When it comes to your career in commercial real estate, your momentum and success will be significantly improved when you have a lead generation model. Far too many agents struggle with the process of servicing the business that they create and then forget about the need for ongoing lead generation.
Exactly who are your clients and prospects? It is an interesting question and it requires a specific your answer. When you know the answer and can see where these people are, you can start to implement your lead generation plan.
So to get things moving ahead, you need a lead generation model that you can implement on a daily basis. This is a personal process and involves a time commitment in your diary. There is no other way to handle the process.
A Crocodile Story
I was recently in Darwin in the Northern Territory talking to some Commercial Agents. Within the team there were some top performers and some very ordinary salespeople. The ratio was 15% to 85%. I think you know how the ratio was biased!
We were talking about the market, and I chose to use a local fact to tell a story. I chose the ‘crocodile story’. As many people will know, crocodiles are prolific in and about Darwin. It is not safe to swim in the sea or the rivers.
The lead generation model is like a crocodile that is continually on the hunt for food in the lagoon or ocean. Failure to find food means that they become weak and eventually will be dominated by other crocodiles in the same area. Over time the weak crocodile will die and be eaten by others.
Unfortunately, the same analogy applies in commercial real estate. Your competitors will take over your listings and your prospects if you do not constantly farm and generate leads. You must build your market.
Relieve the Pressure
You can improve your business momentum, listings, and commissions through a lead generation model. Here are the main rules to the process:
- Lead generation requires at least 2 or 3 hours each working day. To make the process a habit, it is best to select the same daily time frame and stick to it. You will find that others within the office may want to change your diary and activities frequently. Develop a habit of good time management and refuse the pressures applied by others.
- Good intentions and focus will usually help most salespeople get started with the lead generation model. Within a very short period of time however they see that the process requires a new skill set and mindset. The skills set required are most particularly your voice and your dialogue. Your mindset required is that of enquiring and questioning rather than pitching. Not everybody you talk to should be considered a prospect until you have qualified them. Should not meet with anyone until such time as you have defined an established need and interest.
- The parts of the system that you will need to develop start with the necessary daily research, and then flow through to cold calling, meeting people, and maintaining your database. In effect, you are marketing yourself. Without this process, the prospects and the opportunities in the market will not reach you.
- The lead generation model should include a strategy of constant contact. That will be the process of reaching through to and touching the prospects that are of some value to you. The process should occur at least once every 90 days. If there is an identified need, you should be talking to the people more frequently.
This process is simple to understand and yet difficult to implement. That is because all the old habits and mindsets that you have developed over the years need to be changed. The first three or four weeks of your lead generation model will be challenging given that new habits are being developed. You must believe in the process and stick with the actions involved.