Successful commercial real estate (CRE) deals can generate a lot of money for agencies and independent agents. In many cases, agents earn 4% to 8% on their sales. Selling a $2 million commercial property, therefore, could mean making $80,000 to $160,000.
With so much money involved, it makes sense that commercial real estate agents face a lot of competition. Having access to a CRE data source with the latest information can often give you an advantage.
Is your CRE data source working for you? You may need to update your CRE data source if you spot these three signs.
1) You Find Outdated Contact Information in Your Database
An updated CRE data source should have the latest contact information for property owners and managers. When you look up a property, you should see its owner’s name, email address, and phone number. Having this information gives you multiple opportunities to contact the owner or manager about arranging a sale.
If the phone number in your database sends you to the wrong person, then you may have an outdated listing. Without the person’s most recent contact information, you won’t get a chance to talk about selling the property.
2) Other Real Estate Companies Have Already Contacted Commercial Clients
Predictive analytics can help you determine when a commercial property owner will become interested in selling. In some cases, predictive analytics can also make it easier to predict tenant behavior. If you manage a commercial property or need to help the current owner find a tenant, you can use predictive analytics to focus on businesses that will want the space.
An outdated CRE data source could make it much more difficult to contact commercial clients before your competitors do. If decision-makers keep saying that they have already talked to another broker, then you probably don’t have the latest information. Unfortunately, it sounds like one of your competitors does have a more current CRE data source. Even if another broker only gets information a few days before you, that gives them plenty of time to poach clients.
3) Price Estimates Seem Outdated According to Current Market Trends
Market trends can evolve quickly in the commercial sector. Some of the factors affecting commercial real estate prices in 2020 include:
- The option to sublease space.
- The prioritization of property maintenance.
- Access to fast, reliable internet connections.
- Higher demand for essential businesses like pharmacies, grocery stores, and auto service centers.
Six months ago, companies didn’t care as much about whether they could sublease unused space. Today, the move to remote work has made subleasing essential for many.
All of these factors will affect the price of commercial properties. Outdated listings, however, may not weigh the latest demands accurately. Without updated property info, you could find listings with outrageously high or low price estimates. Inaccurate estimates will make it harder for you to market properties to potential buyers.
Get Accurate, Updated Data From ProspectNow
Clearly, you need a CRE data source that gives you the most recent information about every commercial property in your area. ProspectNow maintains a business database that includes 14 million companies. Each listing in the CRE data source gives you accurate contact information, tenant names, estimated prices, and business characteristics.
ProspectNow also uses predictive analytics to help you focus on potential clients that are ready to make a move. Don’t waste your time calling property owners who don’t want to sell or business owners who don’t want to move to new locations. With current data and predictive analytics, you can save time while completing more deals.
You don’t have to commit to Prospect Now today. Get a free trial that will let you see how much more successful your agents become when they have a current CRE data source.