Tim Rios / October 19, 2023
Persistence in Prospecting
Imagine you are sitting at your desk in the middle of a workday, and your phone rings. On the other end of the line is a plumber in your area. They say, “Hello, how are you today? I’m calling because my records show your water heater is eight years old and it may be time to consider replacing it.” Or maybe they say, “do you have any current plumbing needs in your home?” How excited will you be to take the call and have a conversation? I think it’s fair to say that you would be a little bothered and end the call as fast as you could.
Now imagine you hear a strange sound in the basement. You walk down to the utility room to see your water heater is flooding the basement. Or maybe the water line to your fridge broke and is dousing your hardwood floors and cabinets. Are you interested in speaking with a plumber now? I bet you want one you know you can trust, is priced fairly, and available NOW!
To all my dearly beloved commercial real estate brokers, to most occupiers and small private investors, you are a plumber. Your call may be important to you, but there is a good chance it doesn’t even crack the top twenty for the prospect. However, there will come a day when they can use the services of a competent real estate broker. Will they think of you? As we say a The Lipsey Company , “are you top of mind and easy to find?”
My number one recommendation for persistent prospecting is to focus on the “give” instead of the “ask.” Think about it. You may have the best interests of the clients at heart. You feel deep conviction that you can help them. But also think about how you come across in your calls, and you will probably realize that your approach is broker-centric. Your give will likely come from these categories:
- Sale or Lease Comparables
- For Sale of For Lease information
- Development Pipeline
- Current Events/Trends
- Debt/Equity Markets
Regardless of whether the prospect has a current need, interacting with you should provide value. Understand that the prospect will not always agree with or see the value in your “give”, but the intent should always be there if you intend to stay “top of mind and easy to find.”