Best Ways To Prospect In Commercial Real Estate Today

The prospecting process in commercial real estate is a daily event or at least it should be for every salesperson. There are four ways to contact your prospects, and whilst I will explain of those four strategies here, only two of them are highly successful. When you understand and appreciate the value of the two best prospecting methods, you can convert more commercial real estate business opportunity and listings in your local market. The other two methods in the main are a waste of time and effort. So here are the four methods of prospecting that you can use.

They can be mixed or combined as the case may be. As only two of them will be highly successful, I will define those two at the end of the article. 

1. Sending an e-mail to a prospect regards your services and commercial real estate activity is easy and convenient. Many agents do this on a regular daily basis.You can combine with the e-mail relevant attachments and information regards the local property market and property types available for sale or lease. 

2. The traditional direct mail approach still occurs today although less frequently. To send direct mail, you need to have the necessary contact details of the people concerned. Generic mail without personally addressed correspondence is a waste of time. If you are sending direct mail, make sure you understand the correct title and name of the relative person. 

3. The telephone is a very convenient method of contact when it comes to prospecting for new business. The rejection factor or ratio in cold calling activities is rather high although this should not put you off the process.

4. Dropping into a business or a local address to introduce yourself as the commercial real estate expert should happen on a daily basis. You can do this on a street by street basis. Identify the local businesses in each street and then visit five of them each day. Leave your business card as part of the process. You ask them questions regards their property needs, or property usage, and if they are a tenant or an owner.

So, two of the above items are far more successful than the others. Most particularly they are the use of the telephone and dropping into the local businesses. These activities should occur daily as they will strengthen your market share very quickly. It should be noted that the direct mail approach is still highly effective although you should always follow up the letter with a telephone call. Direct mail without follow-up is a waste of money. The most convenient and yet less effective way of marketing today is the email process. Most business people get many emails on a daily basis and therefore will be inclined to delete unnecessary emails that are of general information. If you are going to implement the email process as part of your marketing model, make sure you have the consent of the person concerned so that you can personalize the process. As regularly as possible, make sure you follow the emails are up with a telephone call.

When you purchase a commercial property and leave the Closing Table, you will take with you several different piles of cash you don't see in a Residential Real Estate Purchase. And in a larger property, these can easily total hundreds of thousands of dollars. We know of other commercial property Educators who advise you take this money at the close and use it to purchase additional property. They crow about "Cash Back at the Close" as a major reason to move up to commercial property. We strongly disagree - and absolutely discourage you from taking cash out of ANY commercial property at the Close! That is because all of this Money has a dedicated purpose. If you use this money for anything other than its intended purpose in this property - you are literally Stealing it from the property and your Investors. Taking this money can and will sabotage the success of your investment.

Always use this cash wisely and Only for its intended purposes. Are to be returned to the Tenants when they move out. Set up an interest bearing account for them and transfer the appropriate amount of money directly from the closing table. This cash is spoken for. Are money already set aside for operational expenses and need to be kept off to the side until these expenses are actually due. If you buy the property on July 1st you will receive a credit from the Seller for 1/2 the year's property Taxes. 

This money is dedicated to paying the taxes when they are due - and if you spend it instead - or use it for ANY other purpose, you have just stolen from the property. If you buy the property in the middle of the month and the Seller has already collected the rent you will get a prorated share of the rent collected. In this case, 1/2 of it. This money has been generated this month to pay next month's bills, leave it set aside in your operational account for use when the bills come due.

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