by reclaimedhome

Article by John Highman

Working as a commercial property agent specialising in investment property can be very rewarding. As with everything involving selling, it is your personal focus, actions, and diligence that really matters.

First and foremost commercial property sales serve a specific market that revolves around businesses, investors, and tenants. The more you know about the needs of these market segments the better for obtaining listings and commissions. It’s called market intelligence and itÂ’s what real estate agents should be good at.

You have to attract the property listings and enquiry in a regular way and that is only done through prospecting personally. In this industry rarely does the business walk in the door; itÂ’s what you do to attract the business that really matters.

Cold calling and prospecting for new business are one in the same thing although in commercial real estate there are a few other things to do.

These are:

1. Contacting the owners of target properties in your area

2. Understanding what is happening with property development

3. Monitoring supply and demand for space

4. Contact with solicitors and accountants who would have clients needing property assistance

5. Contacting all the proprietors of local businesses to know what they need in property over the coming months and years

6. Monitoring the sale of competition property in the area

7. Tracking the time on market of other property

8. Keeping a running check on prices and rentals paid for commercial property

All of the above involves talking to people; the right people in the market. The more you know them the better it is for you and the listings you convert to sales or leases.

It should be said that the market is always changing and opportunity abounds for those real estate agents that really get into prospecting and canvassing their areas.

With regard to cold calling, it is an essential part of listing generation. Scripts and dialogues run second to the process of making the calls. If you can challenge your fear of making the calls every day then the dialogue will develop anyway.

The mindset behind successful cold calling for new business is simply to find out if the person has a property need. There is no point in setting up a meeting with someone that has no property need or interest.

Time is the only resource of importance in commercial real estate. The more effectively you use your time in prospecting and cold calling, the more business you will generate.

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