There are many different sayings about the contempt of ‘time’.
I’m sure you’ve all heard the phrase ‘being in the right place at the right time’, or ‘timing is everything’.
But, when it comes to prospecting for commercial real estate listings, there are three other things that are just as important as timing.
BANT is a basic framework for qualifying opportunities in business-to-business sales, and it stands for Budget, Authority, Need and Timing.
You may be familiar with some other qualifying frameworks, and some say BANT is too simple (it was created by IBM to help their sales teams know when to pursue meetings in the 1950s) and rudimentary.
But, BANT is so easy to remember and it can be done on your own – quickly!
That’s what makes it a straightforward and easy concept – and, in my opinion, preferable to something more complex and convoluted that takes hours (or longer) to assess.
Here are the elements of BANT in a commercial real estate context:
Can the prospect afford your services? If they’re a property owner, the answer is usually yes.
However, they may not be willing to pay your market fee or able to cover the required level of marketing expenses.
When that’s the case, you’ve got some work to do to demonstrate your value.
Does the person you’re dealing with have the authority to give you the authority to list the property?
A simple title search can usually determine if they do.
However, it may also reveal there’s more than one owner.
Ownership structures aren’t always clear and there might be influencers on the decision that you need to get over the line.
Do they need to sell?
Understanding the prospect’s complete circumstances, including their broader goals, can help you identify a need.
Knowing their challenges can help you create solutions that fulfil a need.
However, sometimes there is just no need: a single-tenanted property with a recently signed, secure five-year lease is an example of there being no need for leasing services.
When is it all going to happen?
Are the prospect’s expectations realistic and are you managing their expectations?
Is there something happening in the market that means the timing should be accelerated or slowed down?
This is where your expertise can help influence an element of BANT.
Getting to BANT
All parts of BANT should be in place to you secure a listing.
Looking for and using the elements of BANT will save you time because you’ll be focused on opportunities that have a higher probability of being listed and turned into a deal that produces revenue.
That being said, you don’t need to see all the parts of BANT to pursue an opportunity.
You can work with the prospect to create any element of BANT that doesn’t already exist – this is part of your value-add and, when done from a position of service, you will present yourself as a trusted advisor who is in the best position to win the business.
If you’re looking for a simple, fast way to start the qualification process with your potential clients they you may want to consider BANT.