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.
Here are some key client questions for you to consider:
What is the best type of client for you to serve locally?
How can you ‘stand out’ as the agent of choice in your region?
Why should clients remember you as an agent when they need property help?
Why are you a better choice than your competitors from a ‘broker’ perspective?
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:
When you work in commercial real estate, you really do need a good quality database that you can rely on to find the right people and properties as part of a matching process. Whilst it seems so logical, most agents struggle with the discipline of a database. They have issue with things like:
Finding the time to make the calls
Capturing all of the information from meetings and calls
Keeping up the call momentum
Integrating the client list with emails and brochure dispatch systems, etc.
So the list can go on. The database is the prime way to find real estate opportunities and do something with them. Today there are plenty of options with software brands, data collation methods, and pipeline tracking, for some positive results to be achieved by any broker or agent in commercial real estate. Everything comes down to personal application and effort.
You don’t have to pay a lot of money to have such a program helping you grow your real estate business. One key decision in all of this is whether you should go ‘cloud based’ in your data storage. Common consensus says you should, given that most people like to access their client and prospect information from a variety of devices when they are away from the office.
In this audio, John Highman talks about the client list processes and how you can work the data that you gather from your clients today.
The commercial property management segment of the market can be quite lucrative from a brokerage perspective. The clients that you serve in that way require specialized skills and services over an extended period of time. The complexity of the property can involve strategies and activities across the tenancy mix, leasing, vacancy resolve, maintenance management, asset planning, and income performance. There are many things to do and many ways to approach the challenges that the client may face.
So the message here is that you can and should develop a significant property management portfolio in your real estate brokerage. Take the time to develop a list of clients and prospects who will need your services in management at some stage in the future. Develop a prospecting process to open the doors to management opportunity.
The best way to attract commercial real estate clients and those needing management services is to directly prospect the owners of the best buildings in the best locations. It is always preferable to manage a building with multiple tenants in occupancy and multiple levels of income generation.
The bigger buildings and those with a complex tenant mix require expert management help. They also require complex software management programs to administer the required controls on leasing, maintenance, tenant mix, and income optimisation.
So there are some distinct advantages here to be optimised. In this audio recording, John Highman talks about the opportunities of commercial real estate property management in brokerage today. See if you can use some of the tips that John talks about to open up your brokerage opportunities in this way.
In commercial real estate brokerage today, the clients that you serve are not all the same. Some are better than others. You will know the criteria for that segmentation. They may have more buildings, better buildings, or be more motivated to act in commercial real estate soon.
Property Investors get involved with commercial property for a number of reasons. Their motivations can be quite personal and specific to factors such as capital gain, redevelopment, highest and best use, building renovation, market rental, and portfolio mix.
In asking the right questions you can identify exactly what your clients and your Property Investors are looking for. From that point onwards it is simply a matter of understanding capabilities of finance and the correct time for a transaction; those observations will apply individually with your clients and prospects.
Here are some ideas to help you understand exactly what your clients are looking for relative to commercial and retail real estate investment:
Determine the property type that suits the balance of the portfolio. It is a well-known fact that portfolio diversity will lessen the risk and volatility of an investment portfolio. In a lessening the risk, the returns can also be reduced. That is where many Property Investors will divide their portfolio across retail, industrial, and office buildings.
Understand the factors of timing with any property acquisition or change. Locally you will find the pressures of property supply and demand impacting prices, rents, and time on market. There will be times of the year which are more favourable for the sales verses leasing activity.
Some properties have a definite lead up to a promotion or marketing campaign. Some things may need to be fixed and addressed. As an example, you may have to rectify weaknesses in the tenancy mix, vacancy factors, tenant selection, building cash flow, and rental structures. Look for those weaknesses before you implement a marketing campaign for the client.
Some of your clients will have a preference for portfolio improvement through diversity and change. They will be on the lookout for properties in particular locations, assets of particular value, and buildings that may offer a new and vibrant opportunity through redevelopment or a fresh alignment to the market rental locally. When you understand the needs of the particular client, it is quite possible to put together a transaction off market without the pressured factors and interference occurring with other agents, buyers, or tenants.
Within your database, determine a small segment of clients and prospects that you would regard as VIPs. Over time get to know exactly what these people are looking for from an investment perspective and identify when they could potentially need that repositioning or change. From that point onwards you can be researching the market and looking for the correct property acquisitions and opportunities.
When you focus a lot more on your individual VIP clients and their property needs you can get to the real triggers and points of change that create commissions. That then is a proactive approach to being a top commercial real estate agent.