If you’re not actively prospecting for new business as a commercial real estate broker, then you’re falling behind.
Brokers who are only a few years into the business understand this inherently. Building a book of business takes a long time, so in the early years, it might feel like your job is ALL prospecting.
But the trick is to keep the momentum throughout your career. Even if you have plenty of repeat business and referrals, if you’re not also reaching out to new people, then your business is in decline.
We hear it over and over from the top brokers in all markets and specialties. It’s great to not have to rely completely on prospecting, but at the end of the day, you always have to think about your long-term pipeline. To keep your pipeline full and your business moving forward in some way, you have to keep meeting new people.
Here are some of our favorite resources to inspire and guide your prospecting efforts at every stage of your career as a commercial real estate broker.
If you’re a new broker….
- First, read about two simple tricks to make prospecting less daunting. These are simple mental habits that can get you in the right headspace to make call after call and build your network even as you experience rejection.
- Then learn about the biggest prospecting mistake brokers make, and how to avoid it. It has to do with how you frame your conversations, and what serves as your point of reference. Getting this down early will be big in setting you up for success for the rest of your career.
- You can also peruse our tip sheet for 31 best practices to prospect better, from technology recommendations to sales skills and beyond.
If you’re in the middle of your career…
- First, ask yourself, are you prospecting enough? Many brokers at this point in their career probably still prospect a bit, but it often takes the backburner to the current deals they’re working. If you pick up your efforts, you have an opportunity to get a competitive advantage over brokers who aren’t prospecting very much.
- If you can’t bear the idea of cold calling for two hours every single day, consider the top-of-mind prospecting system. This strategic approach focuses on quality over quantity, but is still highly effective when you break down the numbers.
- You should also remember that prospecting doesn’t just get you more clients, it can get you better clients. Read about the 2 unexpected benefits of consistent prospecting to learn how.
If you’ve been in the business for many, many years…
- You’re a tenured broker, you have relationships with the top players in your market, you don’t see the need to prospect. The thing is, there are other tenured brokers who have a similar book of business as you, and they’re still out there making 20 calls a day, at least. Read on to get prospecting tips for brokers who don’t prospect anymore.
- If you refuse to cold call, think instead about how you can turn cold calling into warm calling.This starts with embracing the idea that you’re never actually making a call that’s truly cold because you always have insight backing up your prospecting.
- Get inspired by learning 16 creative ways this industry veteran continues to prospect. She’s a believer in the phone call over the email blast, and also shares ways she meets new people in person and through social media.