The most successful commercial real estate brokers focus heavily on consistent lead generation — and for a good reason. Even when you’re at the top, you still need a constant influx of fresh business to retain your spot and scale your business. Referrals are excellent — but they aren’t always enough.
On the other side of business, you need to generate leads for your client, such as interest in their listings or properties they may want to invest in.
Of course, commercial real estate lead generation is easier said than done. It takes time, resources, and careful strategy. The good news is that once you’re adept at bringing in new leads and filling your deal pipeline, you’ll benefit from more commissions and a little breathing room.
Today, we’re walking through how to generate more leads, and the two types of leads brokers need most.
The two lead types brokers need
When we talk about CRE lead generation, we usually refer to two different types of leads
Client and listing leads: These are leads you develop to build a pipeline of new clients who will ensure a long-term, healthy book of business. If you perform well, these types of leads will turn into loyal, repeat customers who refer you to their peers.
Property tenant and buyer leads: These are leads you can generate to ensure a quick sale and the highest possible value for your client.
Each type of lead requires its own unique set of strategies and tactics.
Proven strategies for commercial real estate lead generation
Here are a few things you can do to generate both types of leads and increase your commission potential.
How to generate client and listings leads
Use data to target properties. Instead of relying on industry trends to illuminate potential markets and properties, consider taking matters into your own hands by analyzing property data. Of course, finding reliable CRE data isn’t always easy, so it’s a good idea to leverage an AI-based solution like ProspectNow. This way, you can use predictive analytics to determine which properties are most likely to sell in the next 12 months and get a head start over competitors.
Subscribe to a property owner service. In addition to getting data about properties most likely to sell, you also need reliable owner data to ensure you’re getting in touch with the right people. A property owner service like ProspectNow can ensure you have access to the most accurate contact information for more than 41 million commercial and multifamily properties.
Leverage recent transaction data to promote successes. In any business, actions speak louder than words. Advertising details about recent transactions, such as building type, time to sell, and asking versus final price, can help inspire confidence from potential customers.
How to generate tenant and buyer leads
Social media. Social media is an essential part of any CRE broker’s toolkit because it allows you to maximize your reach, build your audience, and connect directly with prospective buyers and sellers. (Check out our social media guide to learn how to drive success across ever-changing social platforms.)
Postcards. It might sound outdated, but snail mail still works. According to Fundera, direct mail open rates can reach up to 90%. A well-timed, well-designed postcard can capture a prospects’ attention and help drive traffic to your listings.
Email. Although email has been around for several decades, it’s still one of the best ways to earn new leads and nurture them to a conversion. It also has a significant ROI of 4200%, according to HubSpot, placing it ahead of many other marketing tactics.
Property websites. Since the pandemic forced most of the CRE buyer’s journey, people have grown accustomed to having all the information they need at their fingertips. Engaging real estate property websites give your audience all the most pertinent data about a listing, wrapped up in an aesthetically pleasing experience. Plus, it’s a great way to gather leads and streamline the deal process.
SMS text messaging. Americans check their phones a staggering 344 times a day, according to recent data — which is why text messaging is one of the best and most effective methods for connecting with prospective CRE clients.
Digital advertising. So long as you have the correct targeting information in your database, a compelling message, and a well-designed landing page, you can reach countless prospects via digital ads and begin rapidly generating qualified leads.
Cold calling. Cold calling remains one of the best tactics for engaging new prospects. In fact, 82% of buyers have accepted meetings with reps who initially reached out via a cold call. (Just don’t make these five cold calling mistakes.)
With so many marketing channels and tactics available, you might be wondering which of the above is best. But if you want to cover your bases and maximize your potential, you have to leverage all of them. That’s because everyone consumes a different mix of media and uses different communication channels.
But how can you manage so many platforms and tactics? After all, there are so many hours in the day — and you still need plenty of time to work existing deals.
This is where automation comes into play. By automating elements of your lead generation efforts, you can rapidly grow your business without taking time away from building client relationships and closing active deals.
Learn more about how Buildout marketing solutions can help in your commercial real estate lead generation efforts. Book a demo today.