Posted on

Commercial Real Estate Brokers – Refresh and Rehabilitate Old Listings

city at night

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.

 

Posted on

How to Cash in on Investor Clients and Their Interests in Commercial Property

city buildings

Investor clients are always active in commercial real estate and property.  The same focus happens in most major cities around the world.

Some investors will be changing assets frequently as the property market allows; capital gains can be tapped into through timing and choice of the right property types in the better locations. That is where a good commercial property broker or agent can help with market knowledge and timing solutions.

Whilst commercial and retail property can be speculative as an investment type if you don’t follow the rules.  Most investors seek to understand the balance of supply and demand, and the prevailing economic sentiment in a location.  That is where opportunities can be found.

In this audio program, John Highman talks about how commercial real estate brokers can work with more property investors in a positive way; ultimately in ways that can open up into better property commissions and listings.

 

Posted on 1 Comment

4 Key Strategies to Help You Stay On Top of Your Game in Commercial Property

city building investment sales caption

Commercial property activity and hence brokerage should be simplified. Don’t overly complicate things. Establish a system that can work for you with a bias towards simplicity and action. That will then allow you to establish a plan of momentum and track the results that you are achieving.

(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)

It doesn’t matter with you work in sales or leasing today, a plan of attack is required using simple strategies and daily momentum.

Some agents and brokers frustrate their own progress because of a lack of consistency and persistence in certain tasks and strategies.  Don’t make that mistake.

Take control of your property career and drive your listings and commission conversions through consistent action.

 

4 Simple Steps

Here are four simple strategies to help you establish your game plan and professional profile locally as a skillful agent or broker:

  1. Talk to new people every day – you will need plenty of people in your database and client list. As a direct result of that requirement, talk to new people each and every day as part of a contact program and prospecting model. You will also need to connect with existing clients and existing prospects that you have spoken to previously. Use some local area knowledge and update information to make the conversions and the connections with people more successful. Relevance is the key to establishing professional communications in our industry.
  2. Condition your clients to the prevailing market conditions – throughout the year certain things will change in your property location and within the property categories. Keep a series of charts and statistics that relate to the prevailing market conditions. You can use those charts as a conditioning process in listing and negotiation activity.
  3. List your properties exclusively – avoid the open listing process. Open listings are of little or no benefit to you. Exclusive listings really do matter in our industry and will provide you with controlled listing stock. When you control the listing, you control the negotiation, the inspections and the marketing. The inquiry with an exclusive listing comes to you as the client’s representative. You can do more with that inquiry and shape the momentum of the deal.
  4. Consolidate and grow your database at every opportunity – from the very start of your career, establish a database and grow it each and every day. It is a personal process and will require your total effort consistently and persistently. You cannot delegate the process. As you talk to new people, you can track the relationships that you establish, and the opportunities that you identify. The conversations that you create with new people will allow you to understand the pressures and the challenges of property ownership, investment, and occupancy.

Look for the pressures of the property market and the people that are needing some pressure relief. Segment your database into locations, client types, and timing requirements.

Every time you create a new listing, revisit your database and see if you can create a match or a short list of people to discuss the listing with.

Many transactions today are the result of off market listing activity and database contact. The conversations that you create as you build your database will be very important to your professional career. Practice the process and improve your client list.

Posted on

7 Interesting Ways to Jump Start Your Commercial Real Estate Career

commercial office building

When you start your career in commercial real estate brokerage, don’t take too long to understand the value of client contact and prospecting. If you want to jump-start your career and grow your market share quickly, you will need to know the local people comprehensively and thoroughly.  That process should start immediately.  Master the process and get it underway.

Practice will help you through the issues and struggles.  Practice every day.  Good brokers do exactly that.

So what can you chase and work on?

Many of the property investors and the business owners that we consider as clients need help throughout the year as the property market changes. That help could be in commercial sales, leasing, purchasing, or property performance. The strength of your knowledge and skills across those issues will help you connect with those clients with relevance at the right time and offer the best levels of service.  Know how to talk across those matters in a real and significant way.

Here are some specific ideas to help you kick-start your career and fast track the results that you are seeking:

  1. Get out of the office every day – when you get out into your territory or designated property precincts, you will see issues of change and opportunity. Spend at least half a day out of the office talking to people in your territory. Conversations are critical to finding the leads and opportunities that exist. Become very familiar with your territory and precinct at a property and personal level.
  2. Street by street coverage – get some maps of the area so that you can track your activities on a Street by Street basis. As you move through the streets, identify the buildings and the businesses. Put that information into your database for later resolve and research.
  3. Business by business coverage – in considering your local area, there will be plenty of businesses that you can talk to over time, and on that basis organization at a personal level will be required. Talk to the business leaders in each case through a simple cold calling and door knocking process. Those business leaders will know more about the location than you do. They can also introduce you to the leads and the opportunities that they know are about to happen.
  4. Leasing segments – tenants and landlord services will shift and change throughout the year as the supply and demand factors similarly change in the location. Business sentiment will be the primary catalyst to tenancy relocations and occupancy retention. Keep talking to the tenants, and you will then help your landlords retain or find the best tenants for the occupancy requirement.
  5. Sales momentum – seller and buyer services are a special part of the industry. There will always be good investors looking for new investment stock.  Devote some of your prospecting efforts into investment stock.  Find the investors looking to change portfolio and property focus.
  6. Simple conversations – as you go about your business day in your territory or precinct, create conversations with the ‘locals’. Make friends and strike new business acquaintances.  Our business is not that complicated, but it is largely based on personal contact.  Get to know more new people every day.
  7. Marketing online – it is interesting to note that most agents and brokers are very ordinary in their personal online efforts. You can turn that weakness in your competitors into a massive online momentum for you and your business.  Understand the best ways to use social media with due regard for market updates and useful local area information.  The search engines are attracted to information that has been carefully prepared for the local area with due regard for keywords.  Your business profile online should be driven into keywords and market segments.  That will help your online profile.  Don’t confuse your online messages with too many keywords.

(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)

Posted on

4 Ways to Clearly Show that You Are The Authority in Commercial Real Estate

city buildings under construction

In commercial real estate today the top agents for a location are recognised as the industry specialists and local authorities in both sales and leasing when it comes to particular property types. Those top agents provide exceptional value for the clients that they serve.  It is a deliberate marketing position on their part.  How would you compare on this assessment?

 

Fact and Not Experiment

Real estate marketing today in both sales and leasing is not an experiment. It is a deliberate and definite process of investigation and research to attract targeted inquiry and achieve the best possible outcomes in either property price or rental. Time on market also has something to do with the results achieved.

 

So these three things all come together here, and those things are part of preparing for promotion of the property.  An agent of authority knows how to achieve results.

 

So how can you show that you are the complete authority and property specialist? What can you do to lift your profile above that of your competitors? The simple answer is that you should develop some definite local area marketing strategies and build your profile at each and every opportunity in a professional way.

 

Authority Status

Here are some ideas to help you establish a real authority status as the top agent for your location:

  1. Administration – Make it easy for your clients to move through their property challenge. The communication and administrative processes for the client should be crafted with that in mind.  Some clients have little or no understanding of just what happens in the sale or leasing process.  They are under stress, and you can help resolve that.  Make it simple and keep them on track in the sale or leasing process.
  2. Track record – When you achieve a result in a sale or lease situation, tell the local area and the people in it about the results achieved. Do that with case studies, emails, social media, and editorials.  You can also publish articles on the article directories of interesting topics for a location.
  3. Market share – Be seen as the agent of specialization for the location. Work in a zone and with certain property types; that precinct focus will help you with boosting personal branding and marketing.  The agents that win the majority of the listings are those that can show that they dominate market share.
  4. Established presence – Your coverage of both online and offline marketing will help you with your market presence. How can you do the promotional things with care and consideration?  Focus on signboards for exclusive listings, and also online adverts of a dominance for a location.  Be seen in the market place.

 

Are you ready to show the people of the property market that you are the best professional solution?  Use these ideas to do just that.

(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)