Hey CRE professional. I hear ya loud and clear. “I am so stupid busy trying to make my current stuff happen. I feel like the wheels are spinning off the bus!” If some CRE mogul tells me I have to do one more thing to make money in this business I’m gonna hang it up, don some beach attire and head for paradise found.
Hold on now…although I’m with you on the paradise idea. I’m not saying you have to do “another thing”. I guess what I’m trying to get at is this: If you are not constantly going after new business, rest assured, someone else is going to. You hear buzz phrases all of the time like sustainable and renewable as it pertains to energy, resources, etc. What about your commercial real estate business? Is it sustainable and renewable? Think about it as a living, growing identity. If it is not continuously full of life, growing and rejuvenating what is it? Dead or on its way out in this day and age and in this marketplace.
So I can hear those of you that come from the small brokerages saying, “We don’t have access to all of the tools the national and international brokerage houses do”. That may be the case, however, you might have essential tools that will help you get the job done. Yes, it might take a little more elbow grease, but the effort is worthwhile in the end. We have an online system available in our area that provides us not only the extensive public record information, but allows us to query based on multiple factors, such as tenant occupied vs. owner occupied, type of commercial use or latest sale price to all units on certain blocks with your specified criteria.
I know some prefer to purchase mailing lists or emailing lists. I understand the fishnet method. I also know that approximately 18% to 30% on average return to sender or bounce. But if you are trying to target a specific user type or a specific type of property, why would you pay for or waste time on all that file 13 or spam potential?
If you’ve done your homework, you know your target. You know the zoning officer your potential client will have to work with. You know what the locale is expecting to do based on your local economic council’s reports. You can give the property a price range off the top of your head because you have the averages based on the data you collect for yourself on a consistent basis. You already have a potential buyer or tenant in mind because you are keeping in touch through social media, email, phone calls or an occasional golf game or coffee meetup.
So, you see, you’ve already done the prep work. Kudos! Now make it all work together to a successful end by connecting your efforts with targeted movement for a great ROI for all that hard work. What are the tools that you find most useful in prospecting for your CRE business?