Hiring a Sales Development Representative (SDR)
The commercial real estate industry is quite competitive especially if you cover a part of town that’s highly urbanized. You have office buildings, warehouse buildings, malls, strip centers, lifestyle centers, manufacturing, and community centers. All brokers are in fierce competition to represent tenants, buyers and property owners in your market. If you want to beat the competition, you need to employ a strategy that is yet to be fully utilized by a sales-driven industry such as real estate. That’s why instead of a marketing assistant, you need to consider hiring a Sales Development Representative (SDR).
“What is a sales development rep (AKA: SDR)?”
“Do they do sales?”
“What’s the point of being a commercial real estate agent if another person will take over my job?”
These are some of the questions that may come to mind. Before you make any conclusions, let’s make it clear that sales development reps are NOT marketing assistants or sales closers. They don’t close deals and they certainly don’t maintain a relationship with clients once a deal is closed with them. Instead, they help keep your pipeline full by streamlining the sales process of finding and setting up meetings new qualified clients that you can work with.
Finding clients and increasing your sales involves a lot of steps besides convincing the prospect to buy the product or service. This is especially true in the commercial real estate industry where 6 to 8 cash figures are involved. With a sales development rep you can keep a steady stream of new clientele while the time-consuming work of identifying key prospects to target, qualifying them and getting meetings is fully taken care of without compromise. Think of an SDR as your personal lead generation & qualification engine so you can keep closing more-and-more deals. We wrote about this on this blog post.
If you’re the sole agent taking care of everything from prospecting, lead generation, qualifying to closing deals, your core competencies are scattered and wasting a lot of time and money. When you have too many responsibilities, in part of the sales process you will suffer due to overwhelm and it’s often your sales pipeline part that takes a hit. You always hear brokers saying, “I’m about to close a deal that’s taking a lot of time but I don’t know where my deal is going to come from”. Don’t be that type of person. This is not good for your commercial real estate business. Without a disciplined system to keep a steady pipeline prospects, you wouldn’t be able to grow the commissions you want to earn each year.
Sales development reps take the stress away from quota-carrying sales people by setting up sales meetings between qualified prospects and sales representatives. The sales development’s rep’s job is to prospect and prospect only. This results in you getting more business appointments with the right prospects and achieve a higher success rate. No more spending time on prospects who weren’t right for your tenant rep or listing rep services in the first place.
As a person running a commercial real estate business, you know too well that time is the only valuable resource you have. You don’t get paid unless you close a deal. With the help of a sales development rep, you save a lot of time finding new qualified clients to help you reach your personal sales goals. We recommend reading the book, Predictable Revenue by the leader who created Salesforce.com’s Sales Development Rep team on how to hire and execute SDRs in your business.
Most people will say, “I can’t afford hiring someone”, but I’ve seen other sales performers hire entry-level SDRs from anywhere from $12/hr (plus commission) to $40-$60K/year + commission.
Get the book, read up on SDRs and go crush the competition in your market.
Written by Andrew Bermudez, CEO & Co-Founder @Digsy AI
Digsy AI helps generate more sales opportunities with the most efficient & easy-to-use prospecting platform specifically designed for commercial real estate. Generate new business without the complexity of CRM.
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