All too often today we see commercial salespeople strive hard against the competition agents to win a listing and more importantly an exclusive listing, only to then loose the listing later due to the agents average performance and service of the client during the promotional campaign. They ‘drop the ball’. I am sure you have seen it.
If you win a property listing today, you have to work the listing opportunity to the fullest; no excuses. Take the new property to the market with system, target marketing and directed effort. That is why the client selected you in the first place; they believed your pitch, and your skill. They expect constant feedback and real effort as you help them.
Minor celebrations may be in order when you win a listing, but that is where the real effort starts. Highly professional agents know that and will service the clients and market the property to the highest level. Don’t let your exclusive listings mix with your open listings. Exclusive listings should receive 500% more effort than open listings.
In this property market it can take reasonable time to sell or lease anything. In fact nothing will sell or lease easily if the effort is not applied; luck in marketing campaigns just does not happen today. Exclusive listings are dedicated and controlled opportunities for you to convert as a sale or lease. The client has committed to you for a good period of time and expects you to ‘pull off’ the deal. When you service the exclusive listings and use all your skill to market, inspect, and negotiate for the client, results happen
So why did I write this? I see the problem so often, and it is just not good enough. Survival and success in this market as a commercial real estate agent will occur when and only when you do a great job for your clients; that’s the rule.
If you want some more ideas to help your progress in commercial real estate agency, visit our website at http://www.commercial-realestate-training.com/
Every so often, and in any year you will find that things get a bit tough or slow in commercial real estate. That usually sends most salespeople into a negative slide and all of a sudden they are considering a new career on a base salary.
You know the drift:
- Buyers are seemingly not around
- You can’t get new listings
- The boss is on your back
- Listings are not moving
- Sellers are selecting other agents to help them
- Tenants are not making enquiries
- Finance is not available, and the list goes on
The reality is that this happens often, but to a lesser extent to those salespeople and real estate agents that really build a good database and work it each and every day. The good thing is that right now is the beginning of the calendar year; we have 11 months of opportunity ahead of us and not a day should be wasted.
The salespeople that drive their own market by daily prospecting and cold calling will make it through in any downturn of the industry; no matter what happens. There are always ways to find new business and make things happen; you just need to know more people and cover the market comprehensively.
If things are tougher for you at the moment then examine what you are doing and what you are thinking. The old saying that ‘The answer lies within’ is very true. Examine yourself and your actions; you will usually find the problem and see the solution. You have the keys to make this a great year. Start taking action to a plan and keep it moving ahead.
As I write this, I am sitting in an airport and about to travel to help some commercial agents in Townsville (Australia) with their sales and leasing processes. It’s a 2 hour flight and I know that I will have plenty of time to think; not enough thinking and planning is done these days. I take every opportunity I can to plan what I do and how I do it. When was the last time that you did that? It’s a good question.
So my message to you is this; now is a good time to start the year and make things personally better for you. Yes, this year can be great in commercial real estate and things can change significantly from what you did last year. It is in markets like this that property owners and business leaders need good and experienced real estate agents to help them solve problems. Offer a good ‘solution service’ and the market will find you.
If you like to get more ideas and tips on commercial real estate agency, leasing and sales, keep in touch with me here or at my main website at http://www.commercial-realestate-training.com/ I like to have friends in the industry all over the globe. Send me an email and tell me what is happening in your country or market.
When you work in commercial real estate agency, you have to find listings. The listings for lease or sale come from one source and that is the property ownership.
In that case we have to contact and network the right people so we can convert new business. In most cases they are:
- Property investors
- Owner occupiers
- Business owners
Each of these will have a relationship to property that you can tap into.
So often I get questioned on if there is an ‘easier way’ to find property owners and property investors; the answer is simply that there is no ‘easy way’, and if there was it would have been found years ago.
The reality is that commercial real estate agents networking and contacting the right people takes time and a lot of systemised effort. There is only one way to proceed here and that is by using a good database that you can carry with you and update all records and any progress that you make. When you make the database your personal business focus, you will find more opportunity as you will be driving more enquiry your way. The rewards are many.
As we all know, many commercial and retail property owners will own the property via a property trust or company structure. Identifying just who is the right person to contact is where all the effort and hard work ‘kicks in’ for you. Some of the searching process involves title searches, company searches, referrals, talking to neighbours, and researching the council records. When you get used to the prospecting process you will know what works for you and how to go about things as effectively as possible. I am a great fan of ‘talking to business people’ as they will give you so many leads when you ask the right questions; they know the street and the adjacent businesses better that you do, and this knowledge can be tapped for opportunity.
The important message in seeking and finding property owners is that you must have a system that keeps you on track. Most agents are very random when it comes to this; if you can keep moving onwards and driving yourself in this prospecting process you will have better success than your competitors. When you work hard the industry rewards you in good listings and commissions.
You can get more tips from our website at http://www.commercial-realestate-training.com/
In this commercial property market, vendor paid advertising is absolutely essential. If the vendor will not commit to a vendor paid marketing campaign, then they are not truly interested in the sale or the lease (as the case may be). There are far too many properties on the market at the moment for any property marketing campaign to be generalised or cheapened. Any agent that offers to pay for the marketing of a commercial property is really buying the listing and is unlikely to fully commit to the intense marketing that the property deserves.
How Do You Sell Marketing Campaigns?
The best way to convince the property owner to move towards vendor paid advertising is to give them some alternatives such as three levels of marketing and promotion. A simple strategy of the marketing being split into gold silver and bronze packages will give the seller that choice.
To market a property today the promotional campaign needs to be quite comprehensive and directed at the right target market. Most marketing campaigns should be split into the following categories:
- A signboard on the property is absolutely essential to support the local area enquiry.
- Standard direct letters and flyers into the adjacent and nearby business community.
- Phone calls to the qualified people within your database
- Advertising in the newspaper media on the days that are devoted to commercial and retail real estate
- Internet Marketing on your website together with the generic industry based websites
- E-mail marketing including electronic newsletters with suitable download links and pdf files
- Direct mail to the Property Investors and business leaders that you have dealt with before
All of these strategies take time to develop and initiate. They can only occur on an exclusive listing basis. Any property owner that chooses to open list their property will be doing themselves an injustice given that most agents in an open list scenario do not service the listing effectively or intensely.
Be prepared to ask for the exclusive agency and support it with a strategy of vendor paid target marketing. In that way the property owner will achieve the market penetration that they require.
Even though this property market is challenging and somewhat difficult, the property enquiry is still available with most listings. You simply need to market the property effectively and make the necessary personal contact.
You can get more tips for commercial real estate agents at our website http://www.commercial-realestate-training.com/
Today the commercial property market has become a buyers’ market in most locations. The property buyers can call the tune when it comes to the price and the final deal; yes the sellers do not have to sell their property at a lower offer, but the reality of the situation is that there are limited buyers and offers available for the given property listing. Any offer that comes forward may be the only offer. Sellers should face the facts when it comes to selling property today, and the agents need to help put the deal together in these slower market conditions; that’s what they appointed us for anyway!
So as real estate agents we need to specialise our skills in listing, negotiating, and closing. We have to work with less to create more. The skills of the individual are now more important than ever before; but that is what happens in a slower property market anyway, don’t you agree?
Every phase of the commercial property sales process is now centred on the success of the negotiation in various stages:
- Prospecting is a negotiation to get a meeting
- Negotiating the listing appointment is a sales pitch
- Getting a vendor paid marketing package is essential
- Inspecting the property with sellers to price the property
- Inspecting the property with buyers to get an offer for the property
- Closing the deal between the parties that are poles apart in price or terms
This year will be something like last year when it comes to winning business and closing the deals. You will have to work hard and with focus. The listings and enquiries can be found but you have to dig to get to them. Luck in the process may come your way, but it is the hard effort that everyone in sales should commit to.
If you want more sales enquiries then you will have to create the churn to produce them. That means talking to more people. Everyone knows someone and business people know lots of other business leaders. Ask the right questions and the relationships will open up to opportunity.
Get some more good tips for commercial real estate agents at our website http://www.commercial-realestate-training.com/