As a real estate investor, your primary job is prospecting. You should consistently be looking for your next investment. This requires that you visit and evaluate properties consistently. These are a few commercial real estate prospecting tips to help you out.

Set Clear Goals

Like most endeavors, especially those involving investments, you need to have clear goals before purchasing properties. Set short- and long-term goals. Describe the types of properties you prefer, how much you want to make on the rental income, whether you can upgrade the property, and how much you intend to spend. Make your goals specific, measurable, attainable, relevant, and time-bound (SMART).

Improve Your Analysis

Whether the economy is in a downturn or is thriving, you need to take the time to fully evaluate any properties you are considering an investment in. Therefore, you should consistently improve your analysis. First, identify mistakes you made with previous purchases and analyses. Figure out where you fell short or missed information that could have given you a more accurate valuation.

Your goal is to mitigate or eliminate your risk. Therefore, you should gather as much data as you can get your hands on. Don’t only focus on revenues and costs. If you learn the nuances of the current owners of the properties you are interested in purchasing, you should have access to even more information.

Build a List of Priorities

As you gather leads on prospective investments, keep your goals in mind. What types of properties do you want most, and in what location are you focusing? Are you looking for immediate cash flow or long-term value acquisition? You should also evaluate your level of comfort in reaching out to the property owners. If you have never met them and their properties are not listed for sale, this may be a more challenging purchase, and you may not feel comfortable pursuing it. You should also evaluate property type. For example, you may prefer retail spaces, but economic challenges have led to vacancies in retail rental spaces, so you need to reprioritize your preferred property types.

Conduct Research on Your Downtime

Today’s market allows you to do extensive research online. Therefore, when you aren’t out looking at properties, negotiating deals, or finding tenants, take time to prospect online. You can also conduct market and off-market research. You need to conduct thorough research into the properties you are interested in purchasing, and you also research tools that can make your process faster and easier.

As you build your commercial real estate business, search for every opportunity to make prospecting easier.