In property markets like this it is common to hear that question from most salespeople. Where are all the buyers exactly? Where have the buyers gone? What has happened to the property market?
Whilst it may seem that there are less buyers around, the reality is the buyers are still out there, but they are harder to find. They are watching and waiting for the right deals to come along. They are selective.
The buyers that can purchase property today are those with proven portfolio diversity and stability. Those buyers know what they want and are looking for the bargains. The banks will lend them money when the right property comes along.
This property market has changed the goal posts, enquiries to buy are less frequent, and negotiations are slower to evolve. Urgency has lessened on the buyers, so they can think the deal over before committing to paper. Pressure on the buyer has now moved to the seller. In many cases the seller may only get one offer for their property so ‘holding off’ for a better price is not an option.
As a property professional of many years in the industry, I know that the most important tools in your business right now are your database and the telephone. When you make the telephone calls every day and build your database with qualified people, the deals and opportunities will still come your way. It always comes down to you doesn’t it? Surely that’s a good thing?
One final comment; the most important skill that a salesperson in commercial property would have right now is the ability to condition and negotiate with sellers so that the sellers really do come back to reality on prices and processes to sell their property in this market.
You can see more free tips and tools for commercial real estate agents at http://www.commercial-realestate-training.com/
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