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/
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/
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:
- Negotiation skills relating to lease documentation and tenant occupancy
- Financial analysis of income and expenditure trends within the shopping centre cash flow
- Maintenance contract negotiation and implementation
- Sounded documentation skills associated with building performance and legislative requirements
- Attention to detail in reporting building performance to property owners
- Communication skills for tenant relationship enhancement
- Legal document awareness and interpretation
- 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/
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.
- The type of business they wish to operate from the premises
- A history of their business activities
- Their current tenancy location and landlord or property manager
- Why they need to change premises
- Special occupancy needs such as grease traps, signage, and fit out.
- Details of the business ownership structure
- The ideal lease terms and conditions that they require
- The targeted rental and occupancy costs they are prepared to pay
- 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/
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:
- The lease has come to an end
- The tenant is in default under the terms of the lease
- The tenant has vacated the premises
- The tenant has negotiated an early termination
- The landlord wants to take control of the premises
- 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/
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.
- Get all the detail of the property or deal together before you meet with the parties
- If you have not already done so, fully inspect the premises and the property so you know it intimately
- Define what the best outcome is for you and your client so you know what you are targeting
- Have a BATNA (Best Alternative to No Agreement) ready to use
- Have some visuals available to use in and simplify the pitch (bulky documentation is hard to pitch for or with)
- Create a simple series of steps in the presentation that will move you towards the outcome you seek
- Have a series of good questions ready to use in the meeting with the parties
- Select one or two relevant stories about the property or the area that can be fed into the discussion
- No pressure selling please. Just use relevant information and logic.
- 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/
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/