Leasing Tip of the Day: The Secret to Effective Follow-Up

How much follow-up is enough? I get this question from rookie and veteran leasing agents alike, and my answer is always: “It depends.”

Yes, it’s annoying, but it’s true. There’s no hard and fast rule on how often or how long you should pursue a well-qualified prospect with a clear need you can fill. However, here are some important statistics to consider from a Harvard Business School study:

• 40% of salespeople only ask once.
• Only 3% of salespeople ask three times.
• Yet, 90% of customers buy after the fifth ask!

First, make sure your prospect is well-qualified and has a need that your property can fill. Persistence is beneficial when there’s a good fit; otherwise, you risk being a pest.

Rockstars do what others are unwilling to do. They patiently cultivate potential tenants, sometimes over years. Here’s how to stand out:

• Send market comps or completed sales comps.
• Offer valuable insights before they ask.
• Anticipate their concerns and acknowledge their successes.
• Warn them of pending market changes.

Gary Vaynerchuk’s philosophy of “jabs” in sales is key. When canvassing, drop off flyers, introduce yourself, ask about their business, learn their likes and dislikes, find out if they’re looking to expand. Build rapport, record this in your CRM, and follow up monthly with added value. Shop in their store, refer business to them on social media, and once you fully understand their needs and have the right property, go for the knock-out punch and ask for their business!