Building your deal pipeline: Identifying three opportunity sources that are available to everyone

As an information provider for the commercial real estate investment and financing industry, I have the opportunity to speak to many people in the industry and learn their methods of keeping their pipeline fresh to expand their reach of new accounts. Over the years, I have gleaned numerous ideas on how to uncover new business opportunities. There are three basic types of commercial real estate sales professionals, and their methods of introducing new activity into their pipeline differ: The first type is the seasoned sales professional/executive with a broad rolodex who will typically belong to a large, perhaps national, organization. Sales executives most likely have worked their way up the ladder transferring from one company to the next throughout their career. From their years in the industry, they have gained a pool of loyal clients, who typically have large portfolios and often have a busy refinance pipeline or who are involved with restructuring their portfolios resulting in many acquisitions and sales. Additionally, their companies have name recognition and get lots of referrals. Furthermore, these executives have extensive support staff to assist them with processing their transactions. Therefore, seasoned professionals do not have a strong need to "cold call." The second type is the junior level sales professional, which is likely the most challenging group. Mid-level professionals have certainly advanced in their craft in bringing in new clients and building a portfolio of existing clients, but they still must actively pursue new business and keep an active pipeline to avoid dry spells. These professionals are constantly on the lookout for new business, but because they are often involved in multiple concurrent transactions, they often are unable to address all the business on their plate. They do not have the dedicated support team they need to juggle new business development with the various deals they are working on. As a result, most of their new business development efforts get postponed for the sake of closing the deals on the table. The third type is the entry level sales professional, who has little or no real experience in the dynamics of closing a deal, although s/he may have the education for it. They are likely to be working with a senior or junior level professional and perhaps performing administrative duties while learning from their day-to-day knowledge. If they are working solo they may need lists of people to reach out to for new business opportunities. Although the seasoned professional will not require new business, the mid-level and entry level professional will need to actively pursue new business. When making a phone call to a contact a potential client they will want to make a good first impression in order to be best received. One of the best ways to achieve this is to do the necessary research in order to identify opportunities that can sell themselves, i.e. to identify properties that either are ripe for refinance, sale/purchase. More details on this type of research will be addressed in a future issue. Until then, I would like to introduce three methods of identifying opportunities using sources that are available to everyone. These include: Conferences and meetings. Every niche market in the commercial real estate financing and real estate investment sales or deal syndication has regular conferences. Some of these are big annual or semi-annual conferences held nationally or in your local area, which can be costly, perhaps running into the thousands of dollars. They are designed to keep out the casual or curious entrants and include only the companies that can fork out the large sums to pay for them. But there are many smaller day or half day events that attract like-minded individuals such as yourself, running in the $100 or so range. They are often advertised in publications such as this one. These provide opportunities to mingle and learn, as there are often time exhibitors as well as experts who address contemporary issues. Have your cards ready, dress appropriately, and bring a smile and a good mood along. You never know where it will go. Read the publications. There are still several print magazines and newspapers, such as this one, that will help you get acquainted with what's happening in the market now. They offer information about the big players in the field, and provide potential leads. Some of the print sources also have a web presence, which include blogs as well as daily email blasts that you can sign up for. In addition, knowing what's going on in the market arms you with information, that can lead into a good conversation with your potential clients. For instance, if they have a building in a certain area that you are eyeing and you know of a big story that happened right there, you can share it with them. You will come across as knowledgeable, which might prove to be your edge in getting them to engage your services. Finally, use the social networks. They offer tidbits, or better yet, golden nuggets of knowledge that can open your eyes to your next niche market. Link up with people you want to do business with and join the groups or associations that serve your market. Take advantage of these methods today to begin to develop your niche. Keep a spreadsheet or list of all the potential contacts. The new buzzword is thought leadership. People appreciate experience and knowledge. Spend your life learning from others and sharing the knowledge so others can utilize it to better their lives. You may be making money, but it is so fulfilling to know that you have helped others at the same time. Lastly, understand that success requires hard work, focus, organization, and the best policy is honesty and integrity. People love to work with those who are transparent, pragmatic, approachable, positive, responsible and dependable. Jonathan Ingber is the president and founder of Actovia Commercial Mortgage and Real Estate Intelligence, New York, N.Y.