When you work in commercial real estate sales and leasing, the amount of market knowledge that you can gain in the local area will give you a significant advantage in any listing situation. The property market knowledge that you need is relating to current transactions both in selling and leasing. They are interrelated and will have bearing on each other.
Get to the Sources
The best sources of market intelligence come from:
- The local news media
- Internet listings
- Advertised properties
- Other property listings and the time that they take to sell or lease
- Signboards placed on properties denoting market share and coverage
- Sales and leasing outcomes
- Zoning and demographic changes in the local property market
- Buyer and tenant activity by property type
- Feedback from Sellers and landlords
- Feedback from parties as they inspect properties
- Competitors activities with the listing property
- Time on market
- Methods of sale and success rates
The best salespeople in the industry are not only good sales, but also very good at leasing property. It is the leasing knowledge that makes them exceptionally good at packaging a sales deal at the right time and in the right way.
So the best sources of market intelligence come from the actual deals being made and current listings, as you talk to plenty of people. That says that the salespeople, agents, and property valuers working on commercial property should be sharing information regards property deals. In only that way can the true impression of market price and market rental be maintained.
All of this information allows you to determine the strengths and weaknesses of the market as they apply to each property type. That can then be a significant advantage as you create the marketing campaigns for each property promotion. It also helps the client to commit to your services based on experience and proven evidence.