Commercial real estate looks easy from the outside. All you gotta do is meet with clients, look online for listings, negotiate a little bit and, boom, commission check, right? It’s easy to look past the hours of work that it takes to book a single appointment. We know that a career in commercial real estate is sustained by appointments and meetings with new clients. Therefore, success can be measured by the amount of new appointments set and meetings arranged. Because of this, we’d like to share some important tips for your commercial real estate appointments.
Research your target audience
Your commercial real estate appointments are going to come from very specific groups. There are investors who own or want to own commercial real estate. There are business owners that use property to operate their business out of. Also, there are franchise groups that are looking to expand their business. Each group has a method of operating and, more importantly, has a best way to reach them at ideal times.
If you have to reach business owners the best time to reach them is Wednesday or Thursday, before 10:00 am or after 4:00 pm. It makes sense, right? Monday is the most hectic day of the week and Friday might as well already be the weekend. Also, calling early in the morning allows you to speak to a business owner before they’re worn down by the day’s tasks and are in peak “productivity mode”.
When working for commercial real estate appointments, put yourself in the mindset that you have to reach out to your prospect at least 5 – 12 times. These 5 touch points can be through a variety of different methods. You could call on the phone, send an email, or even drop by for a face-to-face meeting. Whichever way you choose, be sure to keep following up.
Making 5-12 touch points may seem like a lot, but the trick here is to work smarter, not harder. So, try finding a tool that could help you be more efficient at following up. A study by Linkedin showed that the 10% of sales people who engage customers 5 or more times close 80% of all deals. Persistence is the most common trait between all top producers.
Build a Relationship
So, you’ve been persistent in reaching out to prospects and you finally get a chance to speak, now what? First, focus on building rapport and listening to their needs. When you call, have a specific reason that isn’t related to closing. The time for selling will come eventually. Also, your conversations should be helpful, short, and direct. Never waste people’s time chasing money. You can find money lying on the sidewalk but you’ll never find any time.
If you successfully built rapport, you’ve conveyed to the prospect that you’ll make their lives better. Now, you must fulfill your promise. Every step that a prospect takes should be as simple and easy as possible. When booking commercial real estate appointments, always suggest times for them to select. Technology can make scheduling or rescheduling easy and automatic, too.
Once the appointment is booked, send the prospect a calendar invite to confirm the meeting. By doing this, it’ll send reminders of your appointment. Having it on calendar makes the appointment more official.
Meetings should always be in a location that is easily accessible to your prospect. For instance, their place of business or a coffee shop nearby is a painless, simple place to meet.
Additionally, educate your prospects on the process that you’re engaging in and clearly lay out the goals for the meeting. When you inform people beforehand, they can participate worry-free and without apprehension. Everybody wants to be taken care of. And, if you’re going above and beyond for your clients, people will quickly take note.
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