And it starts with “ya know back in the day”……or maybe it should be that’s the way we MUST do it now.
Some of us have always known what it takes.
Yes way back in the day we use to walk ,yes really physically walk a specific set of buildings in a given market to collect data get tenant information and survey the market to pinpoint exactly who was where when their leases expired and get THE decision makers contact info.
You may be like “Wow what an amazing concept.” “Why go thru all that effort?” “Is there not a simpler way to do this today and save a lot of time effort and money?” The answer even today in my opinion is NO!
A Scenario: Target office tenants on West Side Class A and B.
You and a partner or “intern” sit down and plan an attack. Target 14,000,000 square feet. Figure the time and money it will take to collect the data. Pick the specific buildings and GO!
I am not going to waste a lot of time here going into great details because if you are not smart enough to figure the other steps out the people at Starbucks’s always seem very nice and professional and maybe a career change is in your future.
The important details.
So you and your bright eyed and bushy tailed friends have hit all the buildings and collected the base data. Let’s take a look at an example of your work.
West Side Tenants Total RSF
Meeting Pending: 10 33,706.00
Marketing: 148 1,051,716.00
Left Voice mail: 13 79,356.00
E mail sent: 217 121,275.00
E mail sent2 : 86 522,359.00
Do Not Call: 478 7,567,960.00
Conversion: 20 90,555.00
Confirming: 599 4,351,345.00
Client: 3 18,901.00
Total Tenants: 1374 Total RBA: 13,837,173.00
Now for you youngsters out there this is called a REAL PIPELINE.
A quick breakdown. 1374 total tenants identified. 478 do not call because they are under contract with the big boys or the leases are 5 years plus out. That leaves 896 potential clients. 896 that is a big number to prospect. Do the math what are the possible conversation rates for a scenario like this? Don’t go pie in the sky do some realistic numbers. Yes, that’s what I said “Holy Shit!”
OK OK OK but I have some other important questions.
1. What are the realistic chances you are going to get off your ass and really do this?
2. What type of software program are you going to use to track this info data and deal flow?
3. Is a simple CRM program going to do the work?
4. Think…. who is doing this in your office …or market Now?
5. How much do you trust this data over Co-Star? Tell me you didn’t find at least 30% of the market data Co-Star does not have!
6. Technology has what advantage over this type of strategy?
7. What if someone already has a program set up in your market and is ready to go. Would you use it?
8. What happens if your competition does this and you don’t?
You Control the Tenants and…….You Control The Market.
Thoughts opinions and points of view are always appreciated.