There are many types of clients and prospects in commercial real estate. They will have different pressures and priorities relating to property sales, leasing, and property management. This is where top agents tend to excel given that they have taken the time to understand the clients and their prospects needs. Here are some tips from our Newsletter.
Most transactions initiated by top agents are created from a match of circumstances and people. Many transactions occur off market between willing parties that have been correctly matched and serviced.
To move down the path of exceptional client connection there are some rules that can apply to the evaluation and implementation process. You can refine the following points to suit your market and property specialty:
- The most obvious factor in all client connections will be the need to establish the identity of the decision maker. You need to know who that person is and how they make decisions. You also need to know how to contact them directly.
- In commercial real estate it is not unusual to have unusual circumstances relating to the decision-making process. The businesses and boards of directors that we deal with have certain criteria and procedures that need to be satisfied. The circumstances can apply differently when it comes to sales, leasing, or property management. In many situations these clients or prospects will require reasons to make a transaction or decision. They are accountable to others and the reasoning processes are all part of building a case to do a transaction.
- Most transactions will have some form of obstacle or challenge. They will be things that you can work with successfully and through in most circumstances, providing you understand the bigger picture from the prospects or clients position. Match the client to the property; the process is quite effective.
- Look for circumstances that match when it comes to dealing with people within a transaction or a listing. The match will give you something to work from and grow the transaction. In many cases the match will be based around a property type, property size, leasing or investment opportunity, and timing of the transaction. Great negotiators know how to work through these issues and do the match.
- Differentiate your approach and your logic with the transaction through clear thinking and the provision of options. In many cases you will find that the parties to the deal will agree and accept the offering if you provide them with some alternatives. The same principle applies when it comes to marketing funds being sourced from the client in the listing.
- Your approach in commercial real estate should be that of an adviser. Whilst you may see yourself as a salesperson, you will find that the top agents are viewed as advisors to the clients that they work for. To build your advisor profile, you will need market knowledge, and specific experience relating to the property type. Clients and prospects like to deal with agents of skill and relevance. They like to deal with the best experts available.
All of the above issues can significantly strengthen your market share and listing capability. Take steps to build your personal brand as the market specialist you want to be.
You can get more information for commercial real estate agents at our website at http://www.commercial-realestate-training.com/