How Much Time Should Brokers Actually Spend Prospecting?
Prospecting is key to growing your business.
In fact, CCIM Institute says, “Prospecting is the lifeblood of any brokerage firm.”
But considering how time-consuming and complex commercial real estate (CRE) is, how much time should brokers spend focused solely on prospecting?
How many hours brokers should spend prospecting
We recommend brokers spend between one and four hours a day prospecting, depending on how much referral business they generate.
That amounts to between five and 20 hours each week.
How often brokers should prospect
Okay, so now you know how much time you should spend prospecting, but how often should you put in those hours? Should you dedicate one day each week? Try to finish all your prospecting for the month in the first few days?
You’ll likely want more consistency than that. The most successful brokers and CRE leaders recommend prospecting every day.
Commercial Real Estate Online even recommends completing prospecting activities at the same time each day. This allows you to create a habit that “will help you break through the ‘comfort zone’ and the challenges that can divert you away from prospecting.”
How to maintain focus when prospecting
Distractions happen. New priorities pop up, and urgent requests find their way to your desk.
If you’re not careful, you might end up sacrificing the hours you plan to spend prospecting to other tasks.
Don’t fall into that trap.
To ensure you maintain focus, schedule your prospecting time and stick to it.
According to The Massimo Group, “A lot of brokers just go with the flow of the day, but great brokers have a disciplined and set schedule.”
Ward Richmond, SIOR, Executive Vice President at Colliers International, recommends blocking prospecting time on your calendar to keep that commitment to yourself and your business.
“As a commercial real estate advisor, there is nothing more important than blocking time in your schedule to allow for prospecting,” he wrote in an article on D Magazine. “This is critical. I am a 12-year veteran and still methodically prospect for one hour every day.”
“Don’t let ‘manufactured emergencies’ weigh you down,” he added. “Have a plan and stick to the plan. Time block your days to spend time on whatever it is you need to be doing to get to where you’re going!”
How to free up more time for prospecting
Let’s face it: Finding time to prospect is easier said than done.
But with the right technology, you can automate time-consuming, cumbersome tasks that take time away from revenue-generating activities, like prospecting.
Rethink — the client relationship management (CRM) solution purpose-built for CRE — can help you save time by:
- Storing key dealmaking data in an easy-to-search, centralized database.
- Creating call lists that help you reach out to prospects and clients, while providing details on requirements, past conversations, and more.
- Logging emails automatically, or emailing clients directly with an integration to your email provider.
The ability to free up time for prospecting is exactly why Ralph Balber, President of ALO Property Group, purchased Rethink for his team.
“They wanted something that would make their lives easier, and that was Rethink,” Ralph said. “They sold me on the idea that if they save time, they have more time to sell. If they’re spending six hours a day filing and looking for information and Rethink can cut it down to two, they have four more hours to prospect.”
Want to see how Rethink can help you automate time-consuming tasks so you can focus on revenue-generating activities? Request a demo.