In commercial real estate, the cold calling and prospecting process underpins your market success. It simply generates the right type of enquiry that you can act upon and generate listings from in any market, good or bad.
Given all of that, there is one surprising fact when it comes to prospecting and cold calling. Most real estate salespeople avoid it wherever possible. This is simply because they lack the focus and the location based systems to support their prospecting processes. Those real estate agents that do however get the matter under control and consistently prospect every day are the most successful people in the industry.
Prospecting and cold calling should not be a random process. It should be focused around your location and territory. There are some key rules to the prospecting process such as those below:
Contact the property owners by location and by streets Contact the business owners in the streets by business type and location Understand the streets and locations that are more popular for business activity and operation Understand the services and amenities that businesses require for successful business function. Use a street directory to plan where you have been and where you are headed in your prospecting activities When the other agents put signboards on properties, use those signboards as triggers to talk to the other businesses in the same street or location. Other tenants and businesses in the local area may consider putting their property on the market in competition to that which the other agents have on the market. The cycle of property ownership in your area should indicate that property owners and tenants seek to change property on average about every four to seven years. This says that you should be contacting the tenants and property owners that located into the area or changed property about 3 to 5 years ago
Location based prospecting is the most effective way of generating new opportunity. It simply keeps you organized to the areas, the streets, and the right people that have an interest in commercial property.
Another advantage of a location based prospecting is that it gives you an intimate idea of the reasons people occupy in the area. When you fully understand their priorities of choice when it comes to property, you can target market future properties to the ideal tenants or buyers as the case may be.
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