Lead generation is a foundational activity of your commercial real estate business. Without it, you’ll fail before you even begin. Many people don’t think they have the time or the energy to find deals. I don’t care how busy people tell me they are. My response is always the same – if you want it bad enough, you’ll make time for the important things. When you discover how easy it is to get started, you’ll be kicking yourself for not starting earlier. Here are six ways to generate commercial property deals.
1) Direct Mail
Direct mail is one of my favorites. In fact, it’s how I got started. After I would get home late at night, I’d always make sure I’d stuff envelopes and get those letters out. Why? Those letters represented my future success. There are many investors shunning the idea of snail mail, but the truth is, it’s still works and it’s still a great way to generate leads.
2) Reading the Classifieds
With the number of short sales, pre-foreclosures, and foreclosures on the market, you’ll be sure to find something in the classifieds section of your local newspaper. Be diligent and read each ad. The more ads you read, the more you’ll become familiar with them and know how to spot a potential deal. That’s what I did and after awhile, I started calling these people. The more ads I called, the easier it got to make those calls and eventually, I ended up getting a couple of deals that way.
3) Local Investment Club
These clubs can provide a few leads for those seeking commercial property deals. I started attending their monthly meeting and started talking with some of the members. Real estate is a people business. The reason I mention that is because other people are going to help you get where you want to go. Well, my trips to the local investment club paid off in networking. A few of the members knew somebody, who knew somebody, who was looking for a buyer. I was in the right place at the right time.
4) Real Estate Brokers
Real estate brokers are also a great source for leads for two reasons. They’ve got the Multiple Listing Service at their fingertips or they are working with a client who can provide me with a sweet deal. I also make it a point to work with multiple brokers and I have at least three who send deals my way on a regular basis. There’s no leg work to generate leads; no licking and stuffing envelopes; and they also send me commercial property comps, tax information, and other documentation I need to analyze a deal. How easy is that?
5) Keep it Professional
While this isn’t really a source of leads, it’s the thing that will bring you ongoing leads in the future. Nobody, and I repeat, nobody wants to work with someone who’s unprofessional. If you don’t follow through on your deals, chances are, you soon won’t be getting any. People go out on a limb to refer their lead to you and when you mess up, they mess up too. Don’t ruin it. Always do what you say you’re going to do and you’ll always get leads.
6) Be Easy to Work With
One deal won’t make you a millionaire. Two deals won’t make you a millionaire. You’ll need lots of deals to reach your financial dreams and goals. Generating leads can be time consuming so it’s often best to have a team of people “scouting the land” for you. When you’re easy to work with, they’ll want to work with you more and you’ll be the first person they think about when they have a lead.