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How to Prospect for New Business Using CompStak Exchange
Today, we will show you how commercial real estate brokers can find new clients using CompStak Exchange. Let us show you how it works.
Imagine, you are a commercial real estate broker representing tenants in the financial services industry. Your job is to narrow down the best prospects who might need your services now or in the future, but the challenge is there are more than 50,000 leases in New York city.
So, how do you do it?
Let’s start with the “Leases” tab of the CompStak Interface. We can see the New York city market. All these blue dots within the map represent properties where CompStak has leases.
Let’s focus on submarkets within Midtown. Now, choose Madison Fifth Avenue, Sixth Avenue, and Park Avenue submarkets. With this, we narrow down our target search to 8,500 leases within that area.
Let’s filter that down further by looking for deals within banks and financial services. Out of these, let’s target leases that are expiring, say between March 1st, 2021 and August 1st, 2022. Finally, we have been able to manage the relevant search results to around 300 leases.
From the list, let’s say this deal from Integrated Holding Group. You can see we’ve got the starting rent, the free rent, and the rent schedule. One look and we know they’re on the 31st floor. We’ve got information on the building, the landlord, and the tenant. We can see where their headquarters are, along with other relevant information on the company.
By now, you might be curious to know a bit more about the property that they’re in. So, let’s go to the property report. Here, I can see the street view for the property, and where it is on a map.
CompStak has 96 least office leases in this building, and 4 retail leases.
Here, you can also see which properties are most competitive to this particular property and the “market starting rent” for each of those properties. So, this information gives you really useful context.
Now, when I go and pitch this prospect, you can tell them about what’s going on in their building. You can tell them about who has recently signed deals and show them buildings comparable to theirs, where the rents are similar or higher.
So now you know how easy and quick it can be to prospect using CompStak Exchange.