How to Get Better Commercial Real Estate Leads

"How do I get leads in commercial real estate?"

If you’re in the business of providing services and goods to CRE companies, you know how much time it takes to generate leads, nurture them and convert them into customers. In fact, think about this: You make no money while you’re looking for new business, so every minute you spend finding leads costs you.

The purpose of this post isn’t to illuminate where you’re burning up resources; it’s to help you work better, work smarter so you spend less time and money finding leads.

This is who we wrote this post for:

• Designers, developers and builders looking for commercial building projects

• Investors and financial firms looking for CRE opportunities

• CRE property owners, managers and operators looking for investors

• Vendors and suppliers who provide goods and services to CRE properties

• Brokers and agents looking for listing leads

  
  

We'll cover everything you need to know to start generating commercial real estate leads today, plus we’ll introduce an innovative and cost-effective way to go beyond basic lead generation to generate quality leads. Data-driven sales prospecting is the new way companies generate leads in the CRE industry.

Then, we'll explore some tried-and-true methods that you can use to get the leads you need to succeed in this business, from cold calling and networking to online lead generation.

How to Really Generate Commercial Real Estate Leads

Today, Big Data is changing the way everyone does business, from local mom-and-pop storefronts to huge enterprises. Commercial real estate is no exception. Enough information exists — if you know where to find it, how to mine it, and have the methods and means to transform raw data into actionable information.

Data-driven sales prospecting is the new way companies generate leads in the CRE industry.

Using CRE-specific search criteria, these smart databases enable you to locate commercial real estate prospects and access the information you need to make and close deals. The data includes full names, titles, and contact details, including direct phone numbers, email addresses, and more. In a matter of seconds, you'll learn more about your target, and with just one click, you'll be able to connect with them. This makes prospecting and lead conversion more effective, and you see a higher return on your investment.

How does intelligent prospecting net a higher ROI?

A tool like Biscred, for example, uses over a decade’s worth of CRE data on companies, properties, and professionals, to provide an intelligent prospecting tool for proptech, architects, CRE brokers, developers, builders, operators, property managers, and more. Beyond basic NAP (name, address, phone), these databases contain valuable information so you can reach the right person at the right organization.

Biscred has millions of CRE data points that have been gathered, categorized and cleaned using a blend of automation and human learning. Someone in business development for a proptech company, for example, can look for industry professionals based on company size, level of seniority, and experience in a particular asset class within a particular region of the country.

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How to work with real estate lead prospecting tools

Is there anything more flattering when you reach a prospect than to show them that you’ve done homework and taken time to learn about them and their organization, before reaching out?

That’s what prospecting databases do. They are built for sales teams to discover prospects that meet specific needs or match with specific opportunities. Before they reach out to cold call, your business development team can learn more about prospects, so they can make personalized, intelligent outreach efforts.

The data can replace or complement your existing commercial real estate sales enablement tools, and they fit seamlessly into your sales pipelines.

For example, we explain how solar companies use prospecting tools to find CRE leads. Solar is a highly competitive market, especially in areas like Arizona, California and the Southwest. With a prospecting tool like Biscred, solar manufacturers, installers and service providers can drill down to the exact business type (apartment buildings, healthcare facilities, office parks to name a few) and location, plus the names of decision-makers associated with the properties.

Before You Buy Commercial Real Estate Leads ... 

Lead brokers use a variety of tactics to acquire information that they can then sell to you to help you fill your lead pipeline. Some use pay-per-click, direct mail, surveys, and social media marketing to build their lists. Other tactics include creating paid online advertisements with landing pages that are really fill forms that feed into a lead list, which the lead generation company can then curate and sell. Another way lead companies build their lists is by buying and selling lists, building vast datasets. In the real estate industry, many lead generation companies use public records to collect data about property developers and owners.

Related reading: Learn how Biscred approaches data, using a combination of data automation and manual data validation.

CRE businesses and vendors are finding better ways to generate new business, in addition to or instead of purchasing stale lead lists. If you do plan to purchase lead lists, do your due diligence to vet vendors, which we cover next.

Questions to ask lead generation vendors

If you plan to buy commercial real estate leads, ask vendors about the costs per lead, as well as the following questions to ensure you’re getting a high-quality lead list:

• Where do they get their lead information?

• How do they qualify leads?

• How often is the dataset updated? (And when was it last updated?)

• Can you get a sample of the data, to evaluate whether it’s what you need?

• In what format are the leads delivered?

• Do they offer multiple data points that allow your sales team to quickly access CRE companies?

  
  

Not all lead companies may be willing to answer in great detail where they get their leads and how they qualify them. After all, that is the secret sauce that (you hope) makes their lead lists better than their competitors (and yours). But they should be willing and able to share their methodology for collecting and qualifying leads, so you can feel confident that you’re getting a good product.

Downsides of buying leads from lead vendors

Lead lists can become stale quickly. Also, because many of the lead collection techniques require companies to opt in, their names are added to the lead list only if they’ve “raised their hand,” so to speak. In other words, there might be many missed opportunities from companies that didn’t complete a survey, click a display ad or respond to a direct mail or email inquiry. The saying “don’t put all your eggs in one basket” comes to mind: Don’t rely solely on purchased CRE leads for generating new business.

Reaching purchased leads through direct mail

Direct mail can be a highly effective — but expensive — strategy to reach CRE leads. Make sure your direct mail pieces are targeted and well-crafted to maximize your chances of success. Here are a few tips for creating effective direct mail pieces for your commercial real estate business:

1. Keep your target audience in mind. Who are you trying to reach with your direct mail campaign? Make sure that your messaging is clear and relevant to your recipients.

2. Make sure your direct mail piece stands out. Consider using a professional writer and/or designer so your piece catches your recipients’ attention and makes them want to learn more about what you have to offer. Use strong headlines and compelling copy to grab their attention.

3. Use attractive visuals. People are visual creatures, so design your direct mail piece with attractive visuals that will grab their attention and make them want to read more.

4. Include clear calls-to-action. Your direct mail piece should include a strong call-to-action that urges the reader to take the next step, whether it's calling you for more information or visiting your website.

   
   

DIY Lead Generation and Nurture

Can you find leads on your own? Sure, if you have the resources. In this section, we’ll cover best practices for generating leads on your own, rather than buying them from a lead broker.

Our eBook series on generating leads, nurturing leads and engaging with stakeholders includes:

1. How to find free commercial real estate clients without buying software

2. How to engage those CRE leads at low or minimal expense

3. Grow your lead list through social media

4. Engage with local stakeholders to expand your prospects

5. Nurture your leads through excellent email marketing campaigns

   
   

Should You Ditch Lead Lists?

Many of Biscred’s users find that a prospecting tool is the perfect complement to their DIY lead generation efforts. Again, think of the “don’t put all your eggs in one basket” idiom. A prospecting tool helps sales teams work better and smarter so they spend less time chasing down contact information and more time nurturing qualified leads.

Prospecting tools transform cold calling into relationship building.

Are you ready to ditch your purchased lead lists? Get in touch with Biscred, and schedule a demo so you can see for yourself how it works. We’d encourage you to schedule the demo with your business development manager, so they can see how powerful this data-driven tool is.