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The 4 Phases of Prospecting for CRE Business

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If you are reading this blog, I can assume you didn’t win the lottery this week. For, if you did win, I don’t believe you’d be focused on my blog, let alone a blog focused on prospecting. I am sorry you didn’t get the “golden ticket”, but thrilled that you decided to invest a few minutes in learning how to evaluate your current prospecting efforts.

Two years ago, the Massimo Group conducted a national brokerage survey to get the pulse of the professionals and how they viewed their personal practice.

Since the original survey, I regularly poll audiences during my frequent speaking engagement to determine a variety of brokerage related items, one of which is prospecting. Likewise, through working with hundreds of CRE professionals at any given time, the Massimo Group has been able to identify four phases of prospecting.

4 phases of prospecting

It is important you recognize which phase of prospecting you are in and consistently push to move to the next stage.

As you develop your prospecting program you will move through each phase. The key is not to move back. Thus when (not if) you hit phase 4 – securing a comprehensive prospecting campaign – you need to be sure you don’t take your foot off the brake and allow your prospecting to become sporadic. If you do, your pipeline will suffer.

Also, all markets change, new players arrive and old players become inactive. You need to consistently review your targeted prospecting list for the campaigns you are pursuing.

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