Commercial Real Estate Leads are the same as any other
listing; they expire, too. But many agents are intimidated by them.
about approaching commercial property owners.
Maybe it's because they perceive them as somehow being bigger than life, larger than owners of single family homes.
But they aren't. In fact I think expired commercial leads can be more fruitful than others...and here's how to find and market them.
First, look for expired commercial real estate leads the same as you do other expired listings. Log onto your MLS system and search the expireds for any time frame you desire. Some systems even allow you to search by zoning and types of properties. Once you have the information you can mail merge it into your database and mail the owners introduction letters.
But because commercial properties typically have big price tags it could be well worth your while to follow up in 2-3 days after mailing your initial letters. Call up the owners and see if they'll meet with you face to face. Ask for 5 minutes of their time and be done in exactly five minutes, unless of course they're willing to let you give a listing presentation. If not, keep it cordial and lighthearted and try to set another meeting in which you can give a presentation.
Two, owners of expired commercial properties are similar to residential property owners - their properties didn't sell either. So, they are also burdened with double mortgages, vacancies, delinquent tenants, negative cash flow, rising taxes, etc. Consequently, they'll also be receptive to someone who might have answers for what ails them. But be sure to develop a marketing plan before you approach them.
It usually takes longer to sell commercial real estate than it does houses, so ask for a longer listing period than you usually would. The last thing you want to do is take a 3 month listing on a shopping mall and it sells in the fourth month. Ouch! You'll feel the hurt of that for a long time - I promise.
Farming commercial properties can be the niche that you're looking for. There could be less competition for than you might think and the owners are equally as receptive to agents with a good marketing plan as are single family home owners.
Need more real estate leads? Then go after expired apartment complexes, shopping centers, mobile home parks, office complexes, schools, vacant commercially zoned land, etc. These type commercial real estate leads may be easier to convert to new listings than you think.