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Push Yourself to Build Your Commercial Real Estate Business

In this market and economy, the real estate agents that are the most successful are the ones that push themselves to do the hard things every day. Progress and market share today are not random things; they only come from definite action to a real personal plan. There are good listings out there to lease and sell; it just comes down to how much work you put in as part of the prospecting and pitching process.

Here are my experiences on a plan of action to take in a tougher real estate market:

  1. Prospect by cold calling every day to new and established contacts for at least 3 hours
  2. Run a database program to capture your enquiries (a simple program is just fine)
  3. Get in front of 2 new people every day from your prospecting calls
  4. Make 40 to 50 prospecting calls per day
  5. Keep in contact with your prospects and clients on at least once every 90 days (or more frequent)
  6. Practice your dialogue for presenting and negotiating
  7. Get your business card and face in front of many people in an ongoing way

If you follow these things and tips, you will generate more leads for listing and conversion to deals. Work hard and the business will come.

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Property Listings are an Absolute Must Have

In this property market, the number of new listings that you generate for your commercial real estate agency business will help you create better sale or leasing conversions and the resulting commissions. The established fact today is that not every property will sell easily in this market. Only the best properties with the best improvements and tenancy mix will create good enquiry. The enquiry that you generate from each and every listing and signboard should go into your database for future ongoing contact.

Recently I caught up with a number of salespeople in Sydney Australia at a workshop. There were some 30 or 40 salespeople in the room. During the early parts of the workshop, I started to talk about database and how the database should be used in commercial real estate agency. Only one salesperson in the room could prove to me that they had a significant personal database of substance and accuracy. Without a doubt, that salesperson was more successful than anyone else at the workshop. That salesperson was telling me quite clearly that they were living off the activities within their database. Every day they confirmed that they would make the calls and contact the people that they had spoken to before. They were also contacting new people on a daily basis to qualify them for entrance into the database.

The process of database creation and contact is so simple and yet rarely implemented correctly. Here are a few tips for those salespeople wanting to rise to the top of their market:

  • You will need at least 2 hours a day to make cold calls to new prospects within your market
  • You must follow up on all the prospects that you have spoken to previously on a 90 day or less frequency
  • The key objective of prospecting today is to get in front of enough people that have a serious property need at some time in the future
  • Personal contact remains the most powerful way of converting new business
  • Get at least 2 meetings a day from your call contact system
  • The best real estate salespeople market themselves each and every day

So many times I have heard a salesperson saying that they do not have a good database because the principal or manager of the office will not buy the software. The reality is that you do not need to spend many dollars at all in creating a new database. Excuses are counterproductive; action is the only thing that matters in commercial real estate. At the very basic end of database activity you can use the simple contact records in your diary software program. The key to the success of database usage is in the personal frequency and diligence of the process.

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When Commercial Property Listings are Hard to Find

When the property market goes through a few shifts and changes it influences the property owners to hold off on any decisions of sale or lease until they know just what is going on. Some agents think the same way and do little to adjust their ideas and approach to the market. All of a sudden you get no stock on market and fewer sales or listings. Everyone then says that the market is ‘dead’. The reality is the reverse; when things are tough, the clients and prospects we represent need better agents that really do know how to respond in this time of challenge.

The reality of the situation is that listings are out there and some people still need help with property challenges. It all comes down to the mindset of the agent. There are also buyers and tenants for every property on the market; you just need to focus more on getting results and you will do that by talking to the right people.

If I was selling or leasing my property today I would not want an agent to list the property who thought the market was quiet! I would want the best agent that knew what the market was doing and how to tap into the shifting enquiry and the requirements of buyers or tenants today. Can you do that?

When things are changing, the marketing of the property for sale or lease becomes much more relevant. It is not just a matter of placing a few advertisements on the internet and in the paper. The marketing of commercial and retail property listings today is much more specific and driven. That is why exclusive listings are more important than ever before. Exclusive listings are locked into an agent so they can devote much more time to the process of direct marketing and target marketing.

So the moral of the story is this; there are listings in the market today that are screaming for a good property agent to take over and drive better results. Find them and work them.

If you want some more tips for commercial real estate agents you can get them here

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Keep Your Property Full With a Tenant Retention Plan

When you manage or lease commercial or retail investment property, the threat of vacancy is ever present. In this business environment tenants are under a high degree of pressure and are looking for savings and adjustments to help them with ongoing occupancy. Aggressive rentals and unrealistic landlords will pressure a tenant to move.

Regardless of how special the landlord thinks their property is in today’s market, the vacancy factor will have a major impact. Loss of rent also includes other costs like outgoings, lease incentives, documentation costs, and commissions for letting the premises.

This then says that any vacancy should be avoided if the tenant and their business are of benefit to the property. Landlords should be informed of the supply and demand factors that apply in their local area together with the levels of rental that a new lease requires to be attractive to the tenants of today.

When times are tough in the property market it is wise to establish a tenant retention plan to direct and focus the lease occupancy in the property towards stability. The parts of the retention plan are similar to the following (and you can add some more relative to your local property market and the requirements of the landlord).

  1. Lease expiry profile
  2. Lease rent review profile
  3. Benchmarks on market rental
  4. Incentive profiles that can be used in any new lease
  5. Competing properties that threaten your tenant mix and could attract your tenants to move
  6. Supply and demand for space to lease in the property market
  7. New property developments under consideration
  8. Anchor tenant details that impact the property tenant mix
  9. Tenants by grouping in the tenant mix (food, fashion, men’s wear, Shoes, Ladies fashion, sportswear, discount goods, etc.)
  10. Sale figures on a MAT basis to track the best retailers and the best products in the property
  11. Demographics of the shopper and the shopping patterns

These factors can be incorporated into your retention plan and help the negotiations that are made with your sitting tenants today. Your successful sitting tenants are of high value to the property income and overall value.

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How to Ask the Right Commercial Real Estate Qualifying Questions

When you first meet property investors and know that they want some help from you as the local specialist real estate agent, you should ask good discovery questions to get to the source of their need or property pain quickly and professionally. The processes of selling, buying, renting, and property management all have unique questions that can make you stand out as a specialist that understands the property type.

The quality of those questions will help you with branding yourself as the expert that you want to be; the process will help you close on the listing or on the inspection with buyers or tenants as the case may be.

So many agents should listen to themselves and see just how ordinary their questions are. Specific information is what you need; you can add to the questions some observations regards the local property market.

Here are some great questions and ideas for real estate agents to use in their pitch or presentations:

  1. What properties have you seen in the local area recently?
  2. What other agents have you spoken to regards your property needs?
  3. There are many methods of sale to consider in this market, but only one or two are the best for your property. What do you know about methods of sale today?
  4. Here are some marketing alternatives that will work on most properties. I also believe that only one or two will really reach your target market effectively. What do you know about your target market?
  5. What do you like about the property and how it may work for you and your business?
  6. Rents to lease a property in this area can be handled in different ways. What do you know about rent structures in commercial leases that would best suit your needs?
  7. Expansion may be a real option that you should consider in the property purchase. How will your business be operating from the location and over the next few years?
  8. Signage on the property will be of great benefit. Have you considered talking to the local signage experts that understand the policies of the planning office on signage?
  9. How will the change in property impact your client base, and what are the right property improvements to help with the change?
  10. If your clients want something special from you in the new property location, what would it be?

The list can go on and be based around many different approaches of property, location, production, improvements, timing, and price. When you ask questions of the prospect, deliberately ask deeper questions and really listen to the answers; they will give you leverage to take the discussion further.

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