or if properties are being sold or leased within your territory, and you’re not even aware in advance that the principals had an upcoming commercial real estate need, this is a major red flag that you’re not getting enough prospecting done. You should know in advance the needs of the principals within your territory, even if you don’t end up representing them. So if there are a number of principals who are listing, buying, or selling properties within your territory, where you’re not even aware in advance that they’ve been intending to do this, you need to step up your prospecting!

If you had been prospecting these people on a regular basis, you would have known about their upcoming real estate need, and you would have worked on representing them exclusively. But you instead never even got the chance, and someone else ended up representing them on their transaction.

When you get your prospecting done, these kinds of opportunities stop slipping through the cracks in your brokerage business. Schedule your prospecting time in advance every week, get it done with no excuses, and when you do you’ll find more opportunities, you’ll close more transactions, and you’ll make more money.

__________________

We can transform your commercial brokerage business and get you making more money by doing one-on-one coaching work together. If you’re interested in one-on-one coaching to take your commercial brokerage business to the next level, click here and contact me.

"I have had so many responses to the marketing letter I’ve mailed out that you wrote for me. Sellers have called in on properties they would like to sell, and the total dollar value of these properties so far is $56,000,000.00. I am blown away by the success of this program. One seller has an $8,000,000.00 property that we may already have a buyer for. Thank you, thank you, thank you."

Lisa Godley-Gilstrap
Lee & Associates

Click here to see more testimonials from my coaching clients.


Topics: Prospecting | No Comments »

Comments are closed.