When you are pitching for a listing in commercial real estate brokerage, consider the focus points of the client and the specific factors of the property itself. Then review the local market conditions. Your dialogue can evolve from those elements.
Develop your lines and ‘patter’ to engage the clients thinking. Avoid the jargon that we commonly use in the industry, and break things down into the core facts that really matter with the property. Simplicity tends to win more attention and closure on listing situations.
Give the Client a Clear Picture
Be specific and relative to the location and property type. Understand how you can add value to the listing process by specialising within a specific location and marketing the property specifically and directly to the right target audience.
In this audio program, John Highman talks about the ways you can direct the client’s thoughts in the listing pitch towards the things that matter so you are reducing the impact of any competing brokers.
The skills of your commercial real estate team will help you drive opportunity from the broader property market. Every client and every property will have various challenges when it comes to positioning or preparing the property for sale, lease, or management. On that basis the fuller services of the team can be put to good use.
The suggestion here is that you involve the other members of the brokerage team when it comes to working with larger properties and top quality clients. Take other members of the team with you as part of the property presentation or client discussion. Help the client understand how other team members will be providing valuable input when it comes to marketing and selling or leasing the subject property.
You will see this process happen with many of the top brokerages in major cities. They understand the need to comprehensively service the clients and the properties they list in today’s market; that is how some of the brokerages successfully convert highly complex listings and challenging properties to a marketing campaign.
Some agents and brokers just do not have all of the skills required across sales, leasing, and property management. Other members of the team can help fill that void. Don’t lose a listing because you did not have all the ‘answers’; use other team members to help you build a professional presentation and listing pitch.
Use the Full Team in Your Pitch for a Listing
Here are some ideas to merge into that pitch and presentation process:
OUTGOINGS: A property for sale can be subjected to an outgoings review prior to the marketing process commencing. When you look at any property locally, there will be averages that apply to the outgoings cost structure for and sale or lease. The property that you take to the market should be within the ‘averages’ for the property type when it comes to occupancy costs and expenditures. Any property with excessive outgoings will be difficult to market and lease; in that case enquiry is likely to be slow and difficult. The property management team can help you analyse weaknesses in the outgoings structure. They can also tell you how some expenditure adjustments can be achieved given the age of the property and local activity.
TENANT MIX: The leasing team can review the leases and the tenancy mix prior to any investment property sale. Leases can also be reviewed annually to position the property for income improvement and enhancement. In a property with a number of tenants and leases, the differences in lease structure will require review and assessment. The existing leases in a multi tenanted asset will influence the overall buyer interest at the time of sale. Involve the leasing team or the property management team to help analyse the existing lease documentation and make recommendations towards lease change or tenancy mix upgrade.
NET INCOME: The net income from the property can be optimised through an outgoings assessment and property upgrade. Some properties will have weaknesses when it comes to outgoings performance and net income levels. On that basis any small adjustments in the outgoings strategy can produce a better net income which then leads to an improved property value. Senior property managers will be very familiar when it comes to analysing and resolving outgoings performance issues to help a sale occur.
PROPERTY BUSINESS PLAN: A business plan for the property can be created as part of a specialised service for your top quality clients. A plan of this type can help when it comes to building a strategy behind existing vacancy factors, lease structures, tenancy mix issues, and property performance.
MARKETING PROCESSES: You may have a person within your team specifically controlling the marketing process with new listings and property types. That person can be a specialist in advertising layout, market coverage, photography, brochures, and campaign structures. With any property of reasonable quality and size, they will be invaluable when it comes to specific marketing strategies and target marketing. They will know exactly how to reach out to the audience in a productive and structured way; use their marketing skill to help you win listings. That can then improve the marketing campaign and attract more enquiries at the right time. A person of this type when talking to your clients will add value when it comes to marketing structure and campaign momentum. In simple terms, that allows the listing to be converted with the correct levels of vendor paid marketing funds to suit the current market conditions and the property. Property marketing is a very special process and many agents are quite generic at in. Help your promotional campaign stand out by involving other people in your pitch and presentation.
These simple strategies will help you greatly when it comes to pitching and presenting to clients and winning the new business. Involve other members of your team with the appropriate and necessary specialist skills to provide ideas and strategies with your new listings.