In commercial real estate brokerage, things change frequently throughout the year. The only object or fact that you can control is your response to the property market and its changes. There is always opportunity in change, but you have to dig for it. Local property market awareness will help your responses.
What do you do?
It doesn’t matter whether you are specializing in sales, leasing or property management, the location changes and the market sentiment will be there for you to work with and turn into commissions and or leads. It is a valuable process to monitor your activities each day and direct them into particular strategies that you can shape and refine.
How do you rank with these?
Here are some specific ideas that can really help drive better results for agents and brokers. See how you rank with these ‘change factors’:
What you say – Given that we are communicating with people every day, what you say and how you say it will be a great leverage factor in business conversions. Learn about the conversational factors in telephone prospecting, negotiating, pitching and presenting. Notably all of those situations are quite special in our industry. Develop the voice and the right words that support conversational confidence with people.
Property market awareness – Check out the local listings and the trends in enquiry, prices, and marketing strategies. Understand just what formula is creating the best enquiry and momentum towards a successful sale or lease situation. Watch the top agents in your location so you can see the strategies and differences that are potentially giving them the edge in listing conversion.
Recent enquiry – Clients like to hear about recent levels of property enquiry. If you are tracking the enquiry numbers for your exclusive campaigns, you will have some valuable information that can influence the listing processes with your clients. Also assess the numbers of people that you are talking to every day. Lift your contact numbers on a daily basis; set some contact benchmarks that you can improve given the available time.
Marketing solutions – There are many ways to market a property today. How can you make your promotional processes more specific and relevant? What can you do to leverage more enquiries from the advertising that you have both online and offline? There are many ways to creatively and professionally improve property marketing. Try better photographs, creative promotional copy professionally created, layouts, keywords related to your area and property type, and place the property in a matrix of online portals, social media, and database newsletters.
From these four simple factors you can see why personal performance is a big thing in commercial real estate brokerage today.
Most of the property market ‘slumps’ are a reflection on personal agent or broker performance rather than true market conditions. Are you up to the challenge?
At the start of the new financial year, now is a good time to look at what we are all doing when it comes to prospecting and new business activities. In this podcast I have covered topics that are sales related and most particlularly:
How to work with direct mail in commercial real estate brokerage
Why you should focus on the right people as part of your prospecting model
How you can work with expired and withdrawn listings
The marketing activities that we deploy now are likley to bring momentum over the coming months. When you consider that we are at the start of a new financial year, these topics will help brokers and agents focus on the right strategies in today’s property market.
Here are 3 topics for today. 1. How to do a successful listing presentation, 2. Tips for Identifying Property Features, 3. How to list an industrial property effectively. These are specialised commercial real estate coaching and training programs by John Highman, Broadcaster, Speaker, and Author.
In commercial real estate agency today, you need to manage the most important roles that help you build your listing and commission business. When you do this efficiently and effectively, market share and client growth will get a lot easier.
The generic approach to commercial real estate agency really doesn’t work. Today each and every agent needs to be quite specialised and focused when it comes to the services that they provide, and the sales territory that they work.
The roles that are central to your real estate business and your sales territory will be all of the following:
Prospecting through the local area to identify the right properties and the right property owners to act for. Connecting with new clients and prospects should be a daily event. The prospecting process will take approximately 2 or 3 hours per day from your diary. Regardless of that time commitment, the process needs to be implemented and maintained. That is how you grow market share.
Maintaining a profile locally when it comes to your specialized property skills as a real estate agent. Personal branding is a central part of a real estate agents profile.
Tracking the activities of other agents when it comes to competing properties in your sales territory or patch.
Helping clients when it comes to solving property challenges in sales leasing or property management.
Understanding the activities in the market today relating to prices, rentals, time on market, and marketing solutions.
Building a personal profile on the Internet that will help you to be recognized as a relevant and specialized real estate agent for the local area
Taking a client and their property through the requirements of listing, marketing, negotiation, and property documentation.
Understanding the factors of property performance that will help you package an asset for improved income and potential sale.
You can probably add to this list based on your area and your property specialty. Clarity is important when it comes to understanding your roles as a specialized property agent. The generic approach to real estate agency really has no place in this market. Generic agents lose a lot of money and waste a lot of time as part of the process. Top agents drive much more business and deliberately so.
Some of the things in this list above will be much more important than others if you are to be a top agent. When you set the right priorities and stick to the process of implementation, the business gets a lot easier. This then says that you must protect your time as it is the most important resource that you have as real estate agent.
When you look at your average business day and the tasks that need to be undertaken, three and four issues will be far more important than the other things on the list. Recognizing the differences in the tasks and taking the right action towards them will help you consolidate your market and listing growth. Control your day and control your agency efforts. The rewards will soon come.
When you grab the attention of the property investors and tenants in the local commercial property market, you can rise to the status of a top agent locally. In this way you can attract more listings and clients. Every agent wants to do this; but you need a plan to get there.
It is not overly easy to rise to the top of the industry. It takes real effort from you personally and the establishment of your own marketing plan that you can stick to. Each and every day you follow the steps in your plan.
Here are some ideas to help you get started:
Signboards throughout the local area will be very important. Most of the deals that we do in sales and leasing are done with people from the local area. The signboard will help you get the message across the region of just who you are and what you have available by way of quality listings.
Direct marketing around every listing will be critical. Every listing is a great opportunity for you to talk to other business owners and investors in the area.
Success letters and flyers should go out into the local area from each successful marketing and listing campaign. Sell your successes into the region.
Prospecting requirements will always exist. They do not go away. Get on the telephone to make cold calls every day, and also visit people in your territory. Personal contact is really important.
Top marketing systems and campaigns will strengthen your profile as an agent to be watched. If you market a listing in an effective and special way, the people in the market place will notice you. That’s what you want.
The best listings will produce more enquiry than ordinary ones. Get the best listings on your books and market them comprehensively. Be known as the agent with the best properties to sell or lease.
Conversions of listings to sales or leases will be a factor of importance. You can have a lot of listings, but if they are not moving, then you have some more work to do. Promote each exclusive listing in a comprehensive and positive way.
Editorials for each good property should be encouraged where the media will cooperate with you. The fact of the matter is that the traditional newspaper media is fast becoming redundant in property promotion, however they do like to boost readership and a quality local property will help them do that.
Internet based marketing, Blogs, and Social media, are all parts of the more mainstream marketing effort in commercial and retail property today. Make sure that you have everything under control.
Today you must market yourself as well as your properties. When you get the balance right, it is much easier to rise to the top of the local property market as the agent of choice.
When you are creating marketing material for the leasing of commercial property, there are things that you should review and cover before the advert can be written with reasonable skill. There are things to check and understand about the property and the local area. A well-written advertisement for leasing will attract more tenants, interested people […]
In commercial real estate brokerage, it is common to be writing adverts and producing advertising copy a few times a week. As you bring in a new property listing, the advertising and marketing process is the next factor to work on. The marketing message must be clear. This then is where your marketing skills in […]
When you provide commercial or retail property management services to a client with their property portfolio, you have some choices as to how you do things. You can treat the task as a job and just follow ‘industry standard procedures’, or you can bring some considerable strategy and added value to the client and their […]
All too often we come across vacant properties in office buildings or retail properties that have been vacant for too long. There will be reasons for the vacancies and those reasons should be resolved before revamping the listing, remarketing, and or repricing the rent. Leasing Strategies to Review with Vacancies So what are some […]
In commercial real estate brokerage, the salesperson has some big roles to play in two main things for the business. Those things are the foundations of the commercial real estate business. They are firstly in creating, expanding, and serving the client base, and secondly in building cash flow through specialized services. Both factors are critical […]