How do commercial agents find clients?

Question

Hi;

I know that residential agents will typical work a neighborhood by sending postcards, knocking on doors, setting up a website, and doing everything they can to "own" a neighborhood.

But how does a commercial agent attract business? I've been reading that new agents should have a year's worth of expenses covered (!) so I imagine the marketing is significantly tougher.

Karen Margrave · Answer

Ashan D  Commercial is a broad spectrum of properties. There's Office, Medical Office, Industrial, Retail, Multi Unit Residential, etc.

What exactly is it that you are trying to accomplish? Are you looking for buyers, sellers, tenants or ? Are you thinking of getting into the business, and if so, which area of expertise would you want to work?

As with everything, the first step is getting all the information you can on the market you're interested in. What's selling, leasing, prices, locations, etc. Become an expert. Do you know how to analyze the various properties, and know what investors are looking for? Do you know about negotiating tenant improvements for clients, etc. There's a multitude of things commerical agents need to know.

The busiest agents usually (not always) work for one of the bigger name brokers, that advertise heavily for clients, and have names in commercial real estate, and do a lot of advertising.

Joel Owens had some good insight too.

Joel Owens · Answer

By showing that real estate is not just a job to them.That they actually love commercial real estate,numbers,and helping people.

Sharing knowledge freely and openly to give and also learn new things themselves to get better everyday.

If you simply help people,are knowledgeable,and sincere the business will come to you.

If you are just in it for the money you need to look elsewhere and find your calling.

Ashan D · Answer

Thanks Dale, those are some good tips!

I'm stuck on this part:

- How and where do you actually get in front of prospects? Do you farm commercial zones with postcards, door knocking etc?

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Knowing this would clarify to me how Commercial REAs generate leads for themselves.

Dale Osborn · Answer

Dealing with a commercial agent - Here is what not to do:

1. When someone calls you to try to get information on a property listed with your company - don't try to impress the person on how busy you are and wait 2 weeks to call them back. By then they have forgotten you and which property they were even calling you about. Rule of thumb - if calls are not returned within 24 hours - you have lost a possible client or customer.

2. If I am selling a property and have it listed with you - do not keep it in your pocket and only contact your investor friends to market the property to them. I want my property to receive maximum exposure in the market place and in your pocket does not work for me.

3. If I am buying a property and need to get accurate real world info on the property - do not drag your feet in getting me the info needed to evaluate the property. It may cause me to lose the property and if I lose the property through negligence on your part - there may be some unhealthy consequences for you.

4. Do not take a property listed with another Broker and stick your info on the flyer like it belongs to you. It will be an easy thing to find this out when info is requested and you have to deal with the other agent to get the info. This will cause delays in getting the info back to me and may cause me to lose the deal. Again a lost deal due to your negligence may have some bad consequences for you.

Honesty - Integrity & Openness can take you a long way in this career. Lack of these and you probably won't be in the business very long.

Ashan D · Answer

Thanks; I'm mainly just curious in the field and especially the differences between it and residential in terms of bringing in new business.

So if I read your reply right, the commercial agents mostly handle the deal closing? And it's the broker who does all the client generation? I'm guessing I misread because I've seen elsewhere that new brokers can go 6 months to a year without a deal which implies some sort of pipeline.

- How and where do you actually get in front of prospects? Do you farm commercial zones with postcards, door knocking etc?

How do commercial agents find clients?

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