When you understand the basic simplicity of commercial real estate, you can see what you have to do to improve your market share and commissions. It is really quite simple. Here are the keys:
- Find and talk to all the owners of good property in your local area. One day they will need an agent to help them take the property to the market. You must set up some relationships here to help you capture that need when it happens.
- Get to know all the owners of all the major businesses in you local area. They may own or lease property, but either way they will need a local propert expert to help them.
- Watch all the listings that come to the market. Some will sell and others will not. Position yourself to take the listing when the vendor needs another agent to help them.
- Monitor all the prices and rents that are achieved in the local area. These facts will help you negotiate and list property.
- Keep in close contact with the local council and planning approvals office so you hear about the new developments as they come through.
- Look for changes in the business community that can have an impact on property owners and tenants.
- Every listing should be an exclusive listing. On that basis you can market property listings well without the threat of other agents jumping your client.
- If you work on commission, make sure you know lots about leases as well as sales. The two are linked and frequently create opportunities either way.
- Build your knowledge of the local area and the deals every day. Quoting facts and figures is part of the real estate game. Without figures you cannot negotiate.
- Practice your presentations and pitch. You will be up against others frequently in a listing presentation opportunity. Make sure that your offering and services are more relevant than the rest. That does not mean that you have to discount; but it does mean that you should know why you are better than the competition and be able to prove it.
This is all logical stuff; its just that it takes hard work and real effort on the part of the individual. Are you up to the challenge?
If you want some more ideas about commercial property agency practice, check out our website at http://www.commercial-realestate-training.com/