Strategy. It’s one of those words that people have overused because they think it makes them sound smart; like “paradigm” or “[something]-centric”. Simply put, a strategy is a plan – that’s it. Your grocery list can be renamed your weekly sustenance strategy. But, just because it’s simple doesn’t mean it’s not important. In commercial real estate, we’ve all seen brokers become unsuccessful because their prospecting strategy was to sit back and wait for clients. Or, we’ve all been victims of the “spray ‘n pray” approach to business.
Your commercial real estate business should have a strategy. And your strategy should have strategies. And each strategy should be strategically strategized by strategies until you find yourself in commercial real estate Inception. The point is, you need closing strategies, appointment strategies, and prospecting strategies. Since prospecting is the lifeblood of the rest of the stages in your business, it’s important to maintain a simple, successful plan to move forward.
So, here are 7 prospecting strategies to get more clients in your area, as well as help you maximize your efforts and results.
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.
Everyone secretly wishes that they were a sales grandmaster. Who wouldn’t want to have the silver-tongued gift of persuasion? What most people don’t realize is that, behind all of the closed deals and sales trophies are hours and hours of prospecting. Prospecting is the foundation upon which a successful sales campaign stands, and is the most important aspect of your commercial real estate business. With this understanding, let’s examine these prospecting tips and why it’s important to your commercial real estate business.
Most people hate selling. They usually believe that sales skills are an innate gift, or some combination of voodoo, hypnosis and jedi mind tricks. But, the best commercial real estate brokers know that the greatest “closer” in the world is yourself. All it takes is a genuine complaint and the right solution to be presented. With this understanding, your goal should be on getting to the point where you can present the right solution. So, we’ve narrowed the steps down to 10 sales skills that every commercial real estate broker must master.
Imagine cold calling in the 1960s – Mountains upon mountains of paper separating individual desks, each housing a set of callused dialing fingers and sore necks. We’ve come a long way since then. Yet, upon close inspection, many of us find ourselves essentially using the same processes for cold calling as in the 1960s.
Thankfully there’s new technology that can take a classic sales method and give it a productivity makeover. Using advanced automation, Digsy AI allows you to cold call and follow-up 4x faster than traditional methods.
Nothing is garners the same level of loathing among commercial real estate brokers as the infamous cold call. A broker’s hatred for making cold calls is so pure that the only thing deserving of more hate is receiving a cold call. But, unless you replaced your front door with beads because clients keep beating it down, you’ll probably need to make cold calls at some point. We all wish there were some magical cold calling tricks to make the whole experience better.
Luckily, there’s a well-guarded secret about cold calling: the call will be as good as you are. If you’re unprepared and uninspired, your calls will suffer accordingly. However, your calls will drastically improve if you’re enthusiastic and ready. With the right tools, you can learn how to become a stone cold caller.
So, here are some cold calling tricks to help bring you the clients you need.
Customer relationship management (CRM) is a critical key to success in commercial real estate. Yet according to an executive survey by Merkle, up to 60% of CRM systems will fail. After surveying 352 senior level executives in organizations worth one billion dollars or more, Merkle reported that companies that fail to see the importance of CRM are consistently low-growth. Additionally, high-growth companies were 50% more likely to recognize the strategic value of CRM system implementation. One could conclude that a CRM system for CRE is one of the top resources that drive growth in a successful brokerage.
Yet, CRMs repeatedly fail to be successfully adopted. In our experience, this is usually caused by a few simple factors: lack of organization, lack of adaptability, and lack of technical support.
One way to avoid these potential pitfalls is by choosing a CRM system for CRE using a strategy first laid out by Fred Thiel, former CEO of local.com, with his 6 key dimensions of innovation framework.
To be implemented successfully into a commercial real estate business, a CRM system should:
Cold calling voicemails: to leave, or not to leave. That is the question. There’s been a growing debate about the value of voicemails in the modern commercial real estate sales world of seo’s, emails, and tweets.
Both schools of thought have their own reasons but today let’s take a closer look at the pros and cons of leaving a cold calling voicemail.
Working in the commercial real estate industry can be time consuming. There are many things that a broker has to do – from prospecting to maintaining relationships with active clients to documenting everything. It can get overwhelming and exhausting!
We’ve come up with a list of essential commercial real estate productivity tools that will make brokers more efficient and help prevent smalls things from slipping through the cracks.
Here are a few tools that every broker should be using to work productively: