Posted on

Real Estate Sign Jumping is Really Dumb

 

In the commercial property sales and leasing you get a lot of what we call ‘jumping boards’. In simple terms when you the real estate agent put a sign on the property your competitor agents are going to chase down your client and see if they can grab the listing at the first opportunity.

Ok so it happens and maybe you might have been an offender at some point. The reality is most really good agents will have primed the client before hand to expect such stupidity, and will have told the client to call them once the sign jumping happens.

 

Sign jumping is unprofessional; rarely will good agents revert to such practices. Good agents would rather spend their time connecting with more prospects and generating quality listings.

 

Sign jumping is a bit like chasing ambulances. Exclusive listings are the way to protect the listing; the trust and communication you have with the client will keep the other agents at bay.

 

See what other things you can do in commercial property to protect and improve your market right here http://www.commercial-realestate-training.com/

Posted on

Sales Attitude in Commercial Property Sales and Leasing

When you work in commercial property sales the attitude that you display on a daily basis will impact your listings and negotiation outcomes. You have a choice in your career to make your attitude constantly strong and positive, or random and volatile. The former works much better and will drive better business outcomes for you. Let’s face it; most clients will prefer to select the agent they know will ‘produce the goods’. Selling and leasing commercial property is not an experiment; it is high end negotiations of a major cash flow nature. Give them what they need and deserve; be the best agent of choice.

Now we have all heard this ‘attitude thing’ many times before, but the reality is that many of us forget about the fact. General life takes over each day and momentary pressures influence your thinking and actions. You should develop a professional salespersons attitude if you want to be really successful in the property game.

So what is it exactly that makes up this matter of attitude? Here are a few of the main ones:

  • Knowing that you really do understand the property market and you can prove it in your dialogue with relevant evidence and market trends
  • Working towards a positive and timely solution for your client in both property sales and leasing in any market and at all times
  • Clear and professional communications with all parties every step of the way
  • Innovation and creativity to tap into all the opportunities for the client
  • Constantly seeking ways to improve your property listing and marketing services
  • Giving it your best effort at all times even under the most challenging of negotiation or market circumstances

You cannot fake these things. They come across in your manner and demeanour. They are part of your business brand.

Given that many real estate salespeople and agents struggle with the focus that these things require, the concept can offer and remain a massive opportunity for those that can get their focus and actions aligned. Choose to be the best in all ways. The business and listings will find you.

You can get more tips for commercial real estate agents at http://www.commercial-realestate-training.com/

Posted on

Retail Shopping Centre Management is Very Specialised

Having worked in commercial and retail investment property for a number of years, I totally respect the need to completely check the credentials of the shopping centre managers before employment. Retail shopping centre management is very much a specialised part of the industry; property managers need to bring a significant variety of skills and disciplines to the workplace and the landlords that they act for.

On this basis I would say to landlords that they should not use their centre manager on the basis of reduced fees or lower cost. A poorly selected centre manager can easily destroy the performance of a retail property and the tenant relations within a few weeks. These are some of the key things that are so important to the role:

  1. Negotiation skills relating to lease documentation and tenant occupancy
  2. Financial analysis of income and expenditure trends within the shopping centre cash flow
  3. Maintenance contract negotiation and implementation
  4. Sounded documentation skills associated with building performance and legislative requirements
  5. Attention to detail in reporting building performance to property owners
  6. Communication skills for tenant relationship enhancement
  7. Legal document awareness and interpretation
  8. Sound business practices associated with business planning complex property and cash flows

The fact is that property performance is easily derailed through employing inexperienced property managers for the task. Landlords who are to choose new property managers or real estate agents to attend to their property needs should be very selective when it comes to matters of experience in retail property performance. Shortcuts on experience and costs are not recommended.

You can get more tips for commercial and retail property agents at http://www.commercial-realestate-training.com/

Posted on

What if the Retail Tenant Prospect Will Not Give You Contact Details?

When you manage or lease retail property, the inspection process for handling vacant areas should be quite specific. Generating enquiry is the first challenge to find the right tenant for the property and the tenancy mix. Qualifying the tenant is fundamentally important before you take them to the property or spend time on their enquiry.

Some tenants in the initial contact will not be open and completely truthful about their property need. On that basis they should not be inspecting the property until total detail is provided.

This is the sort of information below that you require from the tenant before you take them through your vacancy or Retail Property.

  1. The type of business they wish to operate from the premises
  2. A history of their business activities
  3. Their current tenancy location and landlord or property manager
  4. Why they need to change premises
  5. Special occupancy needs such as grease traps, signage, and fit out.
  6. Details of the business ownership structure
  7. The ideal lease terms and conditions that they require
  8. The targeted rental and occupancy costs they are prepared to pay
  9. The best location that will suit their business operation and customer base

This simple information will help you understand whether or not the tenant is genuine in the property enquiry. If they tick all the boxes and provide the information openly then a property inspection is warranted. In some circumstances it may be necessary to get them to sign some form of confidentiality agreement if trading figures or customer numbers are going to be provided during the inspection.

You can get more tips for retail property management and leasing at http://www.commercial-realestate-training.com/

Posted on

Resolutions to Consider with Vacant Retail Space

When it comes to owning and managing a retail shopping centre the last thing you want is a large number of vacancies. It gives the shopping centre a negative image and detracts from the trade of the tenants. In an ideal world, you should be retaining tenants within the tenant mix to increase the trade for the property.

One of the key things to consider with managing a shopping centre is to stagger the lease expiries and the lease options. There is no reason to have tenancies expiring at the same time or near each other, unless you are doing a refurbishment or renovation strategy within the building.

So vacant retail space occurs for one of the following reasons:

  1. The lease has come to an end
  2. The tenant is in default under the terms of the lease
  3. The tenant has vacated the premises
  4. The tenant has negotiated an early termination
  5. The landlord wants to take control of the premises
  6. The tenant has failed to exercise the lease option

Given all of this and if the vacancy has occurred, it is fundamentally important to keep the vacancy well-presented and or occupied by short-term tenants. Other tenants in the shopping centre are likely to cooperate with short term and low cost retail displays or points of sale.

The best shopping centre strategy is to maintain stable levels of occupancy and minimise vacant space. On that basis the property manager is performing the correct service for the landlord when it comes to income optimisation.

You can get more tips for retail property management and leasing at http://www.commercial-realestate-training.com/

 

Posted on

Presentation Sales Pitches for Commercial Real Estate

Every day as a real estate agent you will have the need to present on something to do with a commercial property or listing. Perhaps you are:

  • Pitching for the listing
  • Selling the marketing package
  • Inspecting and presenting the property to buyers or tenants
  • Making the contract or lease negotiation move onto paper
  • Closing the sale or lease
  • Facilitating the settlement
  • Handling the due diligence issues

Here are the rules that I coach for just these very cases.

  1. Get all the detail of the property or deal together before you meet with the parties
  2. If you have not already done so, fully inspect the premises and the property so you know it intimately
  3. Define what the best outcome is for you and your client so you know what you are targeting
  4. Have a BATNA (Best Alternative to No Agreement) ready to use
  5. Have some visuals available to use in and simplify the pitch (bulky documentation is hard to pitch for or with)
  6. Create a simple series of steps in the presentation that will move you towards the outcome you seek
  7. Have a series of good questions ready to use in the meeting with the parties
  8. Select one or two relevant stories about the property or the area that can be fed into the discussion
  9. No pressure selling please. Just use relevant information and logic.
  10. Understand the pressure of the other party and the ultimate target that they want.

Every good sales pitch or presentation in commercial or retail real estate is a product of preparation and relevant connection. If you want more on this check out my other articles on http://www.commercial-realestate-training.com/

Posted on

Pitches and Presentations for Commercial Real Estate

After working in the property industry and with commercial and retail property for a very long time I have seen more than a few presentations and pitches from different property people. Some presentations are good but most are just so bad. You have to ask yourself why? Can’t these people get the basics right? Here is a story for you.

The other day I was the recipient of a presentation by a person looking to promote an online video marketing initiative for commercial real estate agents. Now don’t get me wrong; the product was very good and has great use and merit, but the pitch was dreadful. These are the things that went wrong:

  • They were not prepared with key displays at their fingertips. This caused them to loose my attention when they took minutes to find what they were looking for.
  • They talked too much and asked me very little by way of my opinion or my thoughts. I just sat there in the end and diverted my thoughts to my iPhone.
  • They were disorganised and no key theme or concept which carried through the presentation.
  • The one sided presentation went on way to long. In the end I just wanted to get out of the room (and I did).

The message here is be prepared and respect the fact that every presentation must connect with the other person in many different ways.

I guess I have very specific thoughts about professionalism and focus in the industry; that comes with experience. If you are going to work in the industry then take time to learn the right way to do things. Improve yourself at every opportunity.

Check out my other training ideas for real estate agents at my website http://www.commercial-realestate-training.com/

Posted on

Cold Call Prospecting Tips for Commercial Real Estate Agents

When you work in commercial real estate, it is the contact and cold calls that you make on new prospects that will build your business in any market. Even when the market is really difficult, or the economy is slower, the cold calling process really works in building new business opportunity. Given that this is the case, why is it that agents and salespeople do not make many calls and some do not do it at all? The reality is that they dislike making the calls and will avoid it at every opportunity. They have a fear of the process.

The cold calling process is a discipline and it takes practice to do it well. You hear so many people say that you need scripts; the truth is you do not. Scripts do not work well until the script words become your words. The only way you can deal with that is practice the scripts and shape them into the way you talk.

Until such time as the script becomes comfortable for you, things will be difficult in making the calls. So the key point here is that practice is required. That is up to you.

Here are some basic tips for those of you that want to make the telephone a business tool for new opportunity.

  1. Prepare your call prospect list with care so you are calling businesses or investors that have a relationship or involvement in commercial property.
  2. Make your calls at the same time each day so the process becomes a habit.
  3. Understand that many people will say ‘no’ or decline your offer. That is quite OK and is normal. You just need to keep making the calls.
  4. Keep a database running of the suspects and prospects that you should call back in the future.
  5. Ideally your personal database of leads should total about 1,000 people, and you should be contacting them at least every 90 days.
  6. Polite, professional calls are what are required to make this work. The sleazy pushy pitch is useless and counterproductive.
  7. Consistency means that you should be calling new prostpects every business day; no excuses.

If you want more tips on cold call prospecting for real estate agents, try our website http://www.commercial-realestate-training.com/

Posted on

A Word About Commercial Real Estate Career Success

Having been active in the property industry for over 30 years I have seen lots of people and real estate businesses come and go. I have also seen some good and some bad salespeople. I have seen 3 boom and bust cycles in commercial property.

A career in commercial real estate is like all other sales jobs; it takes personal commitment and focus, and only the very best survive for the long term.

The very best salespeople in the industry build the personal profile and the skills that the market wants and needs for the long term. These salespeople have a solid group of clients that follow them and trust them in any market and at any time. Business follows them as they move from agency to agency.

Right now the property market is tough and slow for some real estate agents; sales are slower and buyers are less active due to the restricted availability of funds hence pushing prices down. The main reasons for agency discomfort are:

  1. The larger corporate real estate offices with the big overheads have not adjusted their operational costs (rents and base salaries) when the commercial property market started to change from booming sales based enquiry to a less income (commission) generating leasing based market.
  2. Many salespeople have not adjusted upwards their personal efforts and prospecting focus

So everyone today has to work harder and adjustments still need to be made by some agencies. Unfortunately some salespeople are still working at the same old pace they are used to and the high base salaries are still keeping them comfortable at the status quo. The only person that gets upset is the boss of the agency as lower commissions are threatening the performance and viability of the office.

When times are slow or tough the first people to go from the office are the underperforming salespeople. There is a message here for all the salespeople in that underperforming category; get active and build your business right now. Find the properties that are selling and leasing and adjust your prospecting efforts around them.

Your success in commercial real estate is a personal thing that is driven from your own activities and focus. The office that you work for is only a small part of the equation. There is an old saying in business (the author I cannot remember), and it goes something like this.

‘The degree to which you feel you are under control is the degree to which you will be successful.’

Get yourself under control and sell or lease the properties that are active at the moment. The larger big priced properties are off the books for some time, so find something that you can sell and lease today. Understand one thing; your success in commercial real estate is personal, so make it happen. Work hard and the rewards will still come as long as you put in. You have the solution to the problem.

You can get some more tips for commercial real estate agents at my training and coaching website http://www.commercial-realestate-training.com/

Posted on

The Right Sales Pitch for Commercial Real Estate

When you are to do a sales pitch to try and win the commercial real estate listing, the preparation you undertake should be all about the property and the client’s immediate need. When you do this, the client will listen to you and your proposal more effectively. So how can you do this well? Let’s set some rules.

A sales pitch in commercial real estate sales or leasing should be totally about where the property is now, how the client needs a resolution, and how you can help them. The pitch should be composed as a story; you are the story teller. Your story should show the client that you really understand and that your solution is better than anything else around.

The more closely you align to the client focus, the more real your chances are of closing on the listing. The only way you can do this to an exceptional level is by understanding the client and the property fully beforehand. This means doing some listing presentation preparation work something like this:

  1. Inspect the property with the client a day or two before the final presentation
  2. Question the client comprehensively about their ultimate plan and requirement in going to market
  3. Show the client what comparable properties and situations are going to challenge them

From a base of issues like this you can move to your solution and strategy.

The best sales pitch or presentation is about the client and the property; it is not about you and your achievements over time. The client would normally have known about that before they asked you to quote on the listing.

You can see some other tips and tools for real estate agents at http://www.commercial-realestate-training.com/

Posted on

Career Success in Commercial Real Estate Sales and Leasing

When you look at commercial real estate as an industry from the outside, it is easy to think that large buildings and multimillion dollar sales mean lots of commission. The illusion is that the salespeople in the industry make lots of money. The reality is that commercial real estate is just like any other sales related career; you get out what you put in. Yes the commissions can be large, but they can also be small at the other end of the scale, and you don’t sell or lease large buildings every day of the week. Work hard and do the right things, and you will be reasonably successful; your success is in your hands.

If you are considering entering the commercial property industry, then seriously consider just how committed you are to the professional sales and customer service role first. At the end of the day it is the clients that you serve well, that help to you progress in your career. Your clients will want the very best from you; they do not want to be an experiment with an inexperienced salesperson.

There are lots of competition agents out there who will also be chasing your clients and listings. Your clients will stick with you only when they respect you and they know that you are the best at what you can do for them.

So what knowledge do you need to build up? The best salespeople in the industry have a solid knowledge that they have developed over time. Try some of these as starters:

  • Presentation skills to convince clients that you can really help them with their property
  • Prospecting and cold calling skills that consistently find new clients and listings in any market
  • Price information in your local area across different property types
  • Rent information in your local area across all types of property
  • Incentives that can apply to the leasing situation
  • Management strategies that help lift property performance
  • Lease interpretation and contract interpretation
  • Attention to detail in the sales and negotiation process
  • Marketing strategies for all markets and property types
  • Contract creation and documentation skills that satisfy the property law and legislation in your area
  • Negotiation skills to move a difficult sale or lease forward to finality
  • Market knowledge across your local area in all property types
  • Personal marketing skills to help find more clients to list and sell or lease their property with you

Do you have what it takes? The good news is that most of these things can be learned. It just comes back to you and how you will commit to the process. In any market and in any economy, your success in commercial real estate sales and leasing comes back to just one thing; you. Everything else ranks a clear second. Are you up to the challenge?

You can see more of my comments about commercial real estate career strategies at http://www.commercial-realestate-training.com/

Posted on

How You Can Help Investment Clients Sell or Lease Their Commercial Property Faster

Landlords and property owners come to us as real estate agents and specialists to sell or lease their commercial property. They are likely to go to several other real estate agents on the same basis and at the same time. So all of a sudden we have a competition to see just who the property owner thinks should market their property. To win the listing and the clients business you just need to clearly define the following solution for the client:

This is how can we help you (Mr. Client) sell or lease your property faster and with the best outcome.

If you can clearly and strongly answer that question then you are on the road to better listing conversion and you will remove the hurdles of the other agents. Creativity and relevance are the keys to the listing conversion.

The process of selling or leasing property is really quite simple. It just needs to be broken down into stages and distinct solutions offered. The best solutions will win the clients attention. On that basis the sales presentation or sales pitch is totally about the property and the clients need for a solution to their property problem.

I tell agents to focus on distinct strategies based on the simple stages of the property promotion:

  1. The best timing of the sale or lease
  2. The best method of sale or lease to promote the property comprehensively to the target market
  3. An experienced salesperson that really knows the market, the prices, the rents, and how to negotiate
  4. The ideal target market that will pay the best price or rent and will be pursued through the comprehensive marketing campaign
  5. A dedicated marketing campaign that specifically taps into the target market in special ways
  6. A property inspection solution and process that features the property in the best possible way to qualified prospects
  7. An information memorandum that has been carefully constructed and composed to clearly outline the real features of the property
  8. The pricing or rental strategy that is well established before offers are made
  9. Documentation processes to capture the offer and negotiate the deal legally, effectively, and in a timely way
  10. Clear communication processes to keep the client fully briefed on each stage of the property sale or lease (as the case may be)
  11. Follow-through systems that keep the deal on track through any due diligence or documentation delay

When you stick to this plan and approach with the client, any manipulative tactics raised from the competition real estate agents (such as discounted commissions, fees and discounted marketing) becomes irrelevant in the client’s final decision in the right agent of choice to take the listing to the market.

Make a better listing presentation and convert more listings by focusing on these 11 points.

You can get more free tips for real estate agents at http://www.commercial-realestate-training.com/