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How to Set Clear and Correct Priorities in Commercial Property Sales

When you work in commercial property sales you will soon know the pressures of the day, the listings that you work with, your clients, and the prevailing property market.  There are lots of things that can distract or divert you into many different activities.  That diversion can lead to a loss of listing opportunity and ultimately commissions.

(NB – You can get our free commercial real estate tips and ideas right here)

In investment sales your main focus should always be on:

  • Prospecting for new business
  • Database management
  • Clients currently served
  • Listings on your books now
  • Marketing activities
  • Taking inquiries
  • Inspections of listings
  • Negotiations of property offers
  • Documentation of listings, sales, and contracts
  • Commissions
  • Followup of transactions

You could add other items to this list given your location and client base.  The fact of the matter is that you will always be busy in commercial real estate brokerage.  There are plenty of things to do.  Systems and factors of focus will help you get through the working day and the week.  Always track your progress in what you are doing, so you can see where improvements are required.

In this audio program, John Highman talks about setting the right priorities in your real estate business and how that will help you with sales and listing results.

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You Can Profit From Better Clients and Listings in Commercial Real Estate Brokerage

city at night

Some clients are better than others in commercial real estate today.  Make the right choices when it comes to working with different people and property situations. (NB – you can get our free commercial real estate training program right here)

So what can you do here with this idea?  Try some of these ideas:

  • Look for the better properties in your region and research the owners
  • Understand what tenants and buyers are looking for by way of location and property improvements
  • Understand what is happening with supply and demand in your region.

In all towns or cities the property market will be changing, so look at the indicators and adjust your client and property marketing systems accordingly.

In this audio program, John Highman talks about how you can profit or generate more commissions from the better clients and properties.

 

 

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How to Track the Valuable Commercial Real Estate Opportunities

Landmarks

Size and quality are the key elements to watch in commercial real estate brokerage. The larger properties in any town or city are likely to be the best targets for new business and property change or churn in commercial real estate brokerage. That is because quality and location will always drive market interest and activity.

The message is?  You will get more inspections from a good quality property, and your database of qualified prospects can grow accordingly.

(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)

So how do you get all of this property market trending started?

Research all of the local properties and build a target list of the better properties; who owns them and what are the factors of attraction with each of those properties?

Yes, I know that a good degree of research is required to get the right property facts, but if you sit back and wait for people to come to you, then the new listings that you really need will be hard to find.

Have a good look at your database. Can you match your skills into those properties and the relative owners?

The process?

Assess those properties for each of the following possibilities to see how you can service the requirements of the quality people that you know:

1. Drill down into an active property type for the location – From historic trending you will see what properties are more active than others. Split your analysis into office, industrial, and retail property. What do you know about each property type? Can you work the segments?
2. Tenancy changes – Some businesses have to move, expand, or contract. They usually consider their occupancy options at the end of financial years, calendar years, and also nearing lease expiry or option. Look at the local business community, and contact all the decision makers in all the larger businesses. I say ‘larger’ because you will typically attract a better quality of client and inquiry from larger corporate clients.
3. Market rent issues and weaknesses – Sometimes the rent in a location or in a building will be too high for a business to survive. In watching occupancy issues, talking to local managers, and door knocking local businesses you will find the people that are thinking about handling a property change.
4. Vacancy factors – Local empty tenancies will impact lease incentives. Either way you can work with tenants and landlords that have vacancy pressures or new leasing requirements. Assess the vacancy factors for your town or city on a monthly basis so you know what is available in space to occupy and what may be coming up in any new property developments.
5. Landlord pressures – Some tenants simply do not get on with the property owner or landlord. That discomfort can be a trigger for relocation.
6. Renovation and redevelopment – Properties that are going through change or getting older will be prime targets for tenant movement. Projections on supply and demand will help you move on the older properties and parcels of vacant land that are ripe for redevelopment action.

The deeper that you look into the property market, the more listings and property opportunities you will find. It’s always the right time of year to look deeper into any property market.

Drive and pitch your own real estate business opportunities through direct marketing. That’s what makes a top agent thrive in any location and economy.

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Why Telephone Canvassing is Essential in Commercial Real Estate Brokerage

Smiling businesswoman talking on cell phone uid 1173570
Make the calls and convert the meetings every day.

In commercial real estate brokerage, you need clients and lots of them.  Over time the greater the number of people that you know, the more leads and opportunities are available for you to act on.

(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)

Perhaps the word ‘know’ here should be emphasized and explained.  To actually ‘know’ a client or a prospect, you really should understand their property situation comprehensively, and they should trust you as an industry ‘expert’.  That relationship takes time to develop.

Key Questions to Ask

Look at your database as it exists at the moment.   Consider these questions:

  • Are you highly regarded by the people in your VIP database?
  • Would they refer friends to you when property issues arise?
  • How do you stand out as real and relevant to those clients now?
  • Would they say that you are the ‘industry expert’ that they trust?
  • Do they know you as a property specialist for your location?

You can see why relationships are just so important in our industry.  The variety, depth, and strength of your relationships will drive better business for you.  You can use the telephone to build your client contact list and your prospect database.

Making this Work

Telephone canvassing is part of that.  Here are ways that you can make that work in your brokerage business:

  1. Cost effective – Today you can make many calls for very little cost. As part of that you can track your numbers of calls made, to leads identified.  Over time you should see those numbers improve.  Be aware of your time and its importance to the prospecting process.  This doesn’t say that you should only make prospecting calls to find clients; it is one of a number of strategies that should be happening every day in your business career.
  2. Regular and routine – Set aside time to make calls every day. Make a good number of calls to new people and also existing people.  In that way you are building relationships over time and eventually converting more meetings.
  3. Target meetings – From the calls made set yourself some targets relating to meetings with new people. It is realistic that you create 2 new meetings with new people each day, Monday to Friday.  Put yourself in front of people; that’s what the business is all about.
  4. Script development – What you say really does matter. Most of the people that we talk to in our industry are experienced in business and or investment, so the prospecting dialogue you use should be refined through practice and relevance.
  5. Target specific groups – Make calls to groups of people, local businesses, and people in particular locations. Over time you can increase conversions simply by concentrating your call list and hence your conversation relevance.

So the message here is quite simple.  Get your call prospecting started and refine it over time.  That’s how you build your real estate business opportunities around you.

(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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How to Take Small and Effective Steps Forward in Commercial Real Estate Brokerage

man standing on ladder.
Plan your progress in commercial real estate brokerage.

It is easy to get overwhelmed with all the issues to action and implement in commercial real estate brokerage.  The best way forward usually involves small incremental steps of improvement that you action every day.

The fact to understand here is that there will always be things happening each day that you do not expect or plan for.

You will only be able to control about 1/3rd of your day; everything else is a ‘juggle’.

(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)

Control Your Day

So the process here is for you to control that 1/3rd of your day.  If you do that consistently, you will get somewhere.  It is interesting to note that most agents and brokers cannot or do not control even that 1/3rd; they let things happen and that casual approach to their business will lead them through the day and week.  At the end of a month they are frustrated and they generally lack reasonable market activity and or listings.

So let’s look at how you can take small steps forward in your business model as a broker or agent:

  1. Getting to know new people – You can never really know too many people. The fact is you must know lots of people at a reasonable level and they must remember you when they need property help.  The only way to achieve that level of familiarity is to start a prospecting and database process that you drive towards new people every day.
  2. Creating meetings – Just how many meetings do you create now each day with new people? A good target to work to is 2 meetings per day.  The best way to get to that level of market interaction is through personal prospecting using a number of initiatives including cold calling, direct mail, email, website, social media, and referrals.  Are you up to the challenge?
  3. Building relationships – You will have to connect with most of your contacts on a regular basis and that will be at least once every 90 days or less. Over time the familiarity that you require will be built.  Do the things that help your prospects and clients remember you.
  4. Identifying VIP Clients and Prospects – Differentiate the good people in your database from the ordinary people. Segment your database into VIP’s and others.  Spend a good degree of your contact processes reaching into your VIP database and growing the relationships.
  5. Watch the property trends and listings locally – When you see something listed locally with your competitors, watch the results, marketing, and enquiry or inspections. Some quality listings with your competitors will create volumes of enquiry in any market.  Try to attract the better listings towards yourself and your brokerage; that’s when you can build a profile of activity in your area.  A good marketing profile and a strong listing base will pull in the business locally.
  6. Put the deals together individually – Concentrate your commercial real estate efforts on your individual listings (and particularly the exclusive listings). Convert your listings exclusively most of the time, refresh them regularly, and market them deeply.  Winning a listing is just the beginning of the equation.  Results come from a singular focus on each listing and the client’s requirements.

So there are some good things to do here as you take small steps forward in commercial real estate brokerage.  Create a plan to do that and push your plan forward at an individual level each day; only you can do 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)