How Commercial Real Estate Agents Can Market Property Today

When it comes to the marketing of commercial property today, there is a need to attract the right type of enquiry from the local area. This is where the expertise of the commercial real estate agent becomes fundamentally important to the overall marketing strategy.

The commercial salesperson or agent should have a significant database covering people in the local area who have been well qualified regards their interests in commercial property. So the process of marketing needs to capture the correct people for the relative listing. This is where many agents come unstuck. Where it may have been acceptable to list a property on the Internet and then wait for the enquiry to come in, today we must focus on the targeted market or direct marketing approach.

To attract the right enquiry the direct marketing approach can be a variation of the following:

  • Produce flyers of the exclusive listings that you have on your books then take those flyers to other businesses in the local area. This process will allow you to gather local market intelligence through talking to people.
  • Always get a signboard on each of the properties that you have listed. The number of signboards that you have on local property will help the perception of market domination.
  • Every marketing campaign on each exclusive listing will give you the chance to put more people into your database.
  • Use the internet comprehensively so the listed properties go onto a number of sites that are well recognised for qualit property in your area.
  • Circulate facts about each property listing via email to your selected qualified people in your database.
  • The local newspaper will have some benefit for spreading the word about any property listed but there will be shorter retention time on the value of the newspaper advertising. The internet ranks far higher when it comes to the long life equation of marketing value.

The marketing of commercial and retail property today is more specialised and requires more effort. This is where an experienced salesperson with the right database is far more relevant for the property owner than a ‘newbie’. In a market like this it is easy for an experienced salesperson to win a listing based on the value that they bring the client; gone are the days where you have to discount your commissions. Sell your services from a position of value and relevance to the property challenges that the client has.

If you want more tips for commercial real estate agents you can get them right here at our website http://www.commercial-realestate-training.com/

Commercial Property Markets Need Tough Salespeople

Make no mistake, this commercial or retail property market is quite tough; that being said things still do sell and lease.  It takes a tough salesperson with great focus and action to make it in today’s property market.

Some of the best people that I have seen today, still do the basics.  That is the secret to their success.  The basics drive their business ahead.  Here are some ideas to help you:

  1. Make prospecting the number one action that you take every day
  2. Build a database yourself of  contacts that you know have a commercial or retail real estate need
  3. They market their listings specifically to the target audiences that they know are active
  4. They look for new opportunity each day and then chase it  to see what conversions can occur.
  5. They meet new people as part of spreading their personal brand

So effort is required to make these things happen.  There is a lot of difference between being great and being ordinary in this property market.  In every team of 10 salespeople, there is likely to be only one that stands head and shoulders above the others with better listings and commissions.

Is it easy to do this stuff?  I guess the answer has to be no, but the rewards are many for those that can take action and build their business today.

That’s my ideas about this property market today, and I hope it helps you given the challenges that you have.  If you want more tips for commercial real estate agents and salespeople, simply visit my website at http://www.commercial-realestate-training.com/

Commercial Real Estate Agents – Setting Income Goals

When you work in commercial real estate sales and leasing, you can quickly get bogged down in exactly what you have to do every day.  For most people that is:

  • Answering emails
  • Keeping your clients informed of the results of marketing
  • Finding new business to fill your pipeline
  • Writing adverts for your listings
  • Taking inspections for selling or leasing property
  • Writing up new listings, etc

What you ‘have to do’ and what you ‘should do’ are two different things.  Regrettably too many salespeople get tied down with all the wrong stuff.  Pretty soon they are struggling with not much new business, poor conversions on listings, frustrated clients looking for a deal, and most importantly a slower feed of commissions and listings.

There is no point in waiting for new business to find you because that will not happen very often.

In the tougher property markets like that which we have now, you just have to do the right thing with your time; if you are not doing that, you are self destructing and your career is going nowhere.

Understand this; without quality listings, your market share and commissions office really stalls.  At least 3 hours a day should be spent on building your listings and prospects with new stock, and not letting the current listings and clients take over your day totally.  No matter how ‘busy’ you are, there is just no excuse for not prospecting and connecting with clients every day.

Here is an ‘Action’ item for you:

Look at the income that you generated last year.  Look at how you are tracking this year by comparison, and then add 25%.  This is what we call a stretch goal.  Next, you need to decide just how you will change your processes to attract that level of new business.   Typically the changes will target:

  • Better listings
  • More listings
  • New prospects and clients that you can help
  • Using your database more effectively

Today we all know that fewer clients can act in buying and selling commercial property given that finance is so tough to source and borrow.  On that basis you have to know more people.  Your database should be the lifeblood of your future sales and commissions.  Just how up to date is your database and when was the last time that you called down all the people in it?

To get to these goals it is necessary to change a few things in what you do every day.  When you decide to take 2 or 3 hours from your diary to do some new things like prospecting, and calling in to businesses in your area, then each and every day will change in a positive way.  In any property market, you can grow your listings and commissions; the key to the process lies within.

Business Card Design for Commercial Property Agents

I like to think that the traditional business card is perhaps the most effective and cost efficient method of marketing ourselves today.  Many commercial sales and leasing agents would not give out more than 10 business cards a week (if that).  If that is the case, I like to challenge them to give out 10 business cards a day!

Always carry your business card with you.  Give it out at every opportunity to all the new people that you meet.  A business card is cheap but very professional if you handle the process well.

Here are some rules to the business card process and design:

  • Get a solid textured card.  A business card on thin paper stock sends all the wrong messages.  ‘Cheap and nasty’ are the first impressions of a flimsy business card.
  • Your card should be on the ‘larger’ size of average.  Small business cards are used by Doctors and Dentists.  You are a professional salesperson so make sure the business card you use is impressive.
  • Quality is the impression that your card must give.  You can get some shine finishes on cards that make the card look great.
  • Choose your colours well so that the card stands out from others.
  • Use an image or logo to personalise the card.
  • Photos of the salesperson are not the norm in commercial real estate on business cards.  You can use photos in residential real estate, but its a bit ‘tacky’ in commercial (in my opinion, sorry!)
  • Use the front of the card to detail your name, address, email, website, office phone, mobile phone, fax, and title.
  • Use the back of the card to detail your specialities of service and skill.

When you get the business card just right, it is as good as a brochure, and is more inclined to be kept by the client or prospect.

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

Commercial Real Estate Agents – Signboard Count Strategies

When it comes to working as a commercial real estate agent, you really do have to know what is going on regards signs placed on properties for sale or lease in your local area.  By signs I mean those of your competition and those on the properties for sale or lease at the moment.  There are some factors to track in that process, such as:

  • Asking prices
  • Asking rents
  • Properties that have been sold or leased and the details of the deals done
  • Time on market
  • Numbers of properties listed in your area on an agent by agent basis
  • Proximity to other property nearby
  • Supply and demand for space
  • New developments currently known to be coming on the market in the next 2 years

When you monitor these things, you understand what is going on and that will help your ability to negotiate with sellers, buyers and tenants in any negotiations.  Market prices and rental evidence is hard to refute when you have all the right information at your fingertips.

Everyone today will think that they have a great property worth a lot of money or rent until you can show them what is going on out there.  Third party evidence is the key to listing, selling, and renting at the right prices.

It’s in slower markets like this that market evidence will change frequently.  Market evidence is the final deal results and only that; the asking prices and rents have only a remote relationship to the final deal.  Many commercial agents and property valuers will share market information with you on a reciprocal basis; in only that way will you know what is going on in the property market today.

In the listing of any property be prepared to talk about the known results of the listings in the general area.  Carry a chart or map with you for that very process.

Get some more tips for commercial real estate agents at our website at http://www.commercial-realestate-training.com/

Leasing Property To Franchise Tenants Today

It is a common occurrence for commercial or retail leasing agents to be approached by franchise operators and groups looking for new premises from which to operate their next new business.  Franchise groups are a good source of new leasing business and over many sites.  On that basis you can build a great leasing market share from these people.

In saying that, there are some common challenges that franchises present you as the real estate agent acting on behalf of a landlord.

Here are some of those challenges:

  1. The term of lease that they require will have to match the term of their franchise agreement.  Given that most franchise agreements go for a period of 10 years, a lease of that length may not suit the landlord of the property.
  2. At the expiry of the lease term, the franchise agreement will also expire and on that basis the tenant may totally leave the site.  The issuing of a new franchise agreement is at the discretion of the franchise group.
  3. Their business model will require unique factors of operation or business branding.  They must be able to supply their customers with the expected business experience and outcomes.
  4. The lease for the premises will likely be the standard lease for the franchise group.  These leases are written from a tenant perspective and may not suit your landlord.  In such cases it is wise to get your landlord to send the lease to his solicitor for review and negotiation.
  5. The franchise group may demand exclusivity for the product or service that they provide.  In a complex property such as a retail shopping centre, this can be an issue.

Taken in balance the opportunities that come with this type of tenant are many but they take some understanding.  They like to deal with leasing experts; is this you?

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

Every Day In Commercial Real Estate Should Not Be Wasted

If you have or are commencing a career in commercial real estate, you have to get consistent results in one form or another. Results can be in listings, closed deals, sales, leasing, property management appointments, and the list goes on. On that basis you cannot waste a day. Every day has to be planned. It is up to you.

So what goes on out there in the real world? Some if not most salespeople just take every day as it comes. They start work at about 9am and they stop work around 5pm. In between those hours stuff just happens. They have no plan, they have no system, and they do so many different things that consistency is non-existent. On that basis they do not give themselves a fair chance of success.

So what does this random process produce? The answer is poor quality open listings, average property enquiry, and not many deals in sales or leasing.

Low commissions will not make you wealthy. There are enough costs in this property game to drain most of your hard earned money inside 12 months. Do not waste time; if you have chosen this industry as your road to financial freedom, then you had better work to a plan and system. When things are not working, you adjust your actions and focus; that’s the rule.

If you really want to get somewhere in commercial real estate the facts are clear and have been set in stone by those high achievers in the industry.

  • Prospect every day to a consistent plan of streets and property type
  • Get to know lots of property people and business leaders
  • Create your own database that is accurate and up to date
  • Understand that you are the only person that can make your career happen
  • The results that you get are nothing to do with the market, the boss, or the office that you work for
  • Improve all your skills through practice on a personal basis (i.e. prospecting, cold calling, negotiating, presenting, pitching)

Life gets very hard if you do not follow the rules. When you do follow the rules, then things change quickly for the better; you have the keys.

If you want some more tips for commercial real estate agents and salespeople then visit our website at http://www.commercial-realestate-training.com/