High Birds | What’s the Commission? Episode 8

What do dove hunting and commercial real estate business development have in common? In Episode 8 of What’s the Commission, Nick Terry and Landon Coker turn a tough weekend in the dove field into a lesson on prospecting: when the birds are flying higher and your hit rate drops, you don’t quit; you adjust the approach, take more shots, and figure out how to get ahead of the opportunity. They break down why getting out from behind the phone and talking to businesses face-to-face has become such a valuable part of their prospecting strategy, from uncovering lease expirations and frustrated tenants to learning details about a market that simply won’t show up in CoStar. They also get into over-negotiating minor lease issues, knowing when the cost of solving a problem exceeds the actual risk, and why brokers need to understand the streets, properties, owners, and tenants they advise on, not just what the marketing materials say. Plus, they share advice for brokers early in their careers: protect your best prospecting hours, get as many real-world reps as possible, and never assume an opportunity is beneath you. High birds, low hit rates, and why getting out in the market still works. Key Takeaways: • When the market gets harder, change the approach instead of stopping the activity. Lower conversion rates may simply mean you need a different strategy, more attempts, or better positioning. • Get in front of opportunities early. Commercial real estate decisions can take 12–18 months or longer, so prospecting well before a lease expires creates more options and negotiating leverage. • Market knowledge comes from being in the market. Walking properties and talking directly with tenants can reveal information, sentiment, and opportunities that databases cannot. • Negotiate with both eyes open. Understand the actual financial exposure before spending excessive time, legal fees, or deal momentum fighting over a relatively small risk. • Marketing materials don’t tell the entire story. Photos and renderings can make almost anything look attractive; firsthand knowledge helps brokers understand a property’s real strengths and weaknesses. • Protect your “golden hours.” Use the times when prospects are most responsive for business development rather than administrative work that can be done later. • Early-career effort compounds. A conversation or follow-up that produces nothing today may become a meaningful client or transaction several years down the road. •Nothing is beneath you when you’re building your business. Smaller tenants and early-stage companies can grow into significant clients, and every conversation gives you more experience. About Podcast: What’s the Commission is a light-hearted look at commercial real estate, hosted by Nick Terry and Landon Coker — brokers, investors, and business owners. They break down what’s happening in their day-to-day, dig into real deals and industry trends, and run regular segments like “The Dumbest Thing We Heard in Real Estate This Week.” Equal parts insight and entertainment for anyone in commercial real estate, investing, sales, or business.