Targeting mixed with Data Base
Targeting mixed with Data base. Lethal combination in having success in CRE. You must know your targets. A list must be kept and updated with the sellers who are getting close to pulling chutes. This is the main driver of your business. A short list which includes only the truly real sellers. They are the guys who are going to sell this year. These are the people you are in constant contact with. Keep this list short and tight. Make sure your targets are not a fakes. These are the people you are texting and stopping in on. You know about their family and when their daughter is getting married. These targets are close and intimate.
Next is your data base. Your data base is much more broad. I am using Apto which is a CRE focused software package running on Salesforce. Every time I meet someone who is looking to buy real estate, I mark it down. I mark down the size and location and other specifications they are looking for. This is a big list and is not updated regularly.
When a target is ready to roll, the action starts. Go straight through your data base and put the puzzle pieces together. Dave from RK Corp is looking to sell a 10,000 warehouse in Farmingdale. I have five buyers looking for approx 10K. Phone calls and emails go out. Time is of the essence. Figure out a way to establish your agency. Preferable get the seller to commit to an exclusive period. Longer the better. Figure out the seller. Is he an asshole, are you going to get paid? Trust is important. If you trust, you rarely get stuck. If you think you are dealing with a shady seller, make sure you have plenty of back up. Make it sticky. Make sure there is a solid paper trail of your efforts to bring about a meeting of the minds. If need be, get something from the buyer stating that he will pay your commission. Movement is most important. Get your buyer into the building.
Most agents worry so much about getting screwed over that they take no risk. Most stand on ceremony while they get a locked down exclusive before they show anything. The deal already happened by the time those guys look up. Sure, they don't get screwed over, ever, but they do very few deals. Be aggressive and ambitious. Don't lose track of your leads. Have them separated by needs. Just like puzzle pieces, have all the flat edges in one pile. When you need a flat edge piece, you know where to look.
Key in this formula is work. If you don't have a sick data base, you will not be able to capitalize when your target lights up. Unless you are a top agent, getting the listing will be very difficult. You must have a few buyers standing by so you can get the deal done fast. Always think about the offensive rebound. If your first deal falls through, have a back up. Grab the rebound and tap it back in.