This volatility on the global financial markets will create churn in commercial property. Most particularly the property that was purchased about 3 or 4 years ago is now more likely to be stock for refinancing or change. Some property owners in that time frame will be under refinancing pressures. If you are a real estate agent then it pays to consider your prospecting processes and get active right now.
The best way forward as a real estate agent is with a prospecting mindset that comprehensively covers the quality properties and locations in your territory. Whilst property sales are challenging, there are still buyers quietly sitting in the wings who can act in this market.
Prospecting and persistence at the process are elements that make or break a good real estate agent. The more people that you talk to today, the better; you will find those buyers if you try. To add to the process, the essential skills that an agent needs today should include negotiation at all levels of property activity; listing, marketing, inspecting, going to contract, and closing on price.
You can get more detail about cold calling and prospecting right here http://www.commercial-realestate-training.com/
As a real estate agent in a market that is ever changing I have found that leasing is good commission cash flow when sales slow or become more difficult. Versatility to do both in this property market is quite important.
There are plenty of businesses out there that want new premises or to take advantage of lower rents and incentives. So how do you tap into these businesses?
Try this list:
- Look for lease expirees 12 months out so you can help tenants with relocation opportunities
- Talk to all the businesses in the local area and get to know all the business leaders. Some will own their premises and others will rent
- Look for those businesses that are running out of space
- Check out the older buildings where the tenants might be wanting to upgrade to better building services and amenities
- Talk to the local planning authority so you can identify any changes to supply and demand for vacant space in the local area
- Keep up to speed on the number of new developments coming up and what lease incentives are being offered.
This is a simple list and yet an effective way of building real lease opportunity from tenants and businesses in your area. The more that you know about businesses and relocation pressures in key properties the higher value you are to landlords and property investors in the local area. Opportunity awaits in commercial property leasing.
As a real estate agent myself of many years, I hear the words ‘territory domination’ used in many ways. Every experienced sales person and agent wants to dominate their territory and the competition agents in the area. So what does it mean? You can check out some of my thoughts below and also at http://www.commercial-realestate-training.com/
Here are a few things that it means to me:
- Getting a greater share than anyone else in quality enquiry for property to buy or rent
- Having more landlords coming to you to rent or lease their property
- Having more sellers coming to you to sell their commercial real estate
- Having the best quality listings in the local area on your books to sell or rent
- Having no problem at all in converting new business to exclusive listings of a reasonable length of time
- Attracting other agents unsold or unrented listings to you for a fresh listing
- Having the best salespeople with other agents ring you up to look for a job
Every agent would like most of these facts and events in their business. So just how do you get to the pinnacle of territory domination as a real estate agent? After working with the top agencies and with some great people over the years I have set some rules or secrets to the process:
- Work hard personally at prospecting each and every day in your business
- Get as many quality signs into your territory as possible on good quality listings
- Service your listings with great attention to detail and target market every single listing
- Monitor your marketing efforts so you know what works and what doesn’t
- Use the internet as a massive marketing tool and keep abreast of the changes and systems evolving from it
- Send out success letters to property owners and businesses around every property you sell or lease
- Concentrate on two markets of people, the business owners and leaders, and the property owners and investors. Both of them will give you significant opportunity
- Set up a constant contact process of keeping in touch every 90 days with prospects so you are top of mind.
- Be honest, trustworthy, knowledgeable, and skilful in your commercial real estate talents
Great salespeople create great market share. Start working on these things right now. Great salespeople take control of their own destiny.