Why You Should Get Passionate About Commercial Real Estate Brokerage

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Enjoy Commercial Real Estate Brokerage and the opportunities presented.

It is hard to get results in anything unless you are passionate about what you do. Commercial real estate brokerage is a bit like that. There are plenty of pressures and issues to contend with in the industry, so if your ‘head’ and ‘heart’ are not firmly in the issue then it gets a whole lot harder.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Your Property Career?

If you have chosen commercial real estate as your career, then it is best to look at how you can grasp the industry and make the most out of it for your town or city.

Understand your location for what it is, and then delve into the properties and property people with gusto.   Find the best people and the best properties locally, and then position yourself for conversion and opportunity.

Look at all the available new business ‘channels’ in your location. See the property changes and the upcoming opportunities. Talk to lots of people and build the right relationships with the best people locally.

Do the Assessment

To get started with this you can do a basic assessment of the following:

  • Your competition brokers and agents
  • The property types available
  • The growth and changes in the business community
  • Investor activity locally
  • What the people in the property market are looking for
  • The growth of the city
  • Changes to infrastructure and roads
  • The major industries for the area
  • The trends of commercial property over the last few years
  • Your current property skills and knowledge of the local area
  • The resources that you have at your disposal

When you look into these things, you can see where the property opportunities will be. Positioning for opportunities then becomes a strategic and planned process, and you will need a plan to build the business around you. Here are some ideas to help with that:

  1. Property differences – There are real differences in listings locally. The best listings are likely to be those that are well positioned, or those with a quality tenant mix and or an improving income stream. Understand where the ‘quality’ properties are. Look at the property market from a buyers or investors perspective.
  2. Learn from the best – When you look at your competitors you will see some strengths and weaknesses. Why are the top agents so successful? See their skills for the advantages that those skills create. Can you replicate those skills? Can you put your ‘twist’ on their property process to stand out as a better agent or broker?
  3. What should you specialize on? – Look at the property types locally and choose to work on the ones that you understand, and those that have a future for you. There is no point specializing in something that has limited sale, leasing, or property management potential.

When you take and work on these three simple ideas, you can see what you can do with your commercial real estate business plan as an agent or broker.

The industry offers great opportunity for those that can see where they are headed, and then improve their approach in a regular and ongoing way. Skill improvement and knowledge will help you get further traction in your location as the agent or broker that people need and want.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

The Importance of a Winning Mindset in Commercial Real Estate Brokerage

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Commercial real estate training MP3

In commercial real estate today, there are all types of challenges to work with and through.  Clients, listings, and negotiations are usually not what you expect.   The bigger picture of the deal or the negotiation can change when you lease expect it.

The key to moving through some of these problems will be in be in  personal mindset and focus.  Confidence starts to grow when you feel under control in your real estate business with a decent market share.

Here are some notes on MP3 audio about the importance of developing a Winning Mindset as you strive to attract more clients and listings in the coming year ahead.

 

 

How to Put More Marketing Suspense into Your Commercial Real Estate Marketing

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Time and strengthen your commercial real estate marketing with strategy.

In commercial real estate brokerage today every exclusive listing should be part of a staged marketing campaign. In other words, the listing and the advertising should be shaped and released strategically.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

In a staged marketing campaign, you can create significant market suspense and better inquiry. Avoid being ordinary when it comes to commercial real estate marketing and advertising. Stage every exclusive campaign so that you can pull in more inquiry over the duration of the promotion.

Strategy is Everything in Marketing

So there is a strategy here. Every advert builds towards the next promotional message; every advert leads to the next advert releasing more information and enticing the tenant or buyer to make an inquiry. Here are some ideas to help you do that with commercial real estate listings:

  1. A typical marketing campaign for an exclusive listing will be structured over a period of two or three months. Over the nominated time the advert should feature alternative copy and a good selection of professional photographs. Every 30 days the advertising copy should change as would the digital images. In that way you are attracting different levels of inquiry, and hopefully better interest. You are making people think about the listing and the advantages of inspecting the property.
  2. A timed campaign such as that for an auction or expressions of interest, will have a shorter campaign duration of around 4 to 6 weeks. The same strategic process applies in that the advert should be staged and shaped for different times within the campaign. You have a beginning, a main promotion, and then a summary reminder to the property listing or release. You see this process quite often with project sales and leasing. The same rules apply with investment property promotions or vacant properties for owner occupation.
  3. You can consider the different target markets that apply to the particular property listing. When you have identified the different target markets, you can specifically design adverts for special release. Those efforts can be released into the media channels and newspapers serving the chosen target markets.
  4. You can mix and match your advertising through different media outlets and types. Consider using preliminary adverts to be followed by the major adverts, and then to be followed up by smaller summary advertising at the end of the campaign.
  5. The first two weeks of a property release are quite important to make sure that you have the promotional strategy correctly balance during that time. The first two weeks of every campaign are the real foundation and will be critical to the momentum of promotion from that point onward. The advertising should be carefully crafted to create maximum levels of interest and inbound telephone calls. Use facts and figures together with a good balance of written content and digital images to do just that.
  6. Always track your advertising results through levels of inquiry, inbound calls, hits or clicks on the Internet, website referrals, website hits, and property inspections. In that way you can understand where the results are converting through the different elements of your marketing campaign. When you know what works, you can repeat the process.

So the idea here is that you can dedicate more focus into the exclusive listings that you have and the marketing processes that you adopt.

You can create variations in the marketing campaign so that the inquiry rate can be optimized and shaped over time. Soon you will know how to best approach the promotion of a particular property type in your local area.

How to Sweep Aside the Competition in Commercial Real Estate Brokerage

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Know your commercial real estate competitors and then do something about them.

Make no mistake, the commercial real estate industry can be intensely competitive in so many different ways. That being said, most agents and brokers are typically ordinary when it comes to client contact and prospecting activities.

The best agents can usually push through the clutter and the competition through deliberate effort and a focus on new business generation.  They know the things that really matter.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

The fact of the matter is that new business growth and opportunity over time should be a central part of your business model for your location and your property type. Make sure that you have a specific prospecting model that drills into the investors and businesses in your location on a daily basis.

Here are some ideas to help you sweep aside the competition as you work towards more listings and an increase in sales and leasing transaction activity:

  1. Ignore peer pressure and innuendo. There are too many so called ‘experts’ in the industry many of whom are quite average when it comes to business performance. Everything that you do and achieve in your individual real estate business is self-generated and has nothing to do with anyone else. If you deliberately ignore the other average agents around you, you can soon get traction within your own market share; build your confidence accordingly. You can then assess your own progress and opportunity. Judge the market yourself and understand with the market is heading for you. Make your adjustments based on personal experience and personal effort.
  2. Be yourself and improve yourself. Understand your skills for what they are and how they can help you grow your real estate business with both listings and clients. Improve your strengths through practice and knowledge development. Any weaknesses can be removed through personal training and personal development.
  3. It is best if you can specialize in a combination of specific services such as sales and leasing, or property management and leasing. There are distinct linkages between those services that will give you more business over time.
  4. Know where you are headed in the industry and the location. Establish a business plan that deliberately focuses you into a specialized property type and a specific location. Beyond that point you can drill down into various strategies of personal marketing, database growth, and client contact. You need to be the best choice as an agent or broker when it comes to property activity locally, so that strategy needs to be at the centre of your business model. Understand your competitors for who they are and what they do. You can then differentiate yourself appropriately for the location, for the client base, and for the predictable changes in the property market.

The message here is that you can specifically focus your commercial real estate business for better results over time. It is a personal skill and it is a personal strategy.

Understand exactly where you want to go when it comes to property market activity, income, and market share. Develop your commercial real estate business through personal and deliberate efforts.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

How to Create Successful Client Contact Systems in Commercial Real Estate Brokerage

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Understand your business clients in commercial property locally.

In commercial real estate brokerage, the contact cycles that you create with your clients and prospects will help or hinder you when it comes to business opportunity and growth.

The creation and the management of your database is a very special process requiring a commitment of time and a commitment of skill development.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

What do you need to do?

Essentially you need or will want to establish regular ongoing contact activities into the same group of people within your database. Frequency of contact is really important.

You want these qualified people to remember you when it comes to property changes and opportunities. Frequency of contact will help position you as a relevant local commercial real estate broker or agent.

So who do you have in your database?

To get into your database, those specially selected people would have been contacted and qualified. That is something you need to control and optimize over time.

Your prospecting model should reach out every day into groups of new people, new segments, and new locations. Some people will drop out of your database for various reasons. They need to be replaced.

Establish your contact system

That specific contact process needs to be relevant for the location and direct to the right people; it is a personal thing that you merge into your business model.

Some people in your database will need to have regular ongoing updates relating to the local area; other people will only reach a level of property activity and change a few times in a business life-cycle or lifetime.

Recognize that some of the relationships you create will take years to come to fruition. Be prepared to stay there for the entire time with the property people that you have qualified correctly and specifically.

Who needs you?

There will always be property people needing help in your location and within particular property types. On that basis you need to be there at the right time with the right information, and you want them to remember you at that particular time. That is why your contact system is so important, and the frequency of contact should be ongoing.

How do you do this?

So what can you do here with this important issue? Repeat the contact process with everyone in your database at least once every 90 days.

Segment those people into property types, locations, categories, timing factors, and property capability. Divide your client contact list logically and specifically for the location.

Implement your client contact through three simple strategies:

  1. Review your local area for expansion and change. Certain streets and certain suburbs will have more property related churn and opportunity. Some of those streets and suburbs will be more popular than others. You are looking for the best properties in the best locations.
  2. Identify the owners of the local quality properties and quality buildings. That research will get complicated, and the information required will be detailed. It takes time to research the specific property ownership details for buildings and or locations. Start with a list of targeted properties and gradually work through the list over time. It is realistic to research two or three property owners per day in an ongoing way. Gradually you will get through the list. As part of that you will build relationships with the right people at a personal level. That is how our industry works.
  3. Always ask for referrals and leads. The relationships that you establish with fresh contacts and new people locally can be expanded through a simple referral business strategy. Through any meeting, transaction, listing, or telephone call, there will be the opportunity for you to ask the question about referrals to other people and businesses. A simple question can take you to the next opportunity and business relationship.

So there are three simple things here for you to merge into your client contact process and prospecting model. Get involved in a relevant way with the people in your marketplace. Show your professional skills and levels of knowledge at each and every opportunity.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

How to Segment and Grow Your Commercial Real Estate Business

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Segment your commercial property zones.

In commercial real estate brokerage today it is easy to get diverted and distracted when it comes to local area coverage and property specialty. It is wise for you to consider a process of systematization and segmentation that allows for you to determine the priority property types and priority locations that will drive a better commission return and client list.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Often you hear of inexperienced agents and brokers taking on a listing that can best be described as low grade or of poor quality; it may be the leasing of the corner shop, or the sale of a redundant property in a below average location. Yes, there are commissions to be had but the commissions are hard to achieve. Don’t make your real estate business too hard or too difficult.

Poor quality listings create little enquiry. They stay on the market too long, and they can potentially waste a lot of time and resources for any broker or agent. Steer clear of these low grade listings and clients. Focus into the better properties and the better locations.

Focus your resources correctly

Certainly everything will sell or lease in most property markets at any time, but the degree of work required in processing a low grade sale or lease can be significant, and those smaller poor quality transactions can take a lot of time and resources.

Typically, you can waste a lot of time in marketing and promoting a poor quality property; the end result will leave you poorer, with a smaller commission and a low quality client. Size really does matter when it comes to commercial real estate brokerage listings and commissions.

So what do you do here?

You need to remember and know where the better quality properties and listing opportunities are located in your town or city and particularly your territory. Focus your prospecting activities accordingly. Always bias your new business focus towards the best properties and the best locations. Quality should feature in your listing bank. Stay away from the listings and the clients that can waste your time.

Do the local assessments

Assess your property market and any potential transaction on the basis of size, location, and income. Remember where you can find the better deals and the better commissions per transaction; focus your prospecting efforts accordingly.

It is a known fact that you will always get more inquiry from a good quality listing. A small number of good quality listings in prime locations will always create more activity and inquiry for you than say 50 open ‘ordinary class’ listings. When you have the inquiry, you can generate the inspections and potentially the negotiations.

Link your transactions and relationships

Everything is linked in commercial real estate brokerage, and the best transactions start from the basis of quality first and foremost. Market yourself in and around quality listings and quality clients.

Be the best solution available when it comes to taking a prime property to the market locally. Make sure those clients and property owners remember you at the right time with their high quality property and its challenge.

Here are some ideas to help you segment your property list and property opportunities:

  1. Every good quality property listing should be exclusively listed. There is no other way to optimize inquiry and price (or rent) when it comes to a prime property in a top location. The exclusivity process allows you to delve into the objectives of the client, the targeted market, and the marketing strategy. In that way you can open up the inquiry base and the inspection potential a lot faster than any open listing situation may provide. You can also optimize the price or the rent as the case may be.
  2. Split your territory or property zone into priority streets and priority buildings. You can then focus your research and your prospecting efforts into those identified opportunities. Get your signboards onto the best properties in the best locations. The exclusivity process will allow your signboard to stand out as real and relevant to the local businesses and property investors.
  3. As you talk to more people in the local area, you will identify successful property developers and active property investors of high value. Generally, these groups will act on a property opportunity if the elements are appropriate and well timed; the direct contact process works well with these groups so take the time to understand who they are and where you can locate them. As high net worth individuals they will wait for the next good property listing to reach the market. Stay in contact so that you can convey the property details directly and confidentially when they are available. An off market property transaction will always be possible if you know the right people in the right way.

So there are some good things that you can do here to find better levels of business activity in commercial real estate brokerage. Develop the system that works for you and segment your property market accordingly. Desperate yourself too far when it comes to property research and prospecting.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

How to Earn Easier Commissions in Commercial Real Estate Brokerage

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Step up in your commercial real estate business.

Commissions get easier in commercial real estate when you understand that one single listing or one deal can easily be used as the foundation for other things and particularly opportunities.   That’s when you can refine your actions and focus.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Take your single client, listing, or transaction and open up the opportunities that exist around you.

Need some more real estate business?

Here are the facts and some valuable ideas:

  • A good listing in any location can be the basis of making lots of calls to property owners in your town or city. Talk about your listings with the local people.
  • A signboard that you place on a property will be the foundation of connecting with nearby business owners and property owners. A signboard is a great business tool and will give you conversational leverage locally.
  • A quality property listing will (or should) be the origin of a door knocking program in your business precincts or territory. Get into your local area and talk to people about your listing stock.
  • Every time you get a call from an advertisement, ask the person calling you about what they have seen locally. They may have looked at other properties and therefore be an active buyer or tenant.
  • When you hold a property inspection, get the fuller perspective from the inspecting party about where they are now, what they are doing, where they want to be with their property needs, and when they have to do something. Ask good questions and make lots of notes.
  • List exclusively so that you can control your listing stock. Some agents just take on open listings for the sake of having a property on their books.  Whilst I can understand the basic idea, open listings give you little leverage and ability to grow your market share.  Exclusivity is the only thing with listing that will help you build your real estate business.
  • Know the market locally. Your comprehensive awareness of the listings, deals, negotiations, and time on market will help you through any client conversation and listing process.  Be prepared to quote the facts.
  • Build on your successes and tell the ‘world’. When you have done a deal, get the message out to your location, your database, and your clients.  Let people know that you are the person that has created a result.  Encourage them to talk to you and discuss what happened.
  • Look for referrals in each contact and relationship. Use the power of referral business to grow your database with ‘warm contacts’.   It is very easy to open a new opportunity from the basis of a referral.

This list is just the start of the process, and particularly so when you look at all the opportunities that are around you.

Every conversation, every lead, and client relationship can be expanded into something else.  Ask and you shall receive.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)