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Get Permanent Results with the Commercial Real Estate Brokerage Fundamentals

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In commercial real estate brokerage, you can do plenty of things to grow your market share and your client list. That being said, you can also do far too many things and lose focus.

It is always best to remain diligent and persistent at a personal level to a few special processes that can drive your business forward.  (NB – you can get our free commercial real estate course here)

 

Simple is Good

 

Keep your business and your efforts simple and direct; that’s the secret to getting anywhere in the industry.  Action is very powerful if it is deliberately directed into the things that really matter; they are usually clients, properties, marketing, inspections, and negotiations.  Nothing else has priority in our industry.

 

So what are the things that really matter in the industry, and what are the fundamentals to take you forward? Put yourself into your property business and market yourself accordingly.

Each and every working day, connect with new people, qualify them for the location and their interest in property, and then stay connected for the longer term.  Put yourself into the property market; the relationships that you build are really important in so many different ways.

 

Use the Marketing Tools Available

 

Use the different tools of communication that you have available both online and off-line so that you can grow a profile of professionalism and market coverage. Most agents and brokers take an ordinary approach to communication today; you can do better than that. Use the marketing tools that are available at your fingertips and within your brokerage.

 

You are the point of difference that can drive more real estate opportunity over time. There are plenty of other agents and brokers in the location all chasing the same properties and clients. Your relevance and professionalism will be the factors of importance to take you forward as a top agent or broker.

 

Be Different but Relevant

 

Build some points of difference into your professional services, so that you can stand out as the agent of choice for the location. The clients that we serve understand the value of a highly skilled agent or broker with deep and meaningful market coverage. Clients will usually choose their agent or broker on that basis.

 

Here are some ideas to help you build your business from the essential and required fundamentals:

 

  1. Database growth – at a personal level, you should be building your database each and every day. You cannot and should not delegate the process. Talk to new and fresh people as part of your prospecting model, and then into the detail into your database records. Build your business on local area information and personal contact.
  2. Local area marketing – become a specialist for the location and market every exclusive listing comprehensively on that basis. When you have some listings to work with, you have plenty of reasons to talk to other people in a meaningful way. Use your listings to open the doors of opportunity and communication across the local area.
  3. Connecting with people – there are always plenty of people to connect with locally across the different industry segments. Deliberately research and communicate with business owners, investors, tenants, and property developers. The process of research takes time and effort, so you will need a segment of your day devoted to the required research.
  4. Understanding the property market – look at the factors of change in your area with a focus on listings, prices, and rentals. Understand the future supply and demand for the location, and also track the levels of inquiry for the area.
  5. Refining your professional skills – certain skills are more important than others in commercial real estate today. Put some real effort into marketing, presentation skills, and listing skills, so that you can move most of your listings to negotiation and closure. Every broker and agent should be practicing their skills in a regular and ongoing way. The industry is competitive, and yet the rewards are many. Position yourself for the best properties and the best clients through constant and ongoing practice.
  6. Building your relevance for the location – the clients that you serve understand the value of a top agent who understands the area and the property types. Build your relevance for the location so that you understand the streets, the buildings, and the levels of recent inquiry. When you understand what is happening locally, you can convert your listings more successfully and directly. Exclusivity is also a lot easier when you understand your location in a comprehensive way.
  7. Marketing properties – the properties that we list today can be promoted comprehensively both online and off-line. Look at the tools available to you when it comes to marketing, and then match those tools into the best methods of sale or lease as the case may be.

 

A successful transaction will usually be the end result of a carefully constructed marketing campaign directed at a target audience. That strategy requires effort and money. Always seek vendor paid marketing funds as part of your listing processes.

 

So the message here is that you cannot and should not complicate your real estate business as a broker or an agent. Simplify your prospecting and client contact processes. Market yourself deeply into a location as the industry specialist that the people are looking for.

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Commercial Real Estate Brokers – Refresh and Rehabilitate Old Listings

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In commercial real estate brokerage, you will  always have some listings that just do not move or create the enquiry expected.  That can usually be for any of a combination of reasons such as:

  • Market conditions
  • Competing properties
  • Lack of targeted enquiry
  • Seasonal market pressures
  • Price or rent over market

Those listings invariably stay on the market for a long time; they have to be re-positioned and or rehabilitated. The client should be part of that process.  Ultimately the client wants a result. (NB – you can get our specialized commercial real estate broker course right here)

Those clients that fail to adjust to market circumstances deserve what they get (or fail to get).  The best clients will always listen to market circumstances and allow their agent to refresh the property and push on with other marketing and pricing ideas.

A Brokers Job

Our job is to match the strengths of the property listing into the market conditions and make things happen.  It is also our job to resolve the weaknesses that may be present in the property so results can happen with inquiries, inspections, or offers.  There are some real skills to be tuned and developed there.

In this audio program, John Highman talks about the ways that you can and should approach those difficult commercial property listings to get better results.

 

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You Can Profit From Better Clients and Listings in Commercial Real Estate Brokerage

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Some clients are better than others in commercial real estate today.  Make the right choices when it comes to working with different people and property situations. (NB – you can get our free commercial real estate training program right here)

So what can you do here with this idea?  Try some of these ideas:

  • Look for the better properties in your region and research the owners
  • Understand what tenants and buyers are looking for by way of location and property improvements
  • Understand what is happening with supply and demand in your region.

In all towns or cities the property market will be changing, so look at the indicators and adjust your client and property marketing systems accordingly.

In this audio program, John Highman talks about how you can profit or generate more commissions from the better clients and properties.

 

 

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Negotiation Management Strategies in Commercial Real Estate Brokerage

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In commercial real estate brokerage, be that in sales or leasing, we come across plenty of different people and property situations.   Some commonalities will exist in prevailing market circumstances.  (NB – you can get our free commercial real estate brokerage course right here)

Great agents are top negotiators and will have had plenty of exposure to many situations.  They know how to position the property challenge for offer and acceptance under the pressures of the moment.

In your brokerage, there will be common property challenges that most agents and brokers are experiencing with sellers, tenants, landlords, and buyers.  I always see it as valuable and worthwhile for those issues to be shared across the team and for practice or role play sessions to occur.  ‘Practice makes perfect’ as they say.

You can never know too much about market situations and conditions.

In this audio program, John Highman, Commercial Real Estate Coach talks about the factors that you need to control in property negotations today.

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Commercial Real Estate Broker Community Involvement Tips

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In commercial real estate brokerage, there are plenty of reasons why you can and should connect with local business leaders and community members specifically and directly.  The need plenty of property help in so many different ways.  (NB – you can get our free commercial real estate coaching program here)

As an agent or a broker specializing in commercial real estate, you can work the property opportunities logically and comprehensively through your local area. You have valuable knowledge, skills, strategies, and information that you can share with the local business community and the business identities.

Specialist property information is always in demand when it comes to leasing, sales, and investments. Package your professional services accordingly.

In this audio program, John Highman talks about the strategies behind connecting with the right people in the right way.