Given that the industry can be so competitive, actions and points of focus for each agent or broker can be tuned to a process and results can be tracked. Know your market, do your research, and then take reliable and regular steps forward with listings and clients.
Career Focus Points on MP3 Audio
In this audio program, John Highman talks about some of the simple and yet highly effective skills that help build a career in commercial real estate faster. You can listen to or download the audio program right here:
The people that achieve the best results in commercial real estate brokerage are usually those that have taken the time to develop a solid skill base and knowledge of a particular area. They have then established a real passion for the industry and the activities within it.
Certainly you will have good days and bad days as a broker or an agent, as you will in any other industry, but the fact of the matter remains that commercial real estate can be one of the most rewarding careers for you to focus into.
Take the time to understand the industry in your location, observing how the top agents work with property opportunities, clients, and listings. Naturally you want to know if the area is overly saturated with too many agents; too much competition will slow your progress.
In this audio recording John Highman talks about the reasons why you should develop a real passion for commercial real estate brokerage and specialized segments within the industry.
You should not complicate things in commercial real estate. You can develop a simple 3 step sales and marketing plan for yourself. Understand your property market and then resolve to improve your personal marketing plan.
To help with that I have put some ideas on MP3 audio for brokers and agents new to the industry to review and understand. It is a great industry to work in, so keep your business ideas direct and simple.
To get a reasonable market share around you in commercial real estate brokerage you should consider your daily efforts and actions. Understand what you are doing and not doing. Understand the things that are wasting your time. From that point it is just a matter of change.
Caution! Some agents and brokers never change their ‘problem’ habits, and on that basis they struggle for their entire career. Things don’t need to be that way.
How’s Your Business?
Perhaps you are wasting your own time in real estate due to a lack of process and quality in your business systems? So it is time to step up to move into a better level of property performance. It’s a good year in the industry and there are things out in the market to be done.
If you are lacking listings, enquiries and clients, then you are likely to be lacking good business processes centred on the best clients and properties. Here are some ideas to help you resolve that:
Think about and action your prospecting around your listings – When you have a listing in your area and within your property speciality, you have something to work with. Use your listings as reasons to talk to others in the street or suburb. Remember that business owners need to relocate from time to time, and property investors look to upgrading their portfolios. Help those people remember you at the right time by getting in contact and staying in contact in a relevant way.
Referrals – When you have finished a successful transaction you will have the opportunity to explore referrals, leads, and repeat business. If the client is satisfied with your professional efforts then there are things to do with referrals and leads. Help other people to direct you to the next clients and property owners that you can serve.
Previous clients – Go back in your sale and leasing records to find those people that you and or your business has helped over the last 5 years. It is likely that some of those people are still active in the property market. Do they want some more help?
Other agent’s clients – Don’t be afraid of positioning yourself with clients that currently use other agents and brokers. There could be some reasons for those clients choosing a different agent. Professionalism will help you connect with those people and stay in their memory for the right reasons.
FSBO – This is a strange market segment, although a useful one. Some FSBO owners eventually give up trying to resolve their property problems. Let’s face the facts; they probably don’t have the contacts, the database, or the skills to negotiate a sale or lease deal professionally. Can you help them?
Investors – Local property investors are great clients for the long term. They need all types of help across tenant mix issues, leasing, selling, renovating, and portfolio mix. When they trust and respect your skills, you can do something to help them.
Business Owners – Stay in contact with local business owners. They will require professional property assistance at some time in the future. Keep them up to date with prices, rents, enquiries, and stock availability. Share your facts about the property market and pull in the local business owners that can use your help.
These simple strategies will help you attract more new business in the best possible ways. Make yourself known locally as the agent of choice; that agent that people must go to when property challenges present.
In commercial real estate today, the local property market has plenty of competitors chasing your clients and listings. The clients and prospects that we serve have lots of choices when it comes to the right agent for the right property. In the end, the client will choose the agent or broker with the best market penetration and control for the property type.
The marketing of commercial, industrial, or retail property is not an experiment, and your clients will be seeking the best solution in sales or leasing.
Your reputation matters from a business growth point of view in commercial real estate. Are you promoting yourself comprehensively to the right people in your town or city? Can you do it better? What is your ‘principal selling position’? Is your brand so strong that the clients and prospects seek you out?
Here are some good ways to grow your personal brand:
Understand the differences between clients and prospects. Some are better than others. Some will own multiple properties in various locations. These special clients are what I like to call VIP’s. They should be encouraged and serviced at a top level.
Ask for exclusive listings at every opportunity. If the clients want a top service from you, they must commit to you for a reasonable period of time. Give them clear reasons to do just that.
Why should clients and prospects use you? Ensure that the answer is specific and not generic. Elevate your value to your clients with market coverage and knowledge.
From every inspection, negotiation, marketing effort, and internet listing, there will be facts and information to feed back to your client. Put them at the centre of your response process. With the convenience of email, SMS, and voice mail you can communicate quickly and directly. Great client communication leads to referral opportunity.
Every exclusive listing should be targeted to the right tenants and buyers. That takes real effort on the part of the broker or agent. Tell the client exactly what you will do on a personal basis to take the listing to the market today and how that should attract enquiry and inspections.
There will be plenty of stories and examples that you can share from other properties locally. If your client is struggling with decisions and choices, give them a story of experience from another client that you have serviced.
Establish a social media platform that is comprehensive across your client base. Feed into those social channels the updates of the market, recent listings, and comparable prices and rents. You can easily become a marketing expert in commercial property by providing up to date information.
Give your client choices when it comes to taking action on a key issue. Choices facilitate momentum. That will help your listings and negotiations.
One last comment should be made here about personal branding in commercial real estate brokerage today. Take your business cards everywhere; you never know who you will meet and what the circumstances can be in the future. Your business card is the best marketing solution that you have.
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It is no secret that the commercial real estate industry is quite competitive. Most of the clients and the listings that you work with will have some impact or involvement with competing agents. This then says that you need to stand out as the best agent of choice with the correct amount of experience and knowledge to the property type.
Let the client make the choice when it comes to the best agent for the property listing. Show that you have the confidence and knowledge that’s more relevant to the client than those competitors around you.
This then says that your presentation and sales pitch process needs to be of the highest quality. This is a positioning process and requires ongoing daily strategy. Here are some ideas to help you dominate your market share and increase your client or customer profile:
Don’t be too eager to take on every listing that comes your way. Look for quality properties and quality clients. Stay away from the bottom end of the market where listings are too hard to move or distressed clients are not being flexible on price.
Specialise in a property type in your local area. Research the trends when it comes to time on market, supply and demand, pricing, rentals, and marketing strategies. Understand what works and give your clients clear reasons for accepting that information.
Use a checklist as part of your client meetings and client discussions. Let the checklist improve your questioning process and responses. In that way you will be more professional than those agents that rely on memory rather than establish systems.
Develop a series of stories that relate to the local market and your property speciality. Stories will always help you when it comes to the property presentation and the interest of the client.
Carry with you a selection of marketing alternatives and marketing successes in the local area. Chart the trends from the inbound property enquiry when it comes to each property type.
Build your profile personally on the Internet through social media, blogging, and article writing. Those three things would do a lot for your personal branding as an industry specialist. That being said, they do require time and ongoing effort.
When a competing agent puts a signboard on a listing in your territory, talk to the other property owners and the businesses in the immediate vicinity. They may wish to compete with that property already listed.
Build a database that you can use as leverage with your client meetings and discussions. Is very hard for a client to ignore a large database of relevant and accurate information. Show the client as part of your sales presentation that you have a number of prospects already available to inspect the property when the listing has been agreed.
Simple processes like these allow you to position yourself as a top agent of relevance and success. The clients that we serve, like to work with the best agents in the local area; we need to give them the reasons to choose our services over others. Develop the skills, the knowledge and the experience that will help the client work with you when it comes to existing property needs and challenges.