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.
There are lots of commercial real estate salespeople and agents around the local property market. Some of them are less professional than others, and the best top agents will be few and far between. When it comes to a sales pitch for listing presentation, you have to connect with the client and convey your credibility and experience in an effective way. You will be up against some top agents.
The good thing is that most agents take a generic approach to the sales pitch process. That means your presentation can be more successful if you choose to make specific steps in building your credibility and showing it in your sales pitch or presentation.
What Does the Client Want?
When it comes to selling and leasing commercial or retail property, the one thing that really matters to the client will center on the success of the process. They need to see that you have the experience, tools, and strategy to make the sale or leasing process as fast and as painless as possible. They want the right agent with the dominance in the market and the credibility to make the process work.
Ultimately they want the best price or rental, but they also need a reasonably short time on market. They understand that the longer the property remains on the market, the more difficult it will be in attracting new and fresh inquiry.
To lift your credibility as a specialist commercial agent in your sales pitches the following factors will be of great assistance.
Show the client similar properties that you have successfully transacted in recent time. Give them details of the time on market, the starting price or rental, and the end result. Emphasize the strategies necessary to complete the transaction quickly and effectively.
Show the client some comparable properties in the local area that are just not selling or leasing. These properties will be with the other agents in the local area and on that basis should be suitably explained. Tell the client why you believe these listings are not moving and how those other agents have got the wrong processes underway.
Explain to the client the recent levels of enquiry that you have had from buyers and tenants for similar properties. You should be able to provide specific case studies of the requirements of some of these parties. Show them the size of your database.
Pricing and rentals should be broken down to a unit level; in this way you can compare properties of different sizes in the same general location. That analysis will be per square foot or per square metre as the case may be. You can then also relate to the cost of replacement of the improvements on various properties; split the properties into levels of relevance.
Take digital photographs around the client’s property and then compile a slide show of photographs that can run on your laptop whilst you are making your presentation. Make sure that the slides running automatically are only photographs. Do not attempt to put any words into the slides process; just use the photographs as trigger points for discussion and let them roll through continually during your presentation. For a typical commercial property, a selection of 30 or 40 photographs will be adequate.
Show the client how you will be inspecting the property with potential tenants or buyers as the case may be. Give details of the features of the property that will be emphasized in your inspections and in the marketing process.
Give samples of relevant advertising that can apply to the client’s property when you take it to market. Itemize the trigger points and focus points that should be featured in the advertising.
Provide a timeline to show the client exactly how you will be preparing the property for marketing and how you will then be taking it to the market as part of a dedicated and specially designed campaign.
All of these things help you build credibility as a specialist commercial agent. Show that you are fully prepared to take on the subject property with all its challenges and attributes. Confidence and strategy will underpin your market knowledge and allow the client to see that you are really the agent of choice when it comes to the property solution that they require.