How Should a Commercial Broker Prospect For New Clients

In any sales job you must have a good prospecting model. Commercial real estate sales and leasing is no different. The prospecting model in the commercial real estate industry is however quite special to the type of property you work around and the clients that you deal with. The database that you create has to capture property investment detail such as area, property type, price range, rent levels, special property needs, and location detail. The database you use should be versatile enough to do that.

It’s worth expanding on this prospecting point so that you can construct the prospecting model that works for you. You have to have leads and lots of them to make money in commercial real estate. It’s not really the office that you work for that actually matters, although it will have some minor impact. The real results that you get in the industry come from one activity that you and only you control; it’s called prospecting.

Those people that start up in the industry do not really ‘get it’ for some time. They think that business ‘walks in the door’ of the office. Only a small amount of business will come to you in that way. In fact the more you sit in the office, the less successful you will be. I tell many new people to the industry to spend no more than 2 hours a day in the office, and the rest of your time in your market.

So what should you do ‘in your market’ each day? Here are a few main activities that are obligatory.

  1. Get a map of the streets that contain the property listings that you are interested in. Check out the good properties in the street and note them on the map. Any properties of note should be tracked down as to who owns them.
  2. Walk the streets each day, entering the businesses and asking to speak to the business owner or General Manager. Leave your business card if the right person is not available. Do at least 10 businesses per day. What you are looking to do here is introduce yourself but more particularly find out if the business is a tenant or an owner of the property. This is invaluable market intelligence.
  3. The golden rule of prospecting contact in commercial real estate is for you to make direct contact with the people that are qualified prospects at least every 90 days. This cycle does not stop. You should be doing at least 5 of those every day over a 90 day period. When you do your numbers this indicates that you should be working at least 300 qualified prospects.
  4. Suspects are the other people you contact and they are approached simply to see if they should become prospects in your group of 300.
  5. Send at least 5 letters a day to people that you know own the best properties in your area. Always follow up these letters with a telephone call.
  6. When you have made a sale or a lease in an area, make contact with the nearby owners with a letter telling them of the success. Always follow up those letters with a telephone call.
  7. Meet the tenants or occupiers of any neighboring properties that are adjacent to things that you have listed for sale or for lease.
  8. When a sign board goes up on a property through another agency, make sure you personally canvass the other properties adjacent and near to those listings. Most property owners would rather compete through another real estate agent should they want to also list their property for sale or for lease.
  9. Look for vacant property, as this is always a reason to contact the owner to see if they want to sell or lease the property. A vacancy is usually a landlord ‘pain’ factor that requires relief.
  10. Check out the local planning authority each month to see if any new developments or rezoning applications are going through. The local planning authority is most likely located at the local council and they usually have minutes that are available for public scrutiny.
  11. Work the investment cycle of buy, lease, and sell in your area. Property investors will usually buy a property, hold it for 5 years (on average), lease it during that period, and then position themselves for another purchase or sale. This then says that you can work out the best listing opportunities from the lists of properties in your area that were purchased about 4 to 5 years ago.
  12. Create a great database from your enquiries for other properties. A carefully constructed and executed property sale or leasing campaign will always leave you with many leads for other property opportunities. One good property marketing campaign will leave you with well qualified contacts that you can shape up for future opportunity.
  13. Make lots of calls each day. The telephone has to be your friend so get used to using it. Sure you will make lots of calls to suspects and most of them will say ‘no’ to your offering. The best way to make lots of calls in commercial real estate is simply to use the ‘Yellow Pages’ of businesses in your area. A carefully crafted telephone conversation will identify whether the business is a tenant, a property owner, or a property buyer. All of these categories offer opportunity.
  14. Monitor the ‘time on market’ of other agents listings. Not only will these be a source of listings later for you, but the ‘time on market’ will give you an idea of what is selling or leasing and what is not. Avoid overpriced listings at all costs unless you believe the property owner will bring their price down.
  15. Check out all ‘for sale by owner’ listings. They may not sell or could be a later source of listing for you when the property owner has given up trying to do the job themselves.
  16. Business owners will tell you a lot about the area and the neighboring properties. You just need to ask the questions. Taking to business owners every day will help you build your resources for listing opportunity.
  17. Strengthen relationships through constant 90 day contact with all your prospects. Create lots of qualified prospects through sifting through lists and direct telephone calls to suspects.

You may look at the list and say that it is obvious; surprisingly most commercial real estate people do very little of what is on the list. Why is that? They simply lack the personal focus and do not follow through each and every day. If you follow the rules in commercial real estate, you will become very successful. Commissions will flow toward you and you will be the agent of choice.

Online Small Business Ideas

Some people aspire to start their own small business. I have always recommended that they first begin online if they are internet savvy. Most people want ideas as well as strategies, which they could implement into starting their own online business. Due to our economic crisis within our country, more people than ever are contemplating starting their own small business. People who are fortunate to still have their regular jobs are also contemplating starting up small businesses to complement their regular incomes. There are many online small business opportunities so ensure you obtain the skill and determination to succeed with this venture.

If you are looking for supplemental income or a home based business, the following ideas outline business tips, which can aid you with implementing these into your desire for an online business. These tips are not quick rick schemes but you will end up with a generation of funds even while sleeping.

The following is a list of great ideas for starting a small business online:

– Online business mentoring
– Online paid surveys
– Arbitrage Trading
– eBay business
– Copy-writing for webmasters
– Online research
– Yahoo store
– Article submissions
– Affiliate marketing

There are many more business opportunities, which exist on the internet, but the ten ideas shown above will most definitely guide your creativeness in the right direction.

The fear factor

Sometimes our worst enemy is ourselves. Many small online businesses never get started due to the fear of failure. Gaining your concept of what kind of business you want to create is only the first step. Upon realizing your dream or idea, you will need to perform test runs. Keep in mind that every business comes with its own risk. Online small businesses to tend to do traditionally better as compared to businesses outside the internet. With the right idea and knowledge, you can start up your own small business online with little or no funds. Do not be afraid to spread your wings and fly with your idea for a small online business. Itís perfectly fine to be afraid but do not allow your fear to thwart a great idea which could only benefit your family in the long run with extra income from an online small business started by no one else but you.

How much money will I make?

Many people wonder how much income an online business will generate. This is very hard to pinpoint an exact figure, not unlike regular businesses; it depends on how good your idea is as well as how much work you are willing to place into your venture. Do not forget that the more you work online the more potential you will have for not only business growth but also income.

The get rich schemes

These particular types of frauds are all over the internet. You should acquire the knowledge of that particular method before giving out your hard-earned money. Keep in mind that no business is capable of making you rich overnight. This realistic style of thinking will keep you grounded and focused on your overall goals.

Two Great Ideas – Small Business Opportunity Ideas

The business market is flooded with opportunity. Anyone with a little creativity that is willing to put forth an effort has the ability to succeed. There are lots of small business opportunities ideas. No business is too small if there are potential customers who need your service. Just remember, a business that may seem too trivial to bother with may become the greatest success.

Choose something that you like to do, or something that you have a talent for. It is much harder to be successful if you hate your job. Are you one of those people who loves to shop? You know all the best shops to visit to get a great bargain, and if you could, you would spend all your time shopping? Why not open a personal shopper business? You’ll be amazed at how much business you’ll get.

Do you love being outside? Love to garden and have a green thumb? How about starting a business for lawn services? All you need are some well placed ads. There are lots of people who enjoy a well kept lawn; they just don’t want to be the one to do the work. Some people are not physically able to keep up with the yard work. Work as much or as little as you want, you’ll still make good money and you aren’t cooped up in an office all day. Whatever you choose, be sure to set up a website you may be amazed at how much traffic you get.

5 Ways Small Business Owners Can Let Go and Empower Employees

Small business owners are often reluctant to let go of the reigns of their company and delegate tasks to employees. Many have built the business from the ground-up and still hold close to the idea that “if you want it done right, you have to do it yourself.” This aphorism isn’t always true, especially when it comes to running a successful business. When small business owners empower their employees to tackle the tasks they no longer need to do themselves, they find that they are more productive, make more money, and have less stress.

Why? Because the weight of the business is no longer on their shoulders alone. Of course, there’s more to it than simply giving employees control over certain areas of the company. Small business owners must have strategies in place to ensure that all of their hard work continues to be performed with the same degree of skill by their employees.

“Letting go” can be a scary proposition, but it doesn’t have to be. Understanding how empowering employees can take many tasks off their desks while also helping them grow their businesses makes embracing the idea of delegation much easier.

But before small business owners can be comfortable with letting go of some control, they need to know what it takes to truly empower employees. They must:
• Know their employees: Know the strengths, weaknesses, capabilities, and limitations of each employee so tasks are delegated to employees with the right skill sets.
• Teach them what to do and how to do it: Employees probably aren’t going to do the job in the exact same way the owner is used to doing it. That’s fine. It just needs to be done well. Owners need to explicitly tell employees how they can do the job most effectively.
• Define expectations: They must know how the business owner defines success. Business owners are setting themselves up for failure if they don’t set a clear direction and define goals that are connected to their performance.
• Give them authority: Letting go of the reigns means empowering employees to make their own decisions based on the job entrusted to them and giving them the resources they need to get the job done.
• Be available: Advice and assistance will inevitably be needed along the way, but small business owners should let employees come to them. Keep an open door policy and don’t smother them with ideas.

Small business owners typically have nothing but smiles on their faces after implementing these strategies for empowering their employees. They find that all of a sudden they can focus on their core business to sell more and, in so doing, have a happier and more empowered employees.

The idea of “letting go” is really the key. It’s a scary proposition for many small business owners, but once they empower employees they always see better financial success, not to mention less stress.

Learn more about empowering employees at calling 619.550.8052.