Nellie Day has been working in the commercial real estate industry for over 10 years. She is a freelance writer for a number of regional, national, and international publications, and serves as a marketing and PR consultant for real estate firms.
Getting deals done is only half the battle when you’re a commercial real estate agent. Securing clients who are willing to place their six- or seven-digit investment in your hands is the primary obstacle to success in this field. While building a strong clientele can be a tedious and slow process, it can be expedited by putting yourself out there for all to see. As your name begins to occupy significant space within commercial realms you will find more and more opportunities to attract clients.
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Post Your Profile on Commercial Databases
Both professional organizations like Certified Commercial Investment Member (CCIM) and listing services like LoopNet allow qualified agents to add their contact information, specialties, and résumés to their databases. This is an easy way to gain exposure to millions of viable clients who turn to these sites and their search engines when they’re looking to buy, sell or lease.
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Utilize Your Firm's Marketing Materials
All of the major commercial real estate firms have agent support staffs that can assist with your promotional needs and marketing materials. Talk to your firm’s staff about your options, which may include the creation of a marketing kit, portfolio, direct mailer and your own webpage within the firm’s website. A large firm’s resources can be invaluable because you don’t have to pay out of pocket for these sophisticated marketing materials or for the database of leads it has acquired over the years.
If your firm does not offer support services, or if you are an independent agent, you need to establish your own online presence. This should include a website that details your services and expertiseand a blog that positions you as an expert in your marketplace. You can develop these yourself if you’re comfortable with copywriting, search engine optimization (SEO), HTML code and blogging software. If not, hire a site designer and copywriter who can create the initial content and show you how it’s done.
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Participate in Social Networking Sites
Social networking is a free and easy way to go beyond your intimate circle of friends, family, and acquaintances. It allows you to reach their friends, family and acquaintances, and so forth. Sites like Facebook help you make new connections with potential clients by suggesting new “friends” based on your profile, affiliations and current friends list. Twitter offers a micro-blogging platform upon which you can advertise your market thoughts, clients’ needs or successful deals to interested followers. LinkedIn lets you connect exclusively with your desired business communities where you can share and receive vital information from your network of associates.
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Establish Yourself as an Authority
Offer yourself as a source to relevant news outlets. This may include local, trade and niche publications that cover your particular product type. E-mail a brief introductory letter to relevant editors outlining your affiliations, experience, specialties and market thoughts. Be sure to include your contact information, as well as the best way to reach you. Providing readers with your thoughts and advice on the market is an ideal way to build trust with businessmen and investors you’ve never even met.
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Ask a Successful Broker to Mentor You
Many well-known, seasoned brokers are so good at their jobs that they have more clients than they can handle. They also have a wealth of knowledge that could propel an agent’s career. Get to know some of your firm’s outstanding brokers. Find one that you respect and admire, and try to form a mutually beneficial relationship with him or her. Ask the person to mentoryou, and offer your support services to her or her team when the workload is heavy. Over time this person is likely to include you in deals, giving you access to key commercial clients.
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Seek out Clients
Agents who wait for clients to come to them fall by the wayside. Instead, find clients wherever you can. Review listings from eBay, Craigslist, and the commercial real estate section of your newspaper for sellers who may need help moving their properties.
Contact the current owners of desirable buildings to see if they are in the market to sell or expand their portfolios. You can obtain their contact information by visiting the tax assessor or county clerk’s office in the county where the property resides. Commercial listing databases like LoopNet, CityFeet, and CoStar are full of clients who already have representation, but these sites can keep you informed of key market trends and players, which can be useful in the future.
Be Prepared for Long Closing Cycles
Commercial real estate isn't like residential when it comes to the time to get to a transaction. You often must work with clients for quite a long time while they do their due diligence and a lot of research to be sure they are buying the right location for business.
Apps like Nextdoor and even Instagram can also help you reach out to buyers in a certain neighborhood or city area. Focusing on one area in this way is part of what's called “real estate farming”.
Network, ask for referrals, create a process, use social media, make videos, create a content marketing campaign, and use CRM software. To start the habit of lead generation, set aside one hour each day to make anywhere from 5-10 contacts with your sphere, past clients, FSBOs, or expired listings.
Using ETFs (Exchange-Traded Funds): Shorting ETFs that track the performance of commercial real estate sectors allows investors to speculate on the decline of those sectors. Trading Derivatives: Options and futures contracts on REIT indexes or commercial real estate indexes provide a way to bet against the market.
A good real estate agent doesn't just sell properties – they sell themselves. It's important to show your real personality. People will respond to you if you have a great attitude, are personable and honest, have confidence in your abilities, and are interested in helping them and others.
1. Uncertainty about real estate market. This is perhaps one of the biggest uncertainties realtors have to deal with on a daily basis. Every realtor is worried about not being able to sell their properties and how it will affect his or her commissions at the end of the month.
In real estate, circle prospecting is a powerful lead generation strategy. It starts by focusing on one of your listings or recent sales, drawing an imaginary circle around it, and then contacting the surrounding homeowners within that circle to see if they or anyone they know is looking to sell or buy.
Introduction: My name is Tyson Zemlak, I am a excited, light, sparkling, super, open, fair, magnificent person who loves writing and wants to share my knowledge and understanding with you.
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