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List Effective of Communication Strategies in Commercial Real Estate Brokerage

commercial property agent meeting clients

The best agents in commercial real estate know how to communicate effectively and control their transactions from start to finish.  They do not lose control of the deal momentum.  They stay with their listings and negotiation positions to the very end.  Those focus points are quite important.

 

Things will change, and momentum will shift in any sale or lease, so expect that.  Understanding the momentum of the parties and their negotiation targets will help you effectively convert and control the transaction.  Set your rules to all the communication processes across listings, inspections, and negotiations.

 

 

Comprehensive Communication with Listing Control

 

Stay with the transaction and the involved people from the very beginning.

 

Here are some ideas to help with that transaction control:

 

  1. Know who your client is in the transaction, and don’t lose that awareness as the elements of the deal move and change. The client is the person that needs your help and will be the one that is paying the commission at the point of success.
  2. Make sure your appointment to act in the sale or property transaction is accurately compiled and legally correct. You don’t want any disagreements about commission at a later time.
  3. Get full property detail and title ownership correctly compiled for the transaction and the negotiations that may follow. Be prepared for questions and negotiation elements between the parties.
  4. Follow the client’s instructions to completion. Keep the client fully briefed as matters shift and change.  Information helps with negotiations.
  5. Take plenty of notes as the transaction evolves. Most property negotiations are complex, and the elements of offers, discussions, and agreements will vary.  Your notes are critical to transaction control.  Every meeting, telephone discussion, or direct instruction should be documented.
  6. If you need some ‘market awareness’ to help shape the thoughts of your client or the negotiating party, then gather plenty of comparable evidence from other local properties and transactions. That evidence should be statistical and visual, as well as verbal.  Verbal comments alone don’t count much when it comes to client or prospect conditioning.  Help your client or the other party to the transaction understand the elements of the local property market and recent prices or rents.
  7. Most parties to a property sale or lease want to get some ‘saving’ as a final element of ‘closure’ on a negotiation. What is the best alternative to no agreement for each of the parties?  They will be ‘holding out’ for their position and advantages, and somewhere in those facts will be a potential agreement.  Know the negotiation ‘variables’ for each party and then position the negotiation around them.
  8. Personal marketing for a top agent is a required process. It covers promotions and engagement across some different channels.  A top agent will be using all available marketing elements to build their business.  That will, for example, be websites, editorials, articles, social media, databases, telephone calls, and meetings.  That is how they can build a solid marketing profile as an industry expert.  The process of personal marketing never stops for a top agent.  Get involved in promoting yourself and your skills locally.  Engage with your target market.
  9. When the final transaction documentation takes shape, understand the facts and capture the elements of the deal. Know how all matters should be documented; do so with accuracy and timeliness.  All documentation should be served and prepared with full regard to local property laws and the instructions of the client.

 

With these things, you can control a property transaction most effectively from start to finish.

 

Communicate through your listing and property transactions with accuracy and timeliness.  That will help in creating ‘closure’.   Commissions are then easier to convert. That is how top agents do things.

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The Best Contact Management System in Commercial Real Estate Brokerage

In commercial real estate today, your contact system is critical to the results that you seek with listings, clients, and commissions.  The property market will change throughout the year and your database list is the one consistent process that can take you across and into all types of properties and opportunities.  NB – you can get plenty of client contact ideas here in Snapshot – its free)

Your CRM?

There are plenty of ways to establish and run a contact management system in commercial real estate brokerage. Similarly, there are plenty of software programs to support the client list process. Whilst you can always choose a good and well proven CRM package to support your contact processes, everything still comes down to personal momentum and commitment as part of a prospecting model.

Growing your business?

If you are looking to build your real estate business, seriously consider your database activities and your prospecting model. Establish a system that works for you comprehensively and consistently across the location and your targeted groups of clients or prospects.

Getting started

Understand who your clients are by type and by location. Understand the targeted properties that you should be working on overtime. Define your territory and your priority buildings. From that point on, your prospecting model can take shape and the database can grow effectively and directly.

In this audio, I share my thoughts about contact management and list creation.   Grow your list of clients and prospects and put more ‘logic’ into the process.

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Principles of Client Communication in Commercial Real Estate Brokerage

Hong Kong harbor at sunset.

In commercial real estate in most towns and cities there are plenty of prospects and clients to find and work with.  The issue is how do you find them and what do you do with those people over time?  It is a key question to understand. (NB – if you are struggling with your client list, you can get more tips and ideas in Snapshot right here – its free)

In this audio program I share the realities of client communication and give you some good ideas to work with when it comes to local property information that would be of use to your clients.

Strategies to Help Clients

Learn the various ways you can market your real estate services from a base of local property information.  Show the client that you are the local property expert.

You can get the audio right here:

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How to Win New Clients in Commercial Real Estate Brokerage

City view at sunset

In commercial real estate brokerage sales and leasing today, the clients that you know and work with are the foundation of your listings and commissions over time.  Your client list has to grow in a continual way and that should be the ‘top priority’ of your working day as an agent.

Note: if you want more client contact ideas as an agent or broker, you can get them here in our ‘Snapshot’ program – its free)

 

Client Focused Questions

Here are some key client questions for you to consider:

  1. What is the best type of client for you to serve locally?
  2. How can you ‘stand out’ as the agent of choice in your region?
  3. Why should clients remember you as an agent when they need property help?
  4. Why are you a better choice than your competitors from a ‘broker’ perspective?
  5. What is your service approach to ‘exclusive’ clients and how is that special?

As you strive to build market share as an agent, these questions are quite important.  Your database, and client interaction should be built around these core issues.  Your answers to these questions should not be ‘generic’ if you are to capture a good share of the local property market and client base.

In this audio program by John Highman, you can learn some more facts about client contact and conversion in commercial real estate brokerage.  You can get the audio below:

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Simple Ways of Automating Cold Calling in Commercial Real Estate Brokerage

City buildings on Hong Kong harbour. Cranes in the foreground. Buildings in the distance

If you want to get anywhere in commercial real estate brokerage, you really do need to understand the elements of cold calling and the importance of the process as part of your prospecting model. (Note – you can get plenty of tips tools and ideas relating to cold call prospecting as part of our snapshot program right here, – it’s free)

There are things to practice and things to learn. Don’t put off the process of cold calling for too long, develop the practice that you require to generate conversations with new people in your territory or client list.

 

Factors to Learn

 

In this audio program, John Highman talks about the factors of cold calling that are important to converting listing opportunity today. It doesn’t matter with you work in sales, leasing, or property management. Calls need to be made to new people on a regular daily basis. In fact, cold calling should feature in your diary as part of your brokerage activities. It should be a priority process each and every working day.

 

Real Strategies

 

Learn the strategies behind cold calling and prospecting as a broker or an agent. Develop the skills required to connect with new people each and every working day. It doesn’t take too long to find the opportunities that you are looking for with listings and clients.

You can get the audio program right here below:

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How to Put More Human Contact into Your Commercial Real Estate Brokerage

city buildings on river

In your commercial real estate career, it is hard to get anywhere without a good degree of client and prospect contact.  Your brokerage and your office location will have little to do with the little to do with the inquiries coming in.  (NB – you can get more client contact strategies in commercial real estate brokerage right here in ‘Snapshot’)

Each day you simply must get out the front door of the brokerage, and into your territory.  It is a precise process that requires a plan.  Build your real estate business around people first and foremost.  Talk to more people and take a record or notes from valuable conversations and relationships.

Facts of Time

Why think this way?  It takes about 3 to 6 months of direct prospecting to get some real momentum up and running in a brokerage career; what you want to do here is give energy and focus to database accuracy and growth.  Get to know plenty of local people.

What can you learn from this?  Your database should be at the center of your tasks, your diary, and your daily activities.  Choose a good database program that works for you and your property specialty, and then use it each day; revisit the details of earlier contacts, meetings, and conversations.  Look for those small pieces of information that could turn into a valuable discussion or new real estate business.

Human Focus

Put the concept of ‘human contact’ back into your real estate business.  While it is always easy to send an email or make a telephone call, the traditional approach of ‘face to face’ meetings and ‘drop-ins’ tend to be the best way to get traction and momentum with new clients and prospects.  You can judge the success of a commercial real estate agent by the depth of their database and the strength of personal relationships with key customers and prospects.

Contact and Communicate

So, let’s get some more focus on this concept.  Here are some ideas to help you get your ‘human contact’ plan up and running in your real estate business:

  1. Door knocking local areas, businesses, and tenants – get to know all the firms in the streets and the zones that you control. It is always likely that a simple conversation with a local business owner can lead to something of value, be that in a sale, lease, or property management.
  2. Meetings in a regular way – when you have established a link and relationship with a new client or prospect, stay in contact so that you are seeing or talking to them at least once every 90 days. Regularity is important to build profile and relevance.
  3. Getting to know the clients comprehensively – some customers can have ongoing property needs and or challenges. Get to know their portfolios and locations.  Look for the elements of change in investment.
  4. Establish a VIP prospect and client program – some of your contacts will be more ‘valuable’ for future business in so many different ways. Differentiate your customers based on value, location, capability to act, and property requirements.
  5. Creating ‘leave behind value’ for all your meetings and inspections – when you have made a contact or connection, send some follow-up information immediately after the event. The information that you submit can ‘open the door up’ for ongoing communication.
  6. Every inquiry or inspection is a reason to keep connecting – when the first inquiry comes in, keep the conversation and connection flowing through a series of professional processes including brochures, emails, and case studies. Local property information is always of interest to investors and business owners.  Share information that is relevant and real for the location.

Through these strategies, you can build a solid business profile as a top agent for a location and property type.  Go for the opportunities that you can sense or see.  Keep connecting at a personal level.

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Things to Do in Matching Commercial Real Estate Clients to Properties

city at night

In commercial real estate brokerage, you should be looking for the ways that you can match your VIP clients into the right listings and property situations.  There will always be a good group of your clients looking for more investments or a portfolio change.  (NB – you can get our free commercial real estate training right here)

So what can you do with this?

When you know lots of local people, you will find those key clients that you can work with in a productive way.  You can move those clients across sales, leasing, and property management activity.

Understanding the clients situation is at the center of all of this.  If you are connecting with your clients regularly, there will be things that you can help with.

In this audio based coaching session, John Highman, Commercial Real Estate Coach, talks about the ways that you can match your clients into the opportunities that you know about.

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Heres the Bottom Line on Client Engagement in Commercial Property Listing

city buildings against blue skyline

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.

 

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The All Powerful Networking Event Concept for New Business in Commercial Real Estate Brokerage

city view commercial real estate audio

In commercial real estate brokerage, you can and should mix and match your prospecting activities to the market conditions and target market.  You can get involved in networking events and meet new people that way.

In this audio program, John Highman talks about the important prospecting concepts that help brokerage growth and opportunity.

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How to Sweep Aside the Competition in Commercial Real Estate Brokerage

man reading newspaper
Know your commercial real estate competitors and then do something about them.

Make no mistake, the commercial real estate industry can be intensely competitive in so many different ways. That being said, most agents and brokers are typically ordinary when it comes to client contact and prospecting activities.

The best agents can usually push through the clutter and the competition through deliberate effort and a focus on new business generation.  They know the things that really matter.

(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)

The fact of the matter is that new business growth and opportunity over time should be a central part of your business model for your location and your property type. Make sure that you have a specific prospecting model that drills into the investors and businesses in your location on a daily basis.

Here are some ideas to help you sweep aside the competition as you work towards more listings and an increase in sales and leasing transaction activity:

  1. Ignore peer pressure and innuendo. There are too many so called ‘experts’ in the industry many of whom are quite average when it comes to business performance. Everything that you do and achieve in your individual real estate business is self-generated and has nothing to do with anyone else. If you deliberately ignore the other average agents around you, you can soon get traction within your own market share; build your confidence accordingly. You can then assess your own progress and opportunity. Judge the market yourself and understand with the market is heading for you. Make your adjustments based on personal experience and personal effort.
  2. Be yourself and improve yourself. Understand your skills for what they are and how they can help you grow your real estate business with both listings and clients. Improve your strengths through practice and knowledge development. Any weaknesses can be removed through personal training and personal development.
  3. It is best if you can specialize in a combination of specific services such as sales and leasing, or property management and leasing. There are distinct linkages between those services that will give you more business over time.
  4. Know where you are headed in the industry and the location. Establish a business plan that deliberately focuses you into a specialized property type and a specific location. Beyond that point you can drill down into various strategies of personal marketing, database growth, and client contact. You need to be the best choice as an agent or broker when it comes to property activity locally, so that strategy needs to be at the centre of your business model. Understand your competitors for who they are and what they do. You can then differentiate yourself appropriately for the location, for the client base, and for the predictable changes in the property market.

The message here is that you can specifically focus your commercial real estate business for better results over time. It is a personal skill and it is a personal strategy.

Understand exactly where you want to go when it comes to property market activity, income, and market share. Develop your commercial real estate business through personal and deliberate efforts.

(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)

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Commercial Real Estate Podcast 232

Commercial real estate podcast
Commercial Real Estate Podcast

Its the time of year where we can still create some real momentum in the property market.  There is still some 2 months of opportunity and transactions to be sourced.  As you focus on that idea, understand and remember that how you work through the next 2 months will impact the way in which you start 2015. 🙂

I have put 4 audio programs in this recording below.  All different topics, but all very relevant to what we should be doing in the property market today.

Here are the topics:

  1. The 3 common mistakes that most agents make, and how to avoid the problems.
  2. Why you should think about your ‘opening statements’  as you work with new clients and prospects.
  3. How to work more productively with property investors this year.
  4. How to go about routing inspections in commercial property management and why the process is really important to the ways in which you help your landlord clients.

These are all parts of the eCourse ‘Snapshot’.  You can get more of those eCourse ideas and templates by joining up right here.

Here is the audio recording for you today:

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Tips for Conditioning Your Client on the Commercial Real Estate Leasing Market

two business men in car talking
Working with clients in commercial real estate leasing.

When it comes to leasing commercial property today make sure that you understand the current market conditions, and that you convey those market conditions to your local clients, landlords, and the tenants that you serve.  Our industry is not an experiment; it is a very specific process and it is established on set investment, marketing and negotiation principles.

Help the Client Understand the Facts About Leasing

Any misunderstandings or missing information when working with tenants and landlords from a leasing perspective should be realigned to current day market conditions with clear market evidence and relevant supporting material.

Your job is to have that ‘comparable’ material available and handy solve any negotiation, listing, or leasing challenge.  Condition the people that you work with in the correct and the most professional way; use market evidence.

Your Message on Leasing?

The concept here is that you are the best person to ‘recondition’ your property market and the people that you work with; you understand the realities of the property market far better than they do.  Help your clients and prospects realize that the real market conditions are here to stay and brief them on those conditions.  Explain the prevailing market conditions comprehensively.

Gather the facts and then help the landlords and tenants that you work understand the prevailing market conditions across:

  • Rental activity – track and measure the levels of rental activity across all recent leasing transactions. Compare the differences between net and gross rentals in each case.  Understand how they relate to the location and the property type.  Provide the rental details to those that do not fully understand what is happening locally with property segments.
  • Market rentals – real market rentals are determined as a result of negotiation between willing and committed tenants and landlords. Some of those rentals will be impacted by local vacancy factors, the available competing properties, and the asking rentals applicable to each property and landlord.
  • Competing listings – where appropriate take your clients to see competing properties in the location. The visual approach will help them understand the influencing factors that impact levels of enquiry and offers.
  • Property improvements – with older properties there will be issues with the standards of property improvements. Do assessment of improvements, services, and amenities when it comes to every leasing vacancy.
  • Industry enquiry – understand where the levels of enquiry coming from today when it applies to particular locations and property types. If you are marketing effectively in an ongoing way then the enquiries coming to you should show trends and opportunities.  Every inbound call generated by a quality listing should help you understand what tenants are looking for today.  You can chart those requirements and provide recommendations to the landlords that you work with.
  • Methods of marketing – certain methods of marketing in commercial real estate will be more successful than others. A lot depends on the target market that you are chasing however choose the right marketing solutions to suit the situation, the current market conditions, and the target audience.  The Marketing Solutions that you adopt will be somewhat subject to the amount of available funds and the prevailing market conditions.  +
  • Inspection processes – some properties require specific inspection strategies allowing for the improvements, the property layout, the strengths and weaknesses of the listing itself, and the landlord. As part of every exclusive property listing process, establish the inspection processes that will feature the property correctly and directly at all times.  In a complex property, establish the track or route that you will take across floors and through common areas.

So, all of this is informational and helpful when you are working with property investors, business owners, landlords and tenants today.  Are you prepared to provide and explain all the elements of the property market to those people? Have you got all of the information to help ‘close’ on a leasing transaction?

Recondition the clients thinking and perceptions in leasing properties and premises locally.  You are the specialist to do that.

Need help with commercial real estate leasing?  Get our free eCourse here.