When the property market gets tough, you see quite a few challenges to deal with as a real estate agent. Such as:
- Restricted finance
- Downward pressures on prices and rents
- Fewer buyers
- Fewer tenants
- Contracts take longer to get on paper
- Leases are harder to negotiate
- Lease incentives start to rise
- Vacant properties are in abundance
- Time on market to sell or lease a property is longer than normal
If this sounds like your market, then do not despair. You are not alone. You do have some choices here though and you can take action.
Right now things are pressured in many commercial property markets. Importantly there are many property investors that are still out there just waiting for the right property to come along. So how do you find them? Prospecting really well, and for a solid part of your business day is the rule. It is not uncommon to make prospecting 40% of your day. That is a full 3 hours every day of the week. Those that do this are still making the deals and creating the listings.
When things get tough, start taking more action; pretty soon your problems will lessen and you will have market churn.
You can get more free tips and articles for real estate agents at http://www.commercial-realestate-training.com/