Telephone Tactics and Techniques in Commercial Real Estate Brokerage

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.

You can get the audio right here:

The Many Direct Benefits of Cold Calling in Commercial Real Estate Brokerage

When you really understand the commercial real estate market and the brokerage activities in your location, you will fully appreciate that you should be talking to lots of local people in a regular and ongoing way.   The database that you create from the people that you know and talk to regularly will be your pipeline of new business in so many different ways.  (NB – You can get our free commercial real estate course right here)

Whilst some listings will come to you because of the brokerage that you work for, most of the high quality listings will be a direct result of your personal effort and ongoing contact with property owners, investors, and business leaders. 

In those 3 categories of people you will find commissions, listings, and a good degree of property pain.  So how do you get this important business activity underway?  You make lots of cold calls in a regular and ongoing way.

Cold Calling Benefits

The principle and main benefits of cold calling can be best described in this way:

  1. Building you personal profile
  2. Finding new people that need property help locally
  3. Tracking property changes locally
  4. Finding new listings
  5. Keeping up to date with market trends

All of these things fit quite specifically into the business of commercial real estate brokerage.  If you are looking to improve your career in commercial real estate, then look to the strategies and skills in cold calling.  Learn how to make more professional business calls every day in a relevant and logical way across property and business segments in your town or city.

In this audio program, John Highman talks about the real benefits of cold calling and why you could consider it as an important part of your real estate model.

Learn the real and relevant skills behind making more prospecting calls in a positive way each and every working day.

 

 

Listing Strategies – Stress the Benefits of Listing with Your Brokerage

When you pitch and present your listing strategies to a client, are you clear and precise about how the client should move ahead with you and why that is the case?   Help the client see that you are the best solution to their property challenge; be special and real to their situation and property asset.

So how can you do this?

Give them some property listing and marketing strategies that then cannot refuse or ignore.  Show them that you really understand the current situation that they find themselves in, and that you have a definite path of resolve.  Have some stories from the location of others that you have helped move ahead in similar property situations.

Here are some other ideas to apply to the listing discussion with the client or prospect:

  1. Inspection strategy – demonstrate that you have a clear strategy and method of inspecting the property that will give the client a better chance of attracting offers from the target market. You can walk the client through the property as part of that strategic approach; you can also use your mobile telephone to record the inspection process in video, and show them the factors that you find really important to the property marketing and presentation process.
  2. Short listed interested parties – using your current database, you should have a short list of buyers or tenants to apply to the property inspection as soon as the listing comes on market. With suitable anonymity, show the client the short list so they know that it exists and explain how you will be using that list in moving ahead.
  3. Marketing solutions and alternatives – your marketing recommendations for the asset should not be ordinary, so take the time to build a marketing campaign that reaches deeply into the target market. Provide 3 alternatives with the campaigns so the client has some choices and budget alternatives.  Give the client your clear marketing recommendations so they can see the best ways forward, and show them samples of other adverts used locally and tell them why certain solutions are better for their property in the current market conditions.
  4. Targeted marketing and personal direct marketing – the property has to be placed firmly in front of the current prospects and target market that you have in mind. Explain how you will do that, and provide the client with a way in which you will be communicating progress on each stage of the campaign.
  5. Negotiation control – tell the client how you are to be preparing for the negotiation well before it is to occur. When you have qualified a seller or tenant as the case may be, you will have stages of qualification and communication that should be professionally controlled so the offer is encouraged in the correct legal format.  Exactly how will you do that?  Explain those facts to the client as part of your listing and or presentation pitch.

To capture the interests of the client as part of any listing presentation and brokerage pitch, you have to stand out as relevant and real for the location and the property type. Help the client see that you are the best solution to assist them through the challenge with their property and the current market conditions.

To convert more listings over time, make sure that you are providing your clients and customers with a clear strategy to move ahead that is carefully crafted for the situation.

How to Exponentially Increase Your Business Based On Trust

Trust is a big part of the commercial real estate business today. The clients and the customers that we serve will generally be attracted only to the brokers and agents that they trust; there is too much at stake with the property challenge to do otherwise.  How do you rank on this assessment?  NB You can join our free real estate training here.

 

Certainly market share and recent property activity will also have something to do with client trust, attraction and transaction opportunity, but ultimately the clients and the customers that we serve want to trust the agent that they work with.  Your local profile has to support that trust process.

 

Confidence about your services, and a complete coverage of the local property market will help you connect to the client in this trustworthy way; professionalism supports the process.

 

Give the client reasons to use your services; get away from the generic ‘pitch and dump’ process used by many ordinary agents.  Be special and be real when conveying your professional skills to the clients that you serve.

 

People Rule!

 

People are at the centre of our real estate opportunities today. Whilst you may know a lot about the properties for sale or for lease locally, you do need to know the people behind each and every property. They need to trust you to get the best price or rent in their property challenge.

 

The message here is that you can significantly increase your commercial real estate business based on facts, trust, and regular communication. There are plenty of clients and prospects in the local area to connect with in a continuing and relevant way. Most agents struggle with the communication and connection process; that is an amazing opportunity for the agents that can work to a plan and a strategy.

 

So what are you doing with this now?  Your prospecting model and its ongoing contact process will be critical to the real estate business that you want to create. When the market slows or the economy struggles, your database and the people that you know in the database will be the foundation for ongoing business opportunity. The agent with the best database and relevant client contact processes will usually be highly successful in any market at any time.

 

So what can you do here? Over time you can build elevated levels of trust with your clients and prospects through a deliberate prospecting and marketing process. You can provide relevant information for the location and the various property types.

 

Ongoing Contact?

 

Through deliberate and ongoing contact, you can help local business owners and property owners with their property challenges; you can help them with information relating to rents, prices, time on market, and future supply. Build the long-term relationships with the people that really matter in the property market locally. Local area relevancy is really important to your client and customer contact processes.

 

So let’s help shape your professional profile with the people in your local area.  Here are some ideas to help you become a trustworthy agent or broker with the people that you know in your town or city:

 

  1. Seek to understand their property situation as it exists today. There are differences to look for with investment and property ownership. Will the property provide all the elements and attributes they require into the future for both ownership and or occupancy?
  2. Look for pressures and weaknesses in any property and the location. Are some of the local property factors changing that could shift the balance of property performance or ownership locally? Advise the client of the local factors that can influence their property challenge. Provide solutions to move through the challenges; make sure that your solutions are not ‘generic’.
  3. Position the client for the future so that they can ride out any difficulties in the best possible way. Show them how you can help them in a valuable and tangible way.  Show them how you will put your resources into their property challenge; be relevant and real as you do so.
  4. Improve property performance through better tenant mix decisions, cash flow improvement and healthier lease documentation. It takes time to shape a property and a tenant mix for the future.
  5. Off market recommendations are valuable so understand how you can introduce the right people to the property and resolve a client’s challenge early, before it becomes a bigger issue. Match up people and properties wherever possible. Off market transactions are common when you know a lot of local property owners and occupiers.
  6. Confidentiality at all times applies to all property transactions and your client relationships. Remember just who your client is and how you can help them.  They pay your commission!
  7. Regular contact with local information will help with all of your clients. Put relevancy into your client and prospect contact processes using local information in the form of charts, photographs, and case studies.
  8. Remember the conversations and facts with all of your clients and customers as you connect with them into the future. You do this so you can repeat the right facts and solutions in the next conversation.  Let the client see that you really do have full control over the issues with their property, the facts as they exist in the local area, and their concerns in moving to the next step.
  9. Provide clear recommendations to your clients with all your property solutions. Give the client 2 or 3 choices as you talk about their property and its marketing, the upcoming negotiations and the best available listing processes.  A client that has a few choices will not feel pressured and thereby will be more inclined to make a good decision in a timely way to help the property marketing process move head.

 

These are all valuable strategies to adopt with your clients and prospects.  Get closer to them as they work through the problems of property ownership and occupancy.  Be the top agent that they really need; market yourself accordingly.

How to Get Started in Commercial Real Estate Brokerage

To get started in commercial real estate brokerage and agency today it is essential that you undertake a full review of the property market, your competition, the listings, and the business community. In reviewing those things, you can make some clear choices and take up on the opportunities that you identify.

(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)

Whilst you may work for a brokerage within a particular location, there will be strengths and weaknesses to consider and address as you establish your career; make the right choices and build the momentum that you need as an individual broker and agent. The right choices, and some specific action steps will help you move ahead faster in the industry.

 Understand your market

Every property market is unique and different; your professional services will need to be shaped into the local market conditions and the opportunities that you identify on the horizon. You can move through some choices relating to sales, leasing, and property management. You can also choose the property types that suit your skills and local property knowledge.

You can develop your skills according to the prevailing market conditions and the property types locally. All of these elements require a definite plan and a definite approach.

Here are some ideas to help you get started in your career in commercial real estate today:

  1. Licensing laws – understand the property licensing laws that apply to commercial real estate in your town or city. Visit the local licensing authority for real estate agents and brokers so that you can see how the licenses are issued, the costs involved, and review the local knowledge required to pass the appropriate examinations. There will always be plenty of other competitors in the location chasing listings and clients. Your skills and your local property knowledge will need to be shaped over time to improve your listings and your commissions. There is an education process here and also the relevant licenses to obtain.
  2. Location specialization – review the location in which you are going to work, and understand the property precincts of activity. You may be restricted in the locations where you can work, so look into the locations specifically and ask all the right questions before you make final decisions. The location or locations may have limitations when it comes to future listing opportunity. The size and the types of assets within the locations will dictate the levels of sales and leasing activity that you can attract.
  3. Professional skills and property knowledge – in looking at a property zone or precinct, understand how you can build the professional skills and the local property knowledge to compete with the other agents. Some agents are better than others, and some of those agents will already dominate the location for particular reasons. That assessment needs to be done as soon as possible as you consider entering into the property market as a broker or agent.
  4. Market specialization – it is very difficult to work with all property types from a sales or leasing perspective. There are just too many facts to understand and listings to cover. Look into the local property market so that you can specialize within certain property types. In that way you can become the agent of choice attracting more business and client opportunity.
  5. Brokerage selection – some brokerages offer more support than others. They can also be very different when it comes to administration, listings, client contact processes, and commissions. There will also be a degree of marketing and promotional support driven from the brokerage level. Ask questions about how these things are done and who pays for each particular process. Marketing in commercial real estate today can be expensive. The listings should be promoted through vendor paid marketing in most cases. You will also require a personal and professional marketing process for yourself. The brokerage may dictate how personal marketing that is done. They may also apply certain costs to the process as part of your employment package. Regardless of who you work for and how many skills you think you may bring to your career, it will very likely take you at least 3 to 6 months to generate some momentum in listings, commissions, and clients. For some brokers and agents, it takes a lot longer. Be prepared for some hard work, and make sure that you choose the correct brokerage to support your actions and momentum.
  6. Personal marketing plan – as mentioned earlier, you should develop a personal marketing program to send a message of attraction to the right clients, the investors, and the business leaders locally who may need your services. You want those people to remember you at the right time when they reach a property or commercial real estate challenge. On that basis your personal marketing plan will be very important. It should cover the media channels available to you both online and off-line. Understand how you can promote your services through your existing listings, your clients, and referrals; also use the fullest promotional opportunities available in social media. Spread your message professionally, personally, and comprehensively using the information from the local area. The property related knowledge that you have now as an industry specialist, and can generate from the location will be a point of difference in your marketing. Use it as leverage when you talk to do people and existing clients.

So there are plenty of things that you can do here to fast track your career in commercial real estate brokerage. Establish a plan to help you get started as a broker or an agent working on commercial property today. Refine that process over time to increase your traction and your career results.

Heres the Bottom Line on Client Engagement in Commercial Property Listing

When you pitch and present your brokerage services to a new client in commercial real estate, the connection and engagement process should be well considered before you get to the property meeting.

In simple terms you only have a short period of time to capture the interest of the client and move them into and across your property recommendations.  Clarity is really critical to getting the client to see what your saying and why that is so important to their property situation or resolution.

So what can you do?  It doesn’t matter if you are pitching in sales, leasing, or property management, the same rules apply.  You should have an engagement strategy that moves a client into your ideas and property recommendations.

In this audio John Highman talks about that very process of pitching and presenting your services to a client.

 

How to Make Internet Marketing and Advertising Work in Commercial Brokerage

The commercial listings that you place on the Internet should be carefully considered and crafted to achieve the best inquiry results possible. The online marketing process is becoming a busier and more complex in most towns or cities; your property marketing cannot be ordinary.

(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)

If you want your property to stand out as a valuable and relevant commercial property, then you will need to seriously consider how you promote the property online across a number of portals and marketing activities.  Choices should be made with due regard to the property and the local market.

 

Avoid this problem

So what is the problem? The generic marketing approach doesn’t work in our industry, especially if the town or the city is large. If you are to achieve reasonable levels of enquiry from the quality properties that you advertise online, then it is always a good time to have a look at how you are placing the properties in the portals, and then undertake a review of the wordage and advertising copy that applies to all of your exclusive listings.

 

Direct your Internet marketing effectively

Here are some ideas to help you optimise your Internet based property listings:

  1. Look at the location from the aspect of the tenant or the buyer that you are trying to attract. How will they search a property requirement? That question needs to be addressed in your Internet listing promotional copy.
  2. Use professional photographs to attract the eye of the reader. Given that there will be other listings in the location available for sale or lease, your listing should stand out visibly through the use of better quality professional images.
  3. Use particular keywords in the promotional campaign that focus on the property type and the location. You have some choices relating to suburbs, streets, and property types. Brainstorm the right words as you craft the marketing campaign.
  4. Think about how a tenant or a buyer of property would enter a search request in the search engines. Those words should be central to your keyword choices. They should be woven into the advertising copy, the headlines, and the feature points.
  5. Use the industry portals, and where ever possible and affordable achieve dominant priority placement. Every quality property should be promoted through a priority placement on the portals. There is no point in the listing being lost at the back of the website in and around many other properties for the location. If you have a top-quality property to take to the market, then make sure you have priority placement in the vendor paid marketing costs.
  6. Use some strategies involving social media to push people to your listings online. Through a series of editorials, articles, and social media placements, you can activate more interest back to the property and the campaign.

 

Taking all of these strategies into account, you can start a promotional initiative with more focus and direction. Always track the levels of enquiry that you are achieving with each and every exclusive listing. You will soon know the methods of marketing that are producing the better levels of results for you.