The Best Time Management Tips for Commercial Real Estate Brokers

two men walking across street talking
Build your real estate team performance.

In commercial real estate brokerage today don’t take too long to take the required actions to boost your marketplace and client penetration.  Get involved with your market so that you can identify the right property listings and the quality properties to work with over time.

There are plenty of good listings available for the agents that focus their prospecting efforts.  It just takes a plan and a process of action.

Here are some valuable ideas to help you take deliberate action to boost your marketing profile and listing opportunities:

  1. Any listed property in your location is an excuse for you to talk to the surrounding property owners. On that basis you can market yourself to the adjoining or nearby owners of properties listed with other agents.  It is quite common that nearby owners will seek to compete from a sales or leasing perspective with the listed property nearby.  You can be the brokerage solution to that process and have a signboard on that alternative property promotion at the same time as your competing agents.
  2. Devote 2 or 3 hours per day to the prospecting and marketing process. There is absolutely no reason why you should be in the office sitting behind a desk unless you have a deal to negotiate or a client to meet.  The rest of the time you should be out of the office talking to new people and finding new opportunities.  That should be your focus for 2 or 3 hours per day.
  3. Make plenty of calls every day to new people. Use your mobile telephone comprehensively and directly as part of a cold calling process to people within your property market.  Make plenty of outbound calls every day, and as part of that have a focus on creating new meetings.  Make it a personal target to establish two new meetings per day with new people.
  4. Identify the best properties and the best clients. Undertake the required research of your property location and your targeted territory of listings.  Understand exactly where the best properties are located and as part of that process determine who the owners are in each case.  When you focus on the quality side of new property business and listing generation, the inbound enquiries tend to be more substantial over time.  That can then help you rise to the top of your property market as an industry specialist for the location.
  5. Ask for referral business as part of client interaction. With every positive client and prospect meeting, there is the opportunity to ask for referral business.  It is far easier to convert commercial real estate business from referrals than it is from the cold calling or direct prospecting process.  Merge the referral business process into your client and prospect interaction.  One successful contact can lead you towards many other property owners and business decision makers.

So there are some very specific things that you can do here in commercial real estate brokerage as part of boosting your personal profile and market share.  The best way to do that is by taking immediate action in your local market place, your town or your city.  Talk to plenty of people in an ongoing way.

Get our free eCourse on commercial real estate brokerage right here.

Commercial Real Estate Snapshot Podcast 216 – Prospecting and New business Tips

This is another podcast for commercial real estate agents and brokers
around the world. In this program John Highman talks about business
generation and the factors that you must understand.

The property market is quite special and John helps you relate to the
more important things that really matter as you strive to get your
business and commissions underway.

It doesn’t matter if you work in sales, leasing, or property
management, there are things to do with prospecting for new business
every day.

There are 3 ways to consider growing your real estate business, so we
have split this audio program into those factors:

1. How to determine the client opportunities of the property market
today.
2. Ways to divide up your real estate market so you can find the new
business opportunities more easily.
3. How you can choose the right marketing mechanisms for real estate
business today.

These are commercial real estate training programs for real estate
agents and brokers around the world.

 

Tips for Conditioning Your Client on the Commercial Real Estate Leasing Market

two business men in car talking
Working with clients in commercial real estate leasing.

When it comes to leasing commercial property today make sure that you understand the current market conditions, and that you convey those market conditions to your local clients, landlords, and the tenants that you serve.  Our industry is not an experiment; it is a very specific process and it is established on set investment, marketing and negotiation principles.

Help the Client Understand the Facts About Leasing

Any misunderstandings or missing information when working with tenants and landlords from a leasing perspective should be realigned to current day market conditions with clear market evidence and relevant supporting material.

Your job is to have that ‘comparable’ material available and handy solve any negotiation, listing, or leasing challenge.  Condition the people that you work with in the correct and the most professional way; use market evidence.

Your Message on Leasing?

The concept here is that you are the best person to ‘recondition’ your property market and the people that you work with; you understand the realities of the property market far better than they do.  Help your clients and prospects realize that the real market conditions are here to stay and brief them on those conditions.  Explain the prevailing market conditions comprehensively.

Gather the facts and then help the landlords and tenants that you work understand the prevailing market conditions across:

  • Rental activity – track and measure the levels of rental activity across all recent leasing transactions. Compare the differences between net and gross rentals in each case.  Understand how they relate to the location and the property type.  Provide the rental details to those that do not fully understand what is happening locally with property segments.
  • Market rentals – real market rentals are determined as a result of negotiation between willing and committed tenants and landlords. Some of those rentals will be impacted by local vacancy factors, the available competing properties, and the asking rentals applicable to each property and landlord.
  • Competing listings – where appropriate take your clients to see competing properties in the location. The visual approach will help them understand the influencing factors that impact levels of enquiry and offers.
  • Property improvements – with older properties there will be issues with the standards of property improvements. Do assessment of improvements, services, and amenities when it comes to every leasing vacancy.
  • Industry enquiry – understand where the levels of enquiry coming from today when it applies to particular locations and property types. If you are marketing effectively in an ongoing way then the enquiries coming to you should show trends and opportunities.  Every inbound call generated by a quality listing should help you understand what tenants are looking for today.  You can chart those requirements and provide recommendations to the landlords that you work with.
  • Methods of marketing – certain methods of marketing in commercial real estate will be more successful than others. A lot depends on the target market that you are chasing however choose the right marketing solutions to suit the situation, the current market conditions, and the target audience.  The Marketing Solutions that you adopt will be somewhat subject to the amount of available funds and the prevailing market conditions.  +
  • Inspection processes – some properties require specific inspection strategies allowing for the improvements, the property layout, the strengths and weaknesses of the listing itself, and the landlord. As part of every exclusive property listing process, establish the inspection processes that will feature the property correctly and directly at all times.  In a complex property, establish the track or route that you will take across floors and through common areas.

So, all of this is informational and helpful when you are working with property investors, business owners, landlords and tenants today.  Are you prepared to provide and explain all the elements of the property market to those people? Have you got all of the information to help ‘close’ on a leasing transaction?

Recondition the clients thinking and perceptions in leasing properties and premises locally.  You are the specialist to do that.

Need help with commercial real estate leasing?  Get our free eCourse here.