In the world of commercial real estate, there is a significant amount of work to be done before seeing a return on your investment. With that in mind, it’s easy to see the importance of prospecting for commercial real estate agents. It may seem difficult when you are deeply involved in one project to take time away in order to plan for future commercial real estate endeavors but the wise commercial agent knows to always keep one eye aimed towards the future.
In general, it takes at least three months time between scouting out properties and being able to list them. Taking the time to prospect for new business today will ensure that you are still in business next quarter. Not only that prospecting is a way of keep your face out in the local business community. Networking is an essential aspect of commercial development. You don’t want your contacts to forget about you while you are immersed in another project.
Just because the people that you are talking with are not interested in investing in a property today doesn’t mean that they will not be interested in the future, and because you put yourself out there to discuss potential investments with them they will come and find you when they are ready. Making a habit of getting out and touching base with the same people every 90 days or so will let them know that you are interested in working with them and that you have the professionalism and the tenacity to get the job done.
Talking with business owners will put you on the inside track for potential opportunities in the area. People in business tend to notice things about their neighbors and competition that will be valuable to you as a realtor. On the same token, if you see a property has a sign up from one of your competitors don’t be afraid to approach their neighboring properties. One person’s motivation to sell their property often prompts a chain reaction among the surrounding properties and they typically look for competing agents to sell for them.
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