Superstar Prospecting Power in Commercial Real Estate

We have heard it thousands of times before, ‘you must prospect’. You probably say that you do ‘prospect’ as most people in the industry that I know think that they do. The reality is that only a small percentage of the sales and leasing people in the commercial real estate industry really do prospect at the diligent level that the task requires.

Consider this. Real ‘prospecting’ in commercial real estate is taking about 3 hours a day every day doing the prospecting process in a diligent and organized way.

As you become more successful, the prospecting process must still continue on a daily basis. As you list and sell or lease more property you must still prospect every day; no excuses.

So why don’t you prospect at lot, especially as your success at the process will give you more listings and eventually more deals closed and settled? It all comes down to the ‘pain’ that you attach to the process. Most people attach intense discomfort and mental ‘pain’ to the prospecting process; this then affects their frequency of prospecting and their mindset at the time. The result is that prospecting is avoided more often than not and it is not overly successful for the individual. It is a task that they ‘have to do’ and not what they ‘want to do’.

As a result of this prospecting avoidance, becoming ‘successful’ in the commercial real estate industry is subjective and usually takes considerable time for most people. For those that manage to stay in the industry, it takes about 5 years to get reasonable results in listings and commissions. This is because most people struggle with the prospecting process. In actual fact the ‘prospecting’ process is more important than the knowledge that you have about the industry and the area in which you are located.

So why not fast track your success in the industry? Those people that prospect daily and regularly, generate more commission than anyone else in any market. Even in this challenging economy, the people that prospect every day are still making good money and commissions. You have to become a salesperson that is worth $100 per hour, rather than just thinking that you are. There are a lot of ‘poor thinkers’ in the industry.

To earn big money and commissions in commercial real estate it is entirely up to you and no other person including your boss and your office. If you do not like your boss or your office then move out of there fast and find a place that you do like to be in.

So what are the first things to do to put you back on track for better deals and commissions? You must imagine yourself earning this high income from the industry, you must know where it is going to come from, and you must go out and make it happen. Your diligence in this is the only thing that matters.

As part of this prospecting process, know that many people you approach will say ‘no’, and recognize that ‘no’ is part of the road that you travel in prospecting. With this rejection factor I tell the people I coach to develop two standard responses that can be used over and over. The phrases are ‘That’s fine’ and ‘That’s not a problem’. The phrases can be used as the standard response to ‘no’, and allow you to formulate a simple response to the matter discussed. The phrases are non-threatening and remove pressure from the conversation. The more relaxed you are in your dialogue, the more listings and deals you will close.

In summary, the prospecting process is your life-blood in the industry as a commercial sales or leasing person. Focus your actions towards daily prospecting and learn how to take ‘no’ as a step forward. When you do this your results will sky rocket. Recognize that only you can bring about your success. Get out there and do it.