When you have a commercial property to take to the market, you can do so with great effect if you follow some simple rules. In today’s podcast, you can learn how to tap into your real estate market with greater effect.
In the commercial real estate brokerage today, the classic sales letter will always create opportunity for an agent or broker if the process is put in place successfully and consistently. It is necessary to understand the logic behind the process, the timing of the letters, and the requirement to do it regularly.
It is a fact that the e-mail prospecting process has taken over a large section of the real estate industry. For this very reason, the traditional sales letter sent through the Post Office System will create a major point of difference in marketing when it comes to the prospecting activities of an agent or a broker.
If you want to stand out from the crowd when it comes to your marketing efforts, merge the sales letter process into your personal marketing efforts. Here are some rules to help you:
- The sending of letters needs to occur regularly. Send your letters to groups of prospects on a monthly or bimonthly process. Given that each letter is specifically written for the target market of property owners or tenants, it is quite easy to group your prospects into segments. At different times of the month you can send your letters to selected segments.
- So a key factor here is to write letters specifically to the targets within each group. You can are groups for landlords, tenants, business owners, investors, and developers. Specific letters are used in each case.
- As a general rule, and wherever possible, take the time to follow-up each letter with a telephone call. If you know the telephone number of the person concerned, make the call. Many letters will help you convert more meetings.
- It is preferable that the letter process is simple and select. Three or four paragraphs on a single page will get the message across. Sign your letters individually and ensure that they are personally addressed to the people concerned. Enclose your business card with every letter. You are marketing yourself and your contact details; that is what the letter and the message must do.
- Given that this is a prospecting process, the letter is designed to connect with the person you are sending it to, so that you can get more meetings and opportunities. On that basis the message and the letter needs to be simply designed. Do not fill the envelope with bulky marketing material that will confuse the central message. Marketing letters are best left to a different approach and a generic mail system.
- Make it easy for people to contact you as part of the mail out. Some people will call you as a direct result of getting the letters regularly. That is why you enclose your business card as part of the process. It is quite likely that the receiver of the correspondence will keep your business card for future reference.
So the direct mail process is a real and important part of the commercial real estate brokers marketing system. Make it an important part of your regular marketing efforts.
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In commercial real estate agency today, you need to be an entrepreneur in your business practices and your focus. Your successes in the industry as an agent will come from your personal endeavors.
The agency that you work for will have little to do with the process of building greater personal commissions and generating listings. Successful agents are individually driven and have a comprehensive marketing plan to promote themselves comprehensively through the region that they work in.
There are some very simple strategies to apply here if you wish to rise to the top of the market. That being said, all of those strategies require personal effort and deliberate focus. They take time and effort each and every working day to implement effectively.
Here are some of those strategies to help you develop the entrepreneurial mindset of a top commercial real estate agent:
- They say that you can learn a lot from experience. You can also learn a lot from the other top agents in the area. Whilst some of those top agents may work with competing agencies, you can observe what they are doing and how they do it. You can replicate their successful processes when it comes to knowledge, skill, and marketing.
- Every client that you serve today will be an opportunity for repeat business in the future. The cycle of commercial real estate is quite long and on that basis your relationships will need to be built and nurtured. Focus on quality clients and quality properties. It is the quality properties that will bring you more enquiries from any marketing campaign. Poor quality properties bring poor results.
- Referral opportunities can be generated from successful transactions. Stay close to your clients, customers, buyers, and tenants as part of closing a transaction and moving on. Ask for the referral at the right time.
- There are certain skills which are absolutely critical to the services that you provide as an agent. You should have significant skills in prospecting, presenting, marketing, inspections, negotiations, and documentation. These six aspects of your career require constant upgrade and practice. When you do this, it makes it a lot easier for you to rise up in the ranks of the commercial property industry.
- Every listing, sale, or lease is an opportunity to talk to other people in the local area. Send a direct letters to the local property owners and the property investors as part of your marketing efforts. In many respects, one single listing can allow you to talk to several hundred people. It is simply a matter of developing a mindset to do it and commencing the process.
If you choose to be an entrepreneur in commercial real estate agency today, you do need to take a serious look at your business activities and systems. They will help you take advantage of the local property market providing you implement the appropriate action on a daily basis. Success in this industry is driven from personal activity and nothing else.
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In commercial real estate agency today, we need salespeople that can take deliberate action and remain focused on the task at hand. Whilst many will say that they can do this, reality says that most won’t. The discipline required is lacking for many.
Discipline in action is a common problem when it comes to sales people today in commercial real estate. There are ways to deal with this. When you understand the matter and how it impacts your work style, you can make massive changes in your commercial real estate business.
Here are some ideas from our Newsletter for Commerical real estate agents…..
The property market today is reasonably challenging in many different ways. Here is a list of the things that I see around the property market today:
- Vacant premises that have remained vacant for some time
- Properties remain unsold after lengthy marketing campaigns
- Some tenants are struggling to pay rental in accordance with the terms of the lease
- Some landlords have over committed when it comes to borrowing funds on property investments.
These things are massive opportunities for us as commercial real estate people to help clients and resolve problems. Whilst some will say that the market is in a ‘slow patch’ today, it is at this time that our specialist property services are required. You can dominate the market today.
Assuming that you can see this opportunity, it is just a matter of you focusing on the right properties, the right clients, and segments of the market. The character and commitment of a salesperson to the task will have a lot to do with the results that they achieve. Your sales character and commitment is a key factor to take you forward.
Over recent years, a lot has been written regards the required character of a salesperson and a business person in different job roles. Psychologists have determined that there are four basic characters that have an impact on the work that we do. Most people will have a predominant character which will influence their thinking and the work that they undertake. When it comes to selling, leasing, and managing commercial real estate, the character of the salesperson needs to be matched to the task at hand.
This market requires salespeople that are prepared to drive themselves towards the opportunity that is available. This is a market today that requires action and focus. Some salespeople struggle with achieving those two skills.
As mentioned earlier, the predominant character will have great influence on how we work and what we achieve. If you are struggling to get results in this market today, it is likely that your predominant character needs to be reshaped and redirected towards the right skills that the market requires. In other words you need to practice and develop change.
The good news is that characters and work styles can be changed. When change is achieved and firmly established with ongoing habits, the salesperson can move to the top of their market as a specialist in commercial real estate. We all have a choice, it is simply a matter of understanding the factors involved, what you need to do, and taking the required actions. Set the foundations for a better client base, quality listings, and more transactions.
As a commercial real estate sales agent, you will get benefit from establishing systems to list, market, and negotiate on your listings. The fact of the matter is that systems will help you stay under control when things get busy or change.
The property market changes from time to time. Currently there are lots of properties for sale and fewer buyers that can put a purchase together. Given that our primary task is to sell a listing, you can develop some dedicated processes to help the overall sales and marketing process.
Commercial real estate sales is all about finding the quality listings, attracting the right enquiry, and converting the transaction. To help you with the process and the outcomes, you can take a serious look at the procedures that can be improved in your agency, or personally.
Here are some core procedures that apply to the commercial real estate sales process today. Review the ideas and test your existing processes and strategies.
- Create a marketing packet of information that can be sent easily and quickly to any person that requires more information from you. The marketing packet will relate to a particular listing or a service that you can provide. The marketing packet should be dispatched by e-mail and or mail very easily and quickly. If you are sending the marketing packet via e-mail, ensure that the documentation is converted to PDF format. In this way the layout and the presentational aspects of the information will be preserved.
- When it comes to commercial, industrial, and retail property, you can have specific prelisting kits that apply to the property type and the location. Those kits will contain the latest market information, samples of advertising and marketing, some details regards your agency and the key staff, plus testimonials from previous happy customers and clients. You may also have some market share information that proves your agencies relevance and specialty in the local area.
- Canvassing and prospecting will always be a critical component of commercial real estate sales. Every salesperson should have a specific canvassing and prospecting program that they undertake daily and weekly. In this way they can build their pipeline of opportunity. On average, a top agent should be bringing in at least two exclusive listings per week. Those listings should be controlled for a period of at least six months. In this way those top agents can control the property enquiry and the client communication. Over time these factors will give you better market share and better clients. If you find it difficult to convert exclusive listings, then you need to improve your listing sales pitch and presentation. That will require some practice, but over time you can achieve better conversions of exclusive listings.
- The marketing campaigns for the properties that you sell will be unique and different. On this basis you will need to track the results of every marketing effort with every exclusive listed property. Each week your marketing efforts should be adjusted to optimise the enquiry that you can achieve. Be quite specific in your marketing effort, and ensure that every quality listing is the subject of a specific and well directed promotional activity.
A top agent in commercial real estate sales will have their job and their market share totally under control. You can’t do this without having significant systems and focus into the local area. If you are looking to improve your client base, commissions, or listings in commercial real estate this year, take a serious look at the procedures and systems that are currently being utilized in your agency and by you personally.