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.
The telephone can be your ‘friend’ or ‘enemy’ in the commercial real estate business. The most successful agents and brokers get telephone processes under control and use them in a variety of ways as part of their business day. The telephone is their ‘friend’. Don’t take too long to develop your telephone prospecting skills and […]
In commercial real estate brokerage, there are things to monitor at a personal level. They are the key ratios and results that matter. Over time those numbers can show you where things are heading and how the property market is changing. Expect those changes and look for ways to improve actions. Brokerage Strategies to […]
The leasing process in commercial and retail property can be improved by a simple degree of personal organization and directed action. That action is in connecting with landlords, tenants, business owners, and property developers. The information gleaned from those connections will help you with the entire leasing process. Get to know the people, that’s the […]
There are different ways to do things, but there will always be a ‘better way’. In personally and consistently taking the ‘better way or direction’ in sales, leasing, or property management, you can give yourself a real ‘competitive edge’ in commercial real estate. There is no point in being ordinary in our industry. You can […]
There are just a few simple things that make all the difference in commercial real estate brokerage, and they all centre around prospecting for new business. It should be said that most other things take a clear ‘second place’ when it comes to business growth and market share. If you are struggling with your real […]