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Prospecting
Your Way to a Better Level of Clients Oftentimes
when working with my coaching clients or
speaking in front of commercial real
estate audiences, I'll ask the agents,
"How much would your income
increase in the next 12 months if you
were prospecting 10-12 hours every
week?" And
in answering this question, the majority
of brokers feel they would double their
income, some feel they would triple
their income, and most everyone thinks
they would increase their income by at
least 30%. It's amazing how something as
simple as getting your prospecting done
every week no matter what can make such
a huge impact on your income! There
are a number of reasons why prospecting
at such a high level will increase your
income like this. One of them of course
is that you'll find many more prospects
to work with and close transactions
with. And another reason, and it's a
very important one, is that you'll
transition into working with a higher
quality of client. The
reason for this is you only have so many
prospects you can work with at one time,
so when you're constantly prospecting
and developing new leads, you'll
naturally gravitate towards working on
the higher-quality leads and letting go
of the less desirable ones. Now
contrast this with the agent who doesn't
prospect very much and who waits for the
leads to come to them. This agent is
more likely to cling to the more
marginal leads because they're the
majority of what the agent has to work
on. Instead of spending time prospecting
and developing new leads, this agent is
hanging onto these marginal leads and
trying to force transactions from them.
And of course, this leads to a lot of
frustration for the agent. When
you think about it, all the business
you've ever wanted for yourself is
constantly out there for you, just
waiting to be discovered by you. The
fact that you have tens, hundreds, or
maybe even over a thousand other brokers
in your area closing transactions that
you're not involved with proves this.
These transactions began as leads at one
time that you could have discovered
yourself, but somehow your lead
generation system didn't uncover them
for you at the time. So the problem
isn't that there's not enough business
for you, it's that you're letting too
much of the business go to your
competitors instead. If
you're not prospecting a solid amount in
your business, you're making the choice
to be comfortable in your day-to-day
activities as a broker, instead of doing
what will have you make more money. The
choice may not be a conscious one that
you know you're making, but it's a
choice you're making nonetheless. Agents
who prospect 10-12 hours every week
constantly have an abundance of leads
they're working on. And because they
have so many leads, they're constantly
working with the best ones that will
make them the most amount of money.
These are the leads of people and
companies who will be loyal, and who are
motivated to close transactions. And
this beats the heck out of working with
the 3,000 square-foot user who's looking
for a one-year lease and who wants to
work with a number of brokers to locate
the deal. Or the guy who wants to buy
his first real estate investment but he
needs to raise the money from other
members of his family first. When
you're constantly doing your
prospecting, you're constantly upgrading
the level of client you're willing to
work with, because you just don't have
time to work with anyone else. You have
so many great leads you've uncovered
that you now laugh at the more marginal
ones, you get them completely out of
your life, and you leave them for all
the other brokers to drive themselves
crazy with! So
constantly prospecting leads not only to
you making more money, it leads to you
working with people and companies who
are much more enjoyable to work with.
And this in turn makes your life as a
commercial broker much more enjoyable!
Click
here for downloadable E-books and live audio interviews with
top-producing commercial real estate agents. These interviews
are with industry experts
who show you exactly what they do to
continually make $500,000.00 to more
than a million of dollars a year.
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