If you are new to commercial real estate investing, whether you have purchased your first few properties or not, you may be looking for ways to find new properties. Prospecting is a key task in commercial real estate. It is necessary for you to expand your investment business. However, these tasks may be a little daunting. These are a few prospecting tips you should consider.
Search Off-Market Properties
Did you know that you can search for specific types of properties? Online services, such as Reonomy or LinkedIn Sales Navigator, help you find real estate based on property, ownership and financial information.
These services allow you to narrow your search to specific product types. In addition, when you find an interesting property, you can dig further into its location, sales and debt history, tenants and other factors. Through these services that you can easily create a list of or real estate that fits your desired conditions.
These tools move you ahead of your competition because you are looking at real estate that isn’t even on the market yet, and they can be used any time and from anywhere.
Take Advantage of Your Downtime
Do you have extra downtime? During this time, you may consider prospecting for real estate. Not only can you search for properties to purchase, but you can investigate tools that can make your process more efficient.
Your first task should be to determine how you measure success. Is it through gaining leads, actual purchases, your outreach to current owners, etc.?
Your research should focus on identifying tools that give you better, faster leads. You may also search for ways to improve your organization overall and that of your investments. You can find better ways to obtain property owners’ contact information and lead tracking. Find more efficient ways to share information among your real estate investment team.
If you are stuck at home, possibly waiting on the repairman, do some research to help your business grow and improve its efficiency.
Expand Your Data Analysis Capabilities
Real estate investing can become complicated when the economy becomes more volatile or as markets change and grow. It may be difficult to identify trends or determine property profitability. However, you can take advantage of these situations by improving your data analysis capabilities. For example, as the market turns from brick-and-mortar commerce to online retailing, your analysis may show that warehousing are more profitable.
Commercial real estate prospecting should be a regular part of your business activities. However, you should focus on increasing your efficiency and effectiveness by exploiting the tools available in today’s market.