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Getting started with prospecting in commercial real estate

Have more to show from your time spent canvassing for commercial real estate clients

One of the most common hurdles when it comes to gaining momentum with prospecting in commercial real estate is: “I don’t know where to start”.

I get it; there are so many things you could do, that you can end up not knowing just what it is you should be doing.

Here are five ways you can get started with finding new clients – these ideas will help you stop procrastinating when it's time to start prospecting!

  1. Start conversations with people you already have a business relationship with  it's low pressure if you already know them.
  2. Start conversations with people you have any relationship with – your goal should be to learn some insights about their industry that you can use with other prospects.
  3. Target prospects you can be referred to and set up warm calls  you'll be far more motivated to make warm calls than cold calls. Get some context from the person who refers you.
  4. Contact prospects who are similar to the people in points 1 and 2  you'll have good context to start more relevant conversations with them after speaking to similar people you know.
  5. Approach prospects that are your ideal future client – define the desirable attributes a future client should have and get to work on building a relationship with those people (even if it’s just sending them a LinkedIn request in the first instance).

One thing to remember when prospecting is that it is not about making a sale at this stage.

It’s about generating leads and starting conversations with them.

It’s about building some momentum.

The time for ‘selling’ comes later on in the process.

For the full details of how these simple but effective ideas work, check out episode 62 of CRE Success: The Podcast

 

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