How to Get to Know Your Commercial Property Market Deeply

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Commercial Real Estate Brokerage Audio

In every town or city there are things that you can find that relate to commercial property sales, leasing, or property management.  You can get plenty of leads if you drill down into the location.  Meet people and ask questions.   A good conversation will take you closer to a property activity.

Having a good database will always help with new business generation.  For the new people in the industry, the priority to establish a good database is high.  Three to six months of effort will usually get a contact list established; from that point on it is a matter of keeping the data fresh and accurate.

To help my friends in the industry get established and stay on top of the right market trends, this audio will probably help.  It talks about who you should know and why that should be done.  Enjoy.

The Many Different Ways to Build Your Commercial Real Estate Network Faster

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There are significant differences between commercial property and residential property. One of the biggest differences will be the types of people that you will be or are working with. You will find that the people transacting commercial real estate today are largely from the business sectors or the investment community locally.  They have different motivators and decision facilities.

(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)

So what is the message?

The emphasis here is local. Get to know your local property market and the people that occupy or transact property within it. There will be plenty of people in your town or city to connect with over time ‘commercially’ if you have a good look into the businesses and the investors locally.  You can build long-term relationships in the right way, hence providing the right services.

What are your services and how do you sell into them?

You may provide investment sales services, leasing services, or property management solutions. That being said there are some very special services that you can implement within each of the three disciplines mentioned.  Here are some ideas to help across property management and also leasing.

Example of property management services

Take for example commercial property management as a business process and professional service. Here are some very specialized sub-activities within the asset and property management business:

  • income analysis and optimization
  • expenditure controls and budgeting
  • maintenance planning and routines for asset performance
  • tenancy mix planning and optimization
  • lease controls and administration
  • arrears minimization
  • vacancy marketing and property leasing
  • tenant selection and placement
  • the performance of an investment property within a larger portfolio
  • make good controls and lease compliance at lease end

So there are a number of things that you can do here when it comes to professional property management services. Given the types of buildings that you work with, there are some unique and valuable skills that can be applied across the disciplines mentioned.

Look at how you can provide some very special sub-set skills to the top clients and the active clients in your location. Always choose your best clients and properties with a bias towards quality and size. In that way any listing activity or property challenge will have a reasonable chance of fast resolve and marketing momentum.

What about leasing services?

So let’s look at leasing services as well.   If you are recognized as a leasing expert for a location, then you should have a number of specific solutions to locate and provide tenants to any vacancy problems that local landlords will be experiencing.

The place to start here is with your database. The size of your database in commercial real estate leasing will be indirect co-relation to the opportunities that you can create from the property leasing market. You simply have to know a lot of tenants within business segments and property precincts. That will then give you the ‘edge’ when it comes to working with landlords and vacancy challenges.

As a specialist in local property leasing, you should be able to provide a variety of services similar to the following:

  • an opinion of market rental relative to the location
  • tenant advocacy services for larger businesses
  • a selection of ideas to market any vacant property at any time
  • a clearer understanding of how property incentives should be shaped for the particular vacancy
  • marketing solutions to connect the vacant property to the right target audience
  • a solid awareness of leasing documentation that applies to commercial real estate leasing today
  • some real strategies behind rental establishment an escalation over time
  • ways to improve the property investment and the net income from a base of leasing activity

So there are some good things that you can do here as a specialist in commercial real estate leasing. Understand what is happening in your local market today when it comes to vacancies, tenant activity, and landlord pressures.  Take action with the market evidence you are seeing.

Match your professional skills into the momentum of the market and the trends of the time. You can choose to work with landlords, tenants, or business owners. Note that you can also work for property developers at the right time if the prevailing market conditions are right.

The take home message?

So the message here is that you should make the right choices when it comes to your property market and the specialist services that you provide. Look deeply into the needs of your clients as they address their property challenges. Look at the ways that you can provide specialist high-end real estate services to the right people in the right way.

Get to know your clients at each and every opportunity. Be prepared to take a property solution or option to your clients before they even know that they have a potential need or issue on the horizon. Be pro-active as a property specialist; that’s what top agents do.

A Property Vacancy is a Real Opportunity in Commercial Real Estate Brokerage

 

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Look for the vacant properties in your local area, you will find leverage in working for those landlords.  They will be highly motivated to fill the vacancy and listen to you as you make recommendations about property market conditions.

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

In this audio I talk about how you can do more with vacancies and how your professional services should be positioned within that.  One other special note here is that your database in leasing will give you massive momentum if you structure it and grow it over time.  In the audio program I talk about how you can use that to build leasing leverage.

Proven Strategies to Sweep Aside the Competition in Commercial Real Estate Brokerage

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Get deeper into your property market.

In commercial real estate brokerage, you really do need to know how to work through and around the competition when it comes to listing conversions, and property marketing activities.

(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)

Fact

You cannot be generic when it comes to working with your client’s properties and the listing activities locally. You need some specific strategies to stand out as the agent of choice in a relevant way above the other competing agents in the location.

Look local

In most towns or cities there are always degrees of competition coming from the other agents locally to interfere with listing conversion and listing retention. It is always better to find the listing off market before any other agents locate it. You can then design your marketing strategy accordingly.

So have a serious look at your prospecting activities first and foremost. Understand what you’re doing when it comes to connecting with the right people, researching the levels of property activity locally, and drilling down into the business community to help them when it comes to relocation, property change, and property acquisition.

Most of the results you get in the property industry today will come from your personal efforts and one-on-one contact. You will need a plan to achieve that. Everything else is a factor of luck in the industry, and luck really doesn’t work when it comes to commercial real estate brokerage over time.

What’s your plan?

Establish your plan to help you find the new business opportunities or leads from the market segments, the property types, and the clients that you really want to work with. Make the right choices and then drill down into those segments deliberately and directly.

So some questions here……  Do you know your targets in the industry today? You understand exactly where you are headed and how you will achieve the momentum required?

Here are some specific ideas to help you with brushing aside the impact of your competitors in today’s property market:

  • Stop listening to your peers in the industry. There are plenty of people who will flood your thinking and activities with negative comments and unnecessary observations. Master your own property market through your own observations and experiences. Learn from the best, but ignore the average agents in the area that may be simply seeking to support their own poor performance through irrelevant reasons and market observations.
  • Fast track your listing opportunities through a cold calling model and business process. Make plenty of calls each day into the local business community. Some of those business owners will be tenants whilst others will be owner occupiers. A simple telephone call will help you understand who the business owners are that need help when it comes to property change, relocation, or upgrade. A professional cold calling process will help you drill down into the requirements of property investors and business owners.
  • Through regular ongoing research, develop various packages of market evidence that you can call on when it comes to many conversation, meeting, or presentation. A simple chart, checklist, advertising campaign, or set of photographs can help you grow a conversation into real listing momentum.
  • Be yourself and improve yourself as an industry professional. You cannot reinvent the wheel when it comes to your personal character and business history. You can however improve your presentation and your presentation skills to deal with property types and the clients in your town or city. You can never really know enough about business communication today, so start practicing at each and every opportunity. Learn how to put the right words and phrases to well selected resources and presentation material. Be prepared to show the client exactly how you are the best solution for the location and their property challenge.
  • Understand exactly where you are headed when it comes to new business opportunity and listing activity. You will need to use a business plan as part of that process, and that business plan should be structured on real market evidence that you have research over time. Look at the location and assess the property activity for the last few years. Understand where you can fit into the predictable property churn and activity as an industry professional in each and every way.

So there are some things to do here as part of positioning yourself as an industry professional. Take your business to the next level through deliberate ongoing daily activity. Most of your competitors will be rather ordinary when it comes to marketing, client contact, and competition.

Simple changes

A few small changes in your business focus and local market evidence will help you convert client to accept your professional services at the right time in the right way.

(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 Set the Right Priorities in Commercial Real Estate Brokerage

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There are certain things that you can and can’t do in commercial real estate brokerage. One of the most important things you can’t do is waste your time.

(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)

There are many different pressures influencing your business day when it comes to client contact, meetings, and negotiations. Somewhere between all of those three key activities you will need to be doing some marketing and some prospecting.

Stay Focused

So you simply cannot waste your time in any way or form as it is the most valuable resource that you have. Your activities generate leads and commissions over time; there is a special equation to monitor here about how new business can grow through your personal effort.

When you put the right effort in, you get some real momentum with tenants, landlords, sellers, and buyers. They are all out there in the local property market, thinking about how they can do things and solve property problems.

The Right Priorities and Facts

Here are some specific ideas to help you keep your business day under control as best possible. See how you can work with these ideas:

  • Control your diary electronically across a number of cloud-based platforms. You should be able to access your diary on your mobile telephone, your computer, and your tablet. Make sure that everything synchronizes between your electronic devices.
  • Don’t let any other person in the office make appointments for you whilst you are out on other appointments or business activities. Your time management priorities will not be the same as other people when it comes to meetings, negotiations, and client contact.
  • Start the day in prospecting mode for at least three hours. It is a specific business discipline that will help you connect with new business opportunities in the local area. Use the first three hours of every working day talking to new people through door-knocking, cold calling, and direct meetings or marketing.
  • It takes about 3 to 6 months to drive reasonable level of business activity and market share. Every day during that period you will need to talk to new people and create new levels of professional service. Eventually the new business opportunities will be generated from your deliberate and direct efforts of prospecting. When the new business starts to come in, continue prospecting as part of a professional time management business model. You simply cannot stop prospecting for new business.
  • When you have a negotiation to complete or a deal to negotiate, that may take specific priority at the start of the day. That should be the only reason for you to divert your prospecting activities to another time later in the day. I go back to the point that you should not overlook the requirement to prospect for new business on a daily basis.

Look for the reciprocal value in the things that you do each day with marketing, clients, inspections, and transactions. There will be opportunities for referral and lead generation through many of the relationships that you will already have. Ask the right questions at the right time.

 Delve Deeply

Look into the existing situations that apply to your client list and property list. There will be factors of change and pressures from other listings locally. Top agents tend to look at the marketplace with a broad view to identifying change and property churn.

The business owners and the prospects or clients that you work with will have pressures and relationships that can open new transaction opportunities for you. Remember to ask the right questions at the right time.

(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 Great Advantages of Geographic Marketing in Commercial Real Estate Brokerage

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Know the commercial real estate landscape in your town or city in both sales and leasing.

In commercial real estate brokerage, the best way to structure and implement a marketing program is to comprehensively cover a geographic location in many different ways. Don’t make the error of working with too many properties over a large location.

(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)

Drill down into smaller location with a greater level of coverage and connection. Get to know all of the property owners within a small location; the same principles apply when it comes to.

What Can You Do?

So there are two directions to consider when it comes to establishing a specific marketing program to help you win listings and client opportunities. You will always need to know plenty of clients and prospects as part of your database coverage. You also need to know the property owners by location, Street, and building type.

The research that you undertake will help you find the right people to make those very important connections. That research can take time given that some people are harder to locate and connect with.

Diligence and drive will get you through the research process. Remain on task and highly organized as you question the property ownership records and the businesses locally.

Its all Geographical

So the geographic marketing process has a valuable role to play in commercial real estate brokerage in every town or city.

Here are some ideas to help you establish the system and find the opportunities:

  • Understand the property activities in your location. Some precincts will be more desirable than others for business occupancy and investment property. Determine where those locations are, and then drill down into the ownership and occupancy factors. The property precincts will also have trends that are essential to know when it comes to prices and rentals. Look at how the transaction results have been changing over time. Local market information and intelligence will always help you as part of your prospecting model.
  • Set specific criteria when it comes to targeted properties and targeted clients. Try to focus on the best clients and the best properties so that the level of quality that you create with your listings is always desirable to the market generally. When you have a good quality property to work with from sales or leasing perspective, take the property listing personally to the location and talk to plenty of property owners and local business owners. Every property listing can give you plenty of reasons to talk to people in the location.
  • Look at a map for your location and the positioning of roads and freeways. Understand how people move in and around the city when it comes to business activities. You can set a primary zone of prospecting where most of your business will be identified and created. Outside of that zone will be the secondary zone of prospecting where you may still be comfortable in taking listings, although you may not be highly active in prospecting through that region. When you compare the two zones, you will need about 2000 or 3000 properties in the primary zone to generate plenty of property churn and opportunity. That number can also be varied based on the number of businesses and also the property types that you focus on for the region. When you set the primary zone of prospecting activity, consider those specific elements.
  • Undertake an assessment of other listings and competitors in your primary zone of prospecting. When considering the competing brokers and agents, look at why they are currently active and what property types they specialize on. Are there segments of the market that you can service more successfully? Can you do things more comprehensively than your competitors locally?
  • When it comes to property marketing you really do need to stand out in a relevant and real way to the local business owners and the property investors. Your marketing has to be of the highest quality to be seen and to activate the levels of inquiry that you need. Every high-quality property should be the subject of a well-staged marketing campaign. Every exclusive listing should be taken through that process.

So there are some valuable ideas here to implement when it comes to geographic marketing. As the local commercial real estate broker or agent, it is your job to connect with the right people in a comprehensive way. As you focus down into a specific area, you can find those prospects and clients more frequently and successfully.

(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)

 

Postioning Your Commercial Real Estate Brokerage for Results

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Know your brokerage position in the local property market.

In commercial real estate brokerage, it is wise to understand the strengths and weaknesses of your business and its position relative to the competition in the local area. In simple terms you have to stand out in some way or form as a top agent working in a brokerage of choice.

(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)

Without those points of difference and that position, it can be very difficult to attract the right levels of new business and convert more commissions over time.

Its Strategic

So the positioning process is a strategy and it should be a big part of your annual planning process in commercial property. It’s essential to get the facts about your business and what is happening around you by comparison.

How can you improve your real estate business if you don’t know its position in the local area? Your real estate ‘strengths’ have to be there as a support in your marketing and client contact processes.

Key Questions?

Consider these questions:

  • Who are your competitors in the town or city that you cover?
  • Where are they located when compared to your broker location?
  • How do you compare from a real estate services and coverage perspective?
  • Why should someone do business with you now or in the future?
  • What is your core business type when you look at listings and location?
  • Why would someone come back to you and give you more real estate business?

You can see that these questions drive some very specific answers. They make you consider where you are today and what you have been doing as a broker or agent locally.

The Facts?

Let’s face the facts here, there is no point in being ‘ordinary’ in our industry; there are just too many other competing brokers and agents around. If you want to be ‘good’ in the eyes of the client or the customers out there, then some real ‘positioning’ is required.

Here are some ideas to help with this process:

  1. SERVICES: Given the property services that you can provide, what are the most professional from a client perspective? Consider specialised services that take the real estate business to a new level such as tenant mix strategies, resolving vacancy problems, improving property values over time, or resolving lease weaknesses in an asset. Take your services and shape them into the ‘value statement’ that applies to the clients that you serve.
  2. PEOPLE: Some of the people in your real estate team will have real skills that can be applied at a higher level to the properties locally. Consider your mixing and matching of property services across sales, leasing, and property management. Use the fuller skills of the team.
  3. GEOGRAPHICAL AND PROPERTY FOCUS: You cannot be the ‘expert’ across all property groups locally; it’s just too hard to know everything at a reasonable level. To really drive some new business opportunities, select the property types and the locations that will give you a solid feed of new listings and clients over time.

These 3 simple strategies will help you move to the next level of real estate opportunity, and position yourself as the expert in commercial property that the local property market and your client base really requires.

Your Choices?

Make the right ‘positioning’ choices and drive some personal marketing accordingly. Don’t be ordinary in what you do and say in client contact and direct marketing. Show the real estate world in your town or city that you are the right person that is needed to drive through the client’s property challenge in a timely and direct way.