Commercial Real Estate Prospecting Strategies
The key to success in commercial real estate is an effective prospecting strategy. You need to find the right properties in the right locations for the right prices. Your strategy should be flexible so that you can continue prospecting under any conditions, such as lockdowns, highly competitive markets and economic challenges. These are a few tips you may follow as you develop your prospecting strategy.
Search for Leads
Every business depends on leads. These are individuals who have an inherent interest in your business, product or service. Great real estate leads are those who need to buy or sell properties. A great way to get strong leads is to search outside the market. Every investor is looking at the homes and commercial properties listed in the MLS. You can get ahead of the game by searching for properties that have been removed because they were on too long or have not yet been listed.
Services such as Reonomy allow you to get more detailed information about a property, including its ownership and financial details. This allows you to find new leads that your competition doesn’t know about.
Conduct Research During Your Downtime
When you aren’t working or spending quality time with your family, you should consider working on your investment business through research. Not only should you research and analyze properties, but you should research ways to make your investment process more streamlined. For example, you may investigate technology tools that streamline your business or give you better leads. You may search for creative ways to set yourself apart from your competition through your customer service management.
Information sharing within your team is vital, so you may research effective communication tools and strategies. Tracking your business contacts, accounting and other key office tasks should also be highly effective and efficient.
Prioritize Your Leads
You have limited time. Every second counts, and a little planning and prioritization can save you a lot of time. Not only should you prioritize your real estate types, e.g., retail, residential, office or multifamily, but you should also prioritize your actual leads. Some leads are more motivated than others, and some have greater integrity than others. Some properties make more money than others of the same type. One location may be more profitable or desirable than others.
Focus on Service
Your focus should always be on ways you can help others. This involves building relationships and learning what people need rather than selling something to them. Don’t focus on the deal; focus on how you can help.
Commercial real estate is a great investment opportunity. Therefore, consider creating a detailed prospecting strategy that pushes you toward success.