Are you prepared to answer the most common questions in commercial real estate brokerage? The answers that you provide to those questions will make or break your listing opportunities or deal momentum.
The property market is constantly changing, and the questions that people put to you will be largely a reflection of market conditions and pressures.
Commercial property trends are unique in every city and precinct or location. Understand what is happening and why that is the case.
It is a good idea to track the questions and issues that occur in local area marketing. It is also a good idea to prepare for the responses that you can and do give through personal role playing and practice. You can do that each week in your team meetings.
The client may not specifically ask you the questions directly, but they will certainly be thinking about them.
So clearly provide your answers regardless of communication circumstances.
How will you answer these questions when working with clients and customers and their property challenges?
What price (or rent) can you get me? – use comparable market information to provide evidence from the location as a series of refutable facts.
Who will buy (lease) the property? – develop a clear target market statement that you can feed into your client meetings and contact processes. Help them see the target market of tenants or buyers that you are chasing.
What is the target market? – give evidence on why you have chosen a particular targeted segment. Use locally based material to support your ideas. Get to the point on why you have chosen certain segments of the market to buy or lease the property.
How much will this all cost me? – to convert a client to accept your commission calculations and marketing contributions, you will require a good degree of practice and some relevant positioning statements.
What is happening in the local area? – use case studies to show the client what is happening in the location. Focus on the results obtained with similar property types.
When is the best time to take the property to the market? – there will be better times of year to market a property for sale or lease. Have your reasons and your facts to support that.
Why should I use your services? – your services have to be special. Give reasons why that is the case.
Why should I give you marketing money? – you will require a vendor paid marketing contribution for the campaign to achieve momentum and effectiveness. Have your answers ready on this one, and also some alternatives of marketing.
What can you do for me? – tell the client exactly why you will do a better job in marketing, and negotiating on their property challenge.
How long will it take you to get a result? – based on industry trends and enquiry results, have a selection of time on market factors to talk about. Case studies from the location will help get you there.
Be prepared to answer the right questions in commercial real estate brokerage. The depth and the quality of your answers will help you convert more real estate business. Top agents do that all the time.
When you ask the right questions in commercial real estate brokerage you can get the facts, and more importantly, show the client or prospect that you really know what you are talking about.
The Best Questions Get Results
The right questions will highlight your knowledge and your relevance as an agent. The clients that we serve like to work with top agents for the location. Is that you? How can you improve your real estate profile and business? You can ask quality questions.
When you think about the separate sections of the industry and the different property types, there are plenty of focus points that you can delve into as part of that specialization process. For example, you can look at the topic mixes between:
Investment ownership and property sales
Investment performance and leasing
Property management strategies and leasing or cash flow management
In asking these deeper questions you should understand these things:
What are the conditions of the local property market? – Things always change in commercial property so keep abreast of those things and where the pressures are occurring. You are the problem solver so be prepared to build your real estate business in that way.
What is a prospect or client to you? – When you know what a client or prospect is you can match your prospecting efforts and questions. You will understand what to say and when to say it.
How should you qualify a prospect? – When you know what a prospect looks like, where they come from, and what they are looking for, you will understand the best ways to drill down in your questioning and qualify them for your business and services.
What does a prospect or client want from you? – Delve into the client’s situation so you know what they need by way of property assistance. Sometimes you will know the complexity of the property challenge more than the client.
What are the pressures of the local property market today? – You are a solution provider, so you should know where the local property pressures are and how you can help with that.
When do they need your help? – They say that commercial real estate is a service industry, but timing has a lot to do with the conversions of property listings and clients. There are good times to solve property problems, and difficult times. Do a full market assessment to get those issues under control.
What can you do that is special? – There is no point in being ordinary in commercial real estate brokerage. Develop your relevance so you can stand out in your property market as the ‘Agent of Choice’.
In simple terms you can drill down into issues and match your questions to the property and the client or prospect situation. I go back to the point here that the right questions will help you get a lot closer to the issues that can convert a listing.
Questions in commercial real estate are always there to be asked and actioned. Ask better questions and match your services as a broker or agent to the answers that you get back.