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 retail property, some of the rents are large, and the leases are of high value. On that basis, it is a good leasing segment to work in and with from a brokerage perspective. You can be a specialist in retail property performance and growth or change. What can you do in the segment? There […]
As part of your commercial real estate actions and investigations, the property information that you come across each day can be complicated and in large volume. The longer that you are working as a broker or agent locally, the greater the amount of information that you will come across. What can you do here? Collate […]
Some simple things make all the difference in commercial real estate brokerage. If you are struggling with new business and or listings, then read on. Set some targets with your results achieved. Most agents and brokers can’t or don’t get these basic things under control; that is then a large opportunity for others in […]
There are certain things that produce better results than ‘average’ in commercial real estate brokerage over time. A steady brokerage strategy and consistent efforts personally will generally pull in contacts, listings, leads and opportunities. If you have been trying to grow your business base and client list, have a listen to this commercial real […]
When you are about to lease and or manage a shopping centre, there are things to understand and get under control. All facts require full investigation and documentation. In saying that, an active tenant mix and customer base in a large shopping centre can complicate and make more urgent those investigations. So where can you […]