Some listings in commercial real estate are quite slow to attract enquiry and move to the next level of an offer or negotiation. That is where our creative professionalism is so important for the clients that we serve.
Sometimes, you will find that the listing will stay on the listing books for too long. In such situations, it is necessary to try for a listing extension. Your skills in client communication at that time will be fully tested as you ask for more time. The client must believe that you are still the right person to continue to work on the property and handle the challenges that it or the property market presents. Are you the best agent to stay on the listing for the future?
Time on Market Problems?
Why will a property take longer to sell? Try some of these for starters:
The property market is slow to respond due to economic circumstances in the region or the business community
Enquiry is low for the property type or location
It could be the wrong time of year to market the property
The price range for the property is too high or it is out of the range of most buyers
There are too many other properties on the market currently and those properties are not moving.
The target market for the property is too narrow or wrong for the listing
Not enough marketing was done at the time of initial promotion
Too many new properties are coming into the market creating a situation of oversupply
The business community is moving from a purchase priority to a lease priority
There are plenty of reasons for listing ‘stagnation’. You may also have other local issues that are also evident in your location, and those that you believe are fundamental reasons for the slower listing enquiry. Either way, you must know the reasons behind a ‘stale listing’ and its failure to attract local property enquiry. Strategy then takes over; that’s your job.
Ask for an adjustment to the method of sale or pricing if you believe that change will attract more enquiry.
Change the method of sale to suit the preferred target market.
From these issues you can create a timeline of changes for the client to see and consider. The clearer that you can be in this communication with the client will help you in winning a listing extension.
Personal systems are the foundation of progress and success in commercial real estate brokerage. Those systems can evolve in key areas of the business personally. In this audio program, I share the most important processes that I have seen and used over the years in working clients and prospects.
Brokerage momentum comes from clients and properties. The only way to get substantial penetration into those segments is through ‘process’. Have a listen to this audio to see how your ‘process’ would compare currently as a broker or agent.
Local people are the foundation of a successful real estate business. You can work with the key players of the real estate business locally and most particularly sellers, buyers, and business owners. There are plenty of opportunities in commercial real estate to be sourced in those groups as part of a prospecting model.
In this audio I talk about the importance of a ‘locally focused’ prospecting model and how that can work for you in your real estate business. Drive more listings and commissions your way through a bias towards the local area and the people in it.
The commercial real estate leasing process is quite special. You can work with tenants or landlords, but either way you will need some local area information and the tools to help you through any property inspection and negotiation.
There are just a few ways to generate lots of clients and listing opportunities in commercial real estate. One of the best strategies to use is the telephone. Cold calls and call prospecting should be a ‘non-negotiable’ part of the real estate business. Calls have to be made; new business can be converted more successfully when more calls are made.
Of course there are a few things to be practiced and refined in this prospecting process, so I have tried to simplify things for you. (NB – if you want more prospecting ideas for new business generation, you can get them in Snapshot right here – its free)
In this audio program, I share some effective call strategies that help when it comes to a prospecting model. Look at your real estate business today, and consider how these special processes could be added to your activities.
In commercial real estate brokerage, if you want to get anywhere fast with your property opportunities as an agent, then you should start making more outbound calls daily. Sure, there are other things to do such as meetings and door knocking, but it is all a planned approach for you to master. Systems like that […]
There are some advantages to be gained in practising things in commercial real estate brokerage, and one such thing is your ‘dialogue’, particularly so, when it comes to certain listing or business situations. You can develop some scripts and words to use in your client and customer interaction. Everything can be targeted. You can practice […]
In commercial real estate, and as a broker or agent, you need a marketing plan for yourself if you want to succeed with listings and commissions. How you do that will depend on several things including property speciality, customer types, and future opportunity. Talk to people and put yourself into the local area when it […]
When you look at your property market, there are plenty of sales happening if you know where to look and what to look for. There are sale listing opportunities to be seized over time with investors, property owners, and business owners. So, how can you find the property stock and convert the new sale […]
There are many different things to think about when you lease and manage a shopping centre. The success of the tenants are part of that and should be encouraged; successful tenants contribute towards the making of a high performing shopping centre. What about customer attraction? Does that also matter? Local customers should also be […]