Are you prepared to answer the most common questions in commercial real estate brokerage? The answers that you provide to those questions will make or break your listing opportunities or deal momentum.
The property market is constantly changing, and the questions that people put to you will be largely a reflection of market conditions and pressures.
Location Trends
Commercial property trends are unique in every city and precinct or location. Understand what is happening and why that is the case.
It is a good idea to track the questions and issues that occur in local area marketing. It is also a good idea to prepare for the responses that you can and do give through personal role playing and practice. You can do that each week in your team meetings.
Understand the circumstances of the property market in your area, and the predicaments that people face as buyers, sellers, tenants, and landlords.
Shape your services and responses on current and predictable market conditions. See what is happening in the location and move on the signs and facts that provide momentum.
Typical Questions
Here are the typical questions that you will get in today’s property market with the people that you work with and those that need your help.
The client may not specifically ask you the questions directly, but they will certainly be thinking about them.
So clearly provide your answers regardless of communication circumstances.
How will you answer these questions when working with clients and customers and their property challenges?
- What price (or rent) can you get me? – use comparable market information to provide evidence from the location as a series of refutable facts.
- Who will buy (lease) the property? – develop a clear target market statement that you can feed into your client meetings and contact processes. Help them see the target market of tenants or buyers that you are chasing.
- How will you market the property? – use a number of special marketing approaches and campaigns to take things forward. Provide samples of marketing and property promotion that you think are important and significant to getting a result for the client.
- What is the target market? – give evidence on why you have chosen a particular targeted segment. Use locally based material to support your ideas. Get to the point on why you have chosen certain segments of the market to buy or lease the property.
- How much will this all cost me? – to convert a client to accept your commission calculations and marketing contributions, you will require a good degree of practice and some relevant positioning statements.
- What is happening in the local area? – use case studies to show the client what is happening in the location. Focus on the results obtained with similar property types.
- When is the best time to take the property to the market? – there will be better times of year to market a property for sale or lease. Have your reasons and your facts to support that.
- Why should I use your services? – your services have to be special. Give reasons why that is the case.
- Why should I give you marketing money? – you will require a vendor paid marketing contribution for the campaign to achieve momentum and effectiveness. Have your answers ready on this one, and also some alternatives of marketing.
- What can you do for me? – tell the client exactly why you will do a better job in marketing, and negotiating on their property challenge.
- How long will it take you to get a result? – based on industry trends and enquiry results, have a selection of time on market factors to talk about. Case studies from the location will help get you there.
Be prepared to answer the right questions in commercial real estate brokerage. The depth and the quality of your answers will help you convert more real estate business. Top agents do that all the 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)
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