Identifying hot tenant leads in commercial real estate can be tricky. This is especially true when you are casting a very wide net with your prospecting efforts.
To save you time and effort, here’s a foolproof step-by-step to be sure your tenant leads are actually looking for commercial real estate before you ever call them.
Step 1: Don’t Market to Cold Leads
Marketing to cold leads is not only time consuming, but after spending days and weeks encountering prospects and getting shot down, it can start to discourage you from following up on any more leads. The best way to avoid this process is just not to market this way, and not waste time following up with a bad list of leads.
Step 2: Define What a “Qualified Lead” Means to You
In order to identify and find hot tenant leads, you must first know what a qualified lead is, or more importantly, what a qualified lead is for you. Everyone has a different definition as to what would make a certain tenant or buyer qualified, and there are a few ways to go about figuring it out. You might literally sit down and make a list as to what you’re looking for in a prospect, or you might keep a few key qualifications in the back of your mind whenever you’re dealing with a new lead. However, there is quite a bit of benefit to actually making a hardcopy list as you’ll always have something to look back at and edit if need be. At the end of the day, no matter what method you’ve used, you’ll be able to understand a qualified lead, and in turn, identify a hot tenant lead when you come across one.
Step 3: Identify Your Hottest Leads
After you’ve identified the kind of qualifications you’re searching for, you can then use these specifications to start determining which are your hottest leads and which are not. The best way to do this is to actually rank each lead from the most qualified to the least. One of the nice things about this ranking system is that it keeps things very organized. You’ll be able to keep track of which tenant or buyer you should pursue next and which ones might be a potential dead end that you can weed out.
Step 4: Make Contact
This step is fairly straightforward. Now that you’ve outlined the kind of qualifications you want and ranked your hottest leads, it’s time to take action and make contact, starting with your hottest lead. While you’re sending emails and making phone calls, it is important to keep in mind that following up is key and sometimes a prospect might need a nudge to remember that you’re there. After all, you’re never going to make any progress if you can’t send a couple of emails to check in or leave another message. Being persistent is important to closing deals in commercial real estate.
Step 5: Refine the Process
If you’ve gone through all the steps and you’re still not making any headway or getting the results you’re looking for, it might be time to refine the process a little. This means refining that qualification process to weed out any leads that weren’t as hot as you originally thought they were.
Overall, as long as you perform these steps, and continue to refine the process, identifying hot tenant leads for your commercial real estate business will become a breeze.
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