January 04, 2008 -
Long Island
Waiting for the phone to ring? Waiting for the business to come to you? This is not how to become a successful agent today!
Are we falling into the same syndrome with the Internet today? I placed my listing on seven web sites and now I am waiting for "my computer to ring", waiting for someone to e-mail me with interest in the property. We know that almost 80% of today's consumers will go to the Internet first to find property, before contacting an agent, and some customers will find your property! This is good marketing, but in many ways it is like waiting for the phone to ring. E-mailing your listing out to all the other brokers in town is great if they open and read your e-mail, and they have a customer for that property right now. More than likely the e-mail will be deleted and forgotten.
Listings need to be aggressively marketed! We need to find people to buy or lease that space.
We are "people who need people." We are in a people business, so let's talk to people on the phone (pre-computer communication media) or face-to-face. Direct mail is great too, it gets that printed flyer or postcard right in front of the boss' secretary, who brings it to your potential customers attention? Or files it where?
What if you personally visited each building within a half mile radius of your new listing and delivered your marketing flyer. You might just find a company whose lease is up and they need to move; maybe this listing is right for them or not - you have another client! Perhaps someone else "in the neighborhood" wants to sell their building! Could one of the owners you speak with want to acquire other investment properties? Cold calling is easy with something to say, "I just want to make you aware of some space/a building that is coming available in the area." And if they are not interested, be sure to ask if they know anyone who may be looking for space, a building, or investments.
When marketing office space, in particular, get on the phone. Go to other office buildings in the immediate area and record from the directory the names of the tenants. Use a reverse directory or similar publication to obtain the phone numbers and contact the company leaders. Hint, a very good time to make a direct contact with executives is before or after business hours, (before or after the secretaries' work day). "I just wanted to familiarize you with some activity in our local real estate market. The building at 123 Main St. is now available for sale/lease..." In the course of the conversation determine when their lease is up, get their e-mail address and last thing, ask for a referral. "Is there anyone else you know of that I may be able to help?"
With other types of space, target market your customers. What type of business should be here? What other types of businesses are in the area; what is missing? Almost every retailer has a web site, many have a real estate section where you can find their site criteria and how to submit a potential location to them. If they don't have a specific real estate page they will have a corporate headquarters phone number. Back to the phone! May I speak with the real estate department or your site selector?
To create business - see and talk to people!
Edward Smith, RECS, is the Long Island metro regional director of Coldwell Banker Commercial NRT, Eastport, N.Y.