Need to catch up? Go to Day 1.
Targeting your market is where many agents feel stalled. What is a target market for a commercial real estate agent and how do I find mine? Here are some helpful steps that will help you identify your target market and gather their contact information.
Step 1: Identify my Target Market. The question is simple, “Who do I want to work for?” Your chosen specialty should be based around the concept of working with ideal companies and people. The true goal is to like your job.
My specialty is restaurants. Target market = restaurant owners.
My specialty is with industrial buyers/lessees. Target market = industrial managers
My specialty is leasing shopping centers. Target market = retail landlords / property owners
Step 2: Find my Target Market. Now that you know who to look for, there are two databases available to find these people. Your local County Records Department will have information on property owners and landlords. InfoUSA.com has access to information on business managers. With these two databases, you can easily find your target market.
Finding Landlords and Property Owners:
Use Reonomy to find building owners in your area. Research a property’s history, see how long they’ve owned the building, and export a spreadsheet of contact information.
An owner of a property is public information; find who owns your target market by using your county’s assessor map. This data is usually available online, however, some counties are living in the dark ages. If you can’t find an online resource, visit your County Records Department and ask where to find this information. Sometimes you have to use a computer connected to a particular database within the records department. Don’t be afraid to ask for a tutorial or access to this database. The city is required to allow you to search for property owners – this is public information. For a fee, a city employee will be glad to print out this information for you.
Finding Business Owners / Managers:
InfoUSA.com – InfoUSA allows you to choose a radius around an address (most choose their place of work), and narrow down prospects by types of businesses, years in business, and other factors. Some regions will have phone numbers available while others won’t (selling phone numbers depends on state laws). This list will have full name, address, city, state, zip code, phone (if the law allows), and job title.
Step 3: Collecting and Sorting Data. Now that you have your lists of contact names, addresses, etc., go through them with a fine tooth comb. Be sure to weed out multiple entries of the same store, chains that are exclusive to a competing CRE firm, or any business that doesn’t quite meet your criteria. A thorough cleaning of your prospects will save you money and prevent wasted advertising efforts. These prospects will be yours to nurture, groom, and eventually turn into clients.