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The Importance of Your Prospect Database in Commercial Brokerage

By Jim Gillespie | July 1, 2008

The quality of your prospect database is an important foundation for your success in commercial brokerage. If you have every prospect you want to do business with and every decision maker’s name, phone number, and mailing address in your database, you have a major advantage over your competition. As most commercial brokers are currently missing a lot of information in their databases.

If you only have 40%-60% of the prospects in your area that you’d like to be working with in your database, you’re missing out on a lot of opportunities, because as of right now you can’t even contact these people to do business with them…But your competitors can contact them.

So no matter what kind of condition your database is in right now make a commitment to get it in the best shape imaginable, as it will pay huge dividends for you. I know it will probably take some work for you to do this, but if you’re missing 20%, 40%, or 60% of the people you want to do business with in your database, that’s 20%, 40%, 60% or more money you can be making in your brokerage business if you just get these people into your database and begin contacting them.

So get your database in great shape, contact everyone in your territory that you want to work with 2-4 times a year when doing your prospecting, and watch the difference in the results you’ll be producing throughout the year in your business.

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