There are plenty of problems out there in the commercial real estate industry for us to solve. The landlords and property investors are challenged with vacancy factors, redundant properties, and high operating costs to name just a few. We thereby become the solution provider in the local area. Here are some tips from our Newsletter.
It is not a seller’s market, it is not a buyer’s market, but it is an agent’s market. We have the opportunity to reap the benefits of change; that is change in property ownership, occupancy, and eventually some new developments. The longer you stay around the industry you will know that the business is always out there, we just need to help the right people at the right time. Your database is critical to the process.
The property market is going through some reasonable change at the moment, and in many cases it is starting to consolidate and improve. There is a cycle to things, and right now the cycle has opportunity.
The moment businesses start to see better sales and improved client numbers, the flow through to commercial real estate is quite fast. The changes in tenant mix and property ownership start to occur.
- So what problems can you help with?
- What value do you bring to the clients and prospects currently?
Here is a list to think about; see where you can qualify as a ‘problem solver’ for your clients.
- The tenants in the property are struggling to pay the rent.
- The vacancy factor is too high.
- Occupancy costs are higher than necessary.
- New tenants are needed.
- Renovation and refurbishment should occur to maintain tenant interest in remaining in the property.
- Leasing strategies are non-existent or unsuccessful.
- The tenant mix is wrong and needs adjustment to improve tenant sales.
- The shopping centre needs a boost in customer numbers.
- There is no business plan for the property.
- Competing properties are taking all the tenants.
- The property needs to be sold and enquiry is low.
- The new property development is planned but tenants are hard to find.
These are all specialised processes. They require good agents with experience to move the property issues forward. You can provide specialist services and market yourself through them. Every problem that a client has is an opportunity.
A tenant retention plan is a good way to help current property owners with the tenant mix and the vacancy factors. You should charge a fee for the plan and get a fee from all of the leasing activity that you create.
Think outside the square and decide what services you can provide that the property market requires. To be a top agent you need to solve problems and specialise.