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Classic Commercial Real Estate Sales Letters

address book
Send prospecting letters in commercial real estate.

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.

Get more tips in our Newsletter right here.

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Tips for Being Entrepreneurial in Commercial Real Estate Agency

business people meeting
Focus your commercial real estate agent efforts.

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Want more? You can get more tips or join our Newsletter at our main website http://commercial-realestate-training.com/

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Top Tips for Building Your Sales Character and Mindset in Commercial Real Estate

two business men talking in street
Develop a sales character to grow your market share in commercial real estate.

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.

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Base Line Procedures to Build Better Commercial Real Estate Agents

man looking at paper
Build your agency systems in commercial real estate

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

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Top Ideas for Success Letters – Building Market Share for Commercial Property Agents

commercial real estate agents standing outside office building
Use ‘success letters’ to strengthen your market share and commercial property listings today.

Success letters in commercial real estate are the letters that you put out into your business community and database to tell them of your success in leasing or selling a significant local property.  Every sale or lease is a great opportunity to connect with these groups, and a success letter is the way to do it.

Why send a letter and not an email?  The fact of the matter is that letters will be read far more frequently and effectively than emails.  Most emails are ‘culled’ by the email filter or the user so that they do not have to read unnecessary material on many different things.

If you send a success letter communication to your clients or prospects, ensure that you follow up every letter with a telephone call.  Every letter sent will give you the opportunity to open up the relationship with more people; this is a ‘people-based’ business remember!

If you want to send a message about your success, send a letter and enclose your business card.  It’s that simple.  Forget about complex brochures and flyers; just send your business card.  A business card is more likely to be kept than any fancy brochure that you send.

Here are some rules regards sending these letters:

  1. Have a local area focus so send the letters into a defined area that could include people and businesses that know the property that you are referring to.
  2. Sale or leasing results should be ‘bragged’ about, so get a signboard onto the property as soon as the deal is done (subject to client approval).  The signboard should feature a ‘sold now’ or ‘leased now’ sticker and your telephone number.
  3. Every person that has been through the property that has been sold or leased should be communicated with to see if they are still in the property market and if you can still help them.
  4. Businesses and property investors locally should get all of your success letters on the basis that you will be telephoning them after the letter to see if they have a ‘need or interest’ in other property activity.
  5. From your letter sent out, encourage calls back to you about the deal done or the local area trends.  Talk to people and spread the word about the deal (with suitable restraints given confidentiality).  A successful transaction is worth talking about.
  6. Try sending 2 separate letters and not just 1.  The letters should be about a week apart and encourage dialogue if the person has a need to know more about the local area and the property trends.

As simple as this process seems, the difference in the marketing approach helps you stand out as an agent of success and choice in the local area.  That is the type of agent that businesses and property investors like to work with.

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Commercial Property Agents – Checklist for Advertising Commercial Real Estate For Sale or Lease

High rise office tower looking up from the ground level
Every commercial or retail property should be uniquely marketed to the special target audience that it suits.

The process of advertising a commercial property for sale or for lease may have changed somewhat over recent years, but the need to promote the property remains as important as ever before.

Every property listing is a great excuse to talk to local business owners and property investors; in this way you will get more market intelligence and opportunities to work on as a commercial real estate agent.

Decisions and Strategies

Before you start to advertise a property, a few decisions and strategies should be set.  In this way you can optimise the enquiry that you create for the commercial or retail property.  Here is a checklist of some of the main things and ideas that you can use in establishing the advertising program and campaign:

  1. Inspect the property comprehensively to understand the factors of presentation that should be addressed prior to any inspections.  If something doesn’t look good then it should be removed or fixed; we have limited qualified enquiry today for most properties that are taken to market, and every enquiry should be optimised.  You do not need ‘hurdles’ when it comes to property marketing.
  2. If the property is already tenanted and therefore to be sold as an investment, you will need to comprehensively review the lease documentation to see how it will impact the marketing efforts and the target audience that you wish to attract.  It may also be that you will need to address any weaknesses in the lease and occupancy documents (such as rent reviews, options, and vacancies) prior to marketing.
  3. Determine the 4 things that the property clearly offers a buyer or tenant.   Will these things influence the enquiry rate that you could create?  If so, they will need to feature prominently in the advertising copy.
  4. Get some professionally prepared digital photographs of the property that can be used in the marketing effort.  It is remarkable just how these photographs will help you create enquiry as the property is advertised.  Most agents do not take photographs of sufficient quality to help generate property enquiry.  Ensure that your vendor is encouraged to have a portfolio of professional images taken of the property before the campaign commences.
  5. What will be the best timing of the property promotion?  In saying that, have due regard for seasonal and business pressures that may impact your target audience; on that basis, choose the right advertising material and how it is initiated into the market.
  6. Some marketing efforts will be more successful than others.  For this reason you should have a process of ‘test and measure’ when it comes to monitoring all of the marketing for a particular property.  If something is not working, change it before you waste too much precious marketing effort and funds.

It pays to have all drafted advertising and layouts checked by others in your business team before the material is lodged with the respective media.  Get these people to tell you of any weaknesses in message and presentation.

When you take the right steps in preparing your marketing, you will find that the outcomes from each property promotion are more genuine and specific to the property.  In this way you can optimise the outcomes that you require.

Do you want some more tips on this?  If so, join our Newsletter on this site.

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Commercial Realtors – How to Get More Exclusive Listings and Why You Should

businessman writing in diary
Get more exclusive listings as a priority in your commercial real estate business.

In commercial real estate, there is a lot of difference between the servicing requirements behind exclusive listings versus open listings.  Any open listing situation is virtually an experiment on the part of the client and they will have minimal commitment to you as the salesperson or agent helping them.  The client will generally be listening to many agents and trusting none.

So it is the exclusive listings that will bring us better quality stock and trusting clients.  That being said, it is important that we give our clients reasons to choose the exclusive listing method of sale or lease.  As part of the sales presentation or pitch process, you should have some solid reasons to recommend an exclusive listing process with your agency. Why are you better than other agents?

Many agents will choose or recommend the exclusive listing method to the client, and then make some fairly generic statements regards the reasons to choose an exclusive listing process with their agency.  Just about every experienced property investor has heard a variation of the following:

  • We know the local area very well.
  • We have sold or leased a lot of property recently.
  • We have been in the area a long time.
  • We are the best agent in the local area to sell or lease this property.
  • We have the property knowledge to do the job for you.
  • We have good people in our agency that will move the property for you.
  • We have relationships with the other agencies across the country and they will also market your property.
  • We will market the property at our cost.
  • We will fully target your requirements of price range and timing.
  • We will lower the commission because you are a good client.
  • I will keep you fully informed.
  • We are the best agency to sell this property for you.

None of this will make an impact on an experienced property owner or business proprietor.  The listing decision will be made on your relevance to help them and the confidence that you give them.

It is quite disturbing when you look at this list to understand how generically similar a lot of agents and salespeople are when they do their sales pitch.  Top agents will go a lot further than the generic sales pitch approach.  Top agents will drill down into the matters that really count regards the property and its position in the local area.  They will also come up with very specific strategies to market, inspect, and negotiate the single listing.  Clients really do know when they are dealing with top agents.

So here are some tips to help you service your exclusive listing clients.

  1. Tell them how you will be marketing the property and show them some solid examples of that process.  Give them some choices in the marketing approach whilst still making your recommendations.
  2. Take the client to the property and walk them through the inspection process as you see it, explaining how you will build on the features of the property and the improvements.
  3. In each week of the exclusive listing marketing campaign, you will need to be connecting with the client with updates regards inspections and enquiry.  The client should be spoken to at least every two days throughout the entire listing agency period.  If nothing has occurred from any part of the planned marketing activity, it is still important that the client knows that.  Lack of information will turn them against you and make any future negotiations difficult.
  4. When an inspection has occurred with the property, direct feedback should be given to the client.  This third party feedback will be valuable in helping you condition the client to the prevailing market conditions.

Clients are always important to a commercial real estate agent.  In times of a slower property market, is imperative that we provide high levels of interaction and service at all times.  In this way you will achieve better results with all of your listings, and the chance for referral business at a later time.

You can get more ideas for commercial real estate agents and realtors at our website right here.

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Commercial Realtors – Cold Calling is Really Tough but Essential

Business man talking on mobile telephone
Cold Calling is an important part of a commercial real estate career

When you work in commercial real estate sales and leasing, you will find that the cold calling process is really tough to get started.  That being said, it is still one essential part of being a good commercial real estate agent or realtor.

The biggest challenges in the cold calling process are a combination of the following:

  • The ability to get organised on a daily basis to make the right calls to new people can be a challenge.  Many salespeople are not sufficiently organised.  Connecting with new people is a critical part of the role of a salesperson.  Many that have been in the industry for a long time will selectively connect only with previous contacts and acquaintances.  Whilst this is partly appropriate, you still need to find new people otherwise your market share will not grow.  People come and go from the market, so you really do need to know who they are.
  • The research required behind the call process is ongoing and extensive.  The research required should be done in the evening ready for the next day.  This is an organizational issue on a personal basis.  At the end of the working day, the prospecting research still needs to be done at a later stage ready for the next day.
  • It takes about 2 or 3 hours every day to do your prospecting.  Many salespeople can’t find the time in their diary.  Your prospecting time should be focused to a core time where you expect to be able to connect with the right people in reasonable volume.  That may be in the morning, the afternoon, or the evening.  Whatever that time frame is, the prospecting process should occur.
  • The telephone can be your friend in the process however you are required to develop a good dialogue to create good conversions.  Practicing will fast track your dialogue and prospecting conversation.  There are many good books to help you develop the process.  Importantly the dialogue should be natural and convenient for you; don’t use words and phrases that are artificial and canned.
  • Many salespeople struggle with the rejection factor that comes with cold calling.  Many of the people that you call will not want to talk to you.  That is a problem for some salespeople.  It may take 50 rejections to find someone who is willing to meet with you.  On that basis you need to accept the rejection factor.  Over time your conversions will improve.
  • Most salespeople may try the calling process for only a short time and then move on to other prospecting issues which are more convenient and less mentally challenging.

So the prospecting and cold calling process is perhaps one of the most challenging aspects of your job as a salesperson in the industry.  You have a choice here.  Those that can master the process will always develop a better market share faster and more effectively.

When you look at a commercial real estate career, many opportunities exist in both property type and market segment.  That being said, the only way the opportunities can be nurtured is through the prospecting process.

If you have decided to make commercial real estate your road to better income and life opportunity, then prospecting will need to be seriously considered in your personal business model.  It really does not matter who you work for, but it doesn’t matter what you do.  You have a choice here.

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Commercial Realtors – Corporate Clients are a Great Opportunity so Take It!

glass fronted office building
Corporate clients are an opportunity

In commercial real estate sales, the corporate clients in your area are good prospects for new business in any market and economy.  They can afford the change of property in most markets and will look to change when the pressures of business dictate it.  Owning the property that they occupy has advantages of controlled costs and controlled occupancy; they can make decisions for the business knowing that some landlord will not come along and change the goal-posts.

Here are some tips from our bulletin this week.

Corporate clients are a different type of client in that they are driven by business needs and are likely to have a head office or board of directors to report to or bring into the property decision.  It pays to understand just how many of these prospects you may have in your area.

It is interesting to note that many agents and brokers mainly focus on property investors as prospects.  Whilst this is part of what every agent can do, it does not need to stop there.

It is wise to open up your scope of prospects to include all those local businesses that own the property in which they are located, or may want to own local property.  As the local property agent, you can be the person to help them.

So how do you start a program of tapping into the corporate businesses locally?  You need a system that will keep you focused and organised on who they are and where they are.  From that point onward you will need to know who the decision maker is in each case.

Here are some ideas to help you tap into the companies locally that may need property help.

  1. Successful businesses will stand out in the area.  They will have lots of activity, and perhaps lease or occupy prominent business locations.
  2. Businesses of all types can be identified through the internet, yellow pages, business telephone book, and driving the streets.  In a logical and methodical way you can tap into each business of relevance to your plan.
  3. Look for pressures of expansion or contraction on a business by business basis.  You have 3 categories of businesses given the property types that they occupy.  Office, retail, and industrial property will call contain different businesses with opportunity; this then suggests that you have to be comfortable in crossing the boundaries of property types as part of your prospecting efforts.
  4. Relocation pressures can also apply with some businesses.  Look for those factors and tap into them.

It is a different world when it comes to prospecting companies and businesses.  They have different triggers of decision and property change.  A keen eye on the market and the local properties will help you find these high level prospects.

You can get more tips in our Bulletin right here.

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Commercial Realtors – Don’t Let the Client Rush You in Listing

business man on a pay phone
Control your client from the outset.

In commercial real estate agency it is common for the property owner to put you under some pressure to accept their price or rental in a listing situation.  If you do that, you will commonly finish up with a listing that is over the mark or could contain errors.   A listing with problems will not sell or rent well and can be on your books for a long time.

The key facts should always be known when you list commercial property.  Investigate everything before you comment on price or rent.  For example:

  • A lease in a property may be a positive or negative when it comes to the potential sale, and you will need to look at the lease to understand those facts before the listing is marketed.
  • The property itself may have issues of ownership or orders and notices that can impact the sale process.  In all cases you should do a title search and a detailed property search at the local council before you complete the listing.
  • The improvements in a property may have compliance issues with the building codes, or orders may have been issued on the property for alterations to certain issues.

So the list can go on.  Asking questions of the property owner is a good thing, but sometimes they do not have all the answers or know about the issues.  For that reason you should ask for more time in the listing process.

Here is a checklist that can help you with some of the bigger concerns when listing a commercial or retail property today:

  1. Get copies of the leases for the property and in the property so you know what impact they can have on the sale or lease process.  Look at the critical dates in the leases in case they require response or action before the marketing of the property.
  2. Notices and orders may have been issued on the property by the local council or building authority.  The client should normally know about these things however a checking process at the local council will be a wise move.
  3. Boundary issues relating to the borders between adjacent properties should be checked.  That may require you to get a copy of the latest survey plans that apply to the area.  If any questions appear regards boundaries, then the client should get a survey check done as required.
  4. Property usage currently should comply with the existing tenancy or ownership.  Property usage will or should comply with the requirements set out in the local zoning planning regulations.
  5. Tenant lease issues can vary enormously from property to property and tenancy to tenancy.  This says that you should be comfortable in reading and interpreting lease documentation.  When in doubt see a good solicitor that understands the property type and the leasing process.
  6. Outgoings and other property operating expenses will vary from property to property, although they should compare on average to other properties of similar type and size.  This is where your local property knowledge is quite important in the listing phase.
  7. Improvements in the property should be checked for relevance to the target market, building code compliance, and existing property usage.  Look for any improvements that could require upgrade or refurbishment prior to the marketing process commencing.

This list can be expanded given the property location, the property type, and the improvements.  It is best to have a questioning approach to the listing process so you can get issues and hurdles out of the way prior to the marketing process.

Need more ideas in Commercial Real Estate today?  You can get them at our website http://www.commercial-realestate-training.com/

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Commercial Agents – The Frustrations of Prospecting for Commercial and Retail Property Listings

commercial real estate agent prospecting
Get your prospecting system going

When you work as a salesperson or agent in commercial real estate, the prospecting process can be very frustrating.  That is because it is not easy and it does require practice and real focus.  Some people find those two things really hard to achieve on a regular basis.    Here are some tips from our regular bulletin for Commercial Real Estate Agents.

The good agents prospect every day for about 2 or 3 hours.  When this becomes a habit in your business processes and diary, the market opportunities start to evolve.  Given that your salary usually revolves around commissions, this is a good thing.

Having seen many salespeople struggle with the issue and most not handling it well, I have developed a set of rules to help the process for those that want to get ahead.

When you follow the rules, things start to happen.  I want to share those with you now:

  1. Prospecting and cold calling is the single most important thing that you should do every day.  There are no short cuts; just research and do the work.  That being said, it is best to get your ordinary business day very organised so that the same time frame is set aside for you to prospect and cold call.   Research does not fit into that time frame; researching the people to call takes time and should occur in the evening the night before you make your calls.  The internet and the business telephone book will be good sources of opportunity if you use them methodically.
  2. There are only a few simple things that will make a lot of difference to your career in the industry.  Prospecting is always number 1 on the list.  Presentation and negotiation skills fall at numbers 2 and 3.  As you can see, the industry is quite simple if you break it down to the main categories.  So what should you do with items 1, 2, and 3?  You should practice them on a regular basis.  The process of practice will fast track the results that you get.
  3. The process of prospecting involves contacting lots of people on a regular basis.  Some of those people will have no interest or need for your services and on that basis should be dropped from ongoing contact.  Others will have a need one day, and on that basis you will need to talk to them at least every 90 days until you can get a meeting and put a ‘name to a
    face’.  This industry is all about relationships, and meetings are really important to start that.
  4. As you prospect with new people, expect that most people will not want to talk or meet with you.  That is quite OK given that you do not want to waste your time (or theirs).  Look at ‘rejection’ as a simple process of advantage that allows you to talk to other people and find the right opportunities.

If you prospect well, you will build a good market share faster than those that struggle to organise themselves.  Are you up to the challenge?  I hope so.

Need some more tips to handle prospecting in commercial real estate sales or leasing?  Get our bulletin here.

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Copywriting Strategies for Commercial Real Estate Marketing

Businessman reading newspaper
Advertising copy in commercial property has to attract your target audience

When taking a commercial property to the market for sale or for lease, the marketing campaign will be significantly impacted by the quality of the advertising copy used in the various channels of media.  Many property agents are not good at writing advertisements and therefore the marketing campaign suffers from the very start.

Before commencing the drafting of advertising for any property, it pays to thoroughly inspect the property and the surrounding area.  This simple process will give you many ideas and concepts to feed into your advertising layout and design.  You will also get some perceptions of the features of the property and that are important to the target market.

So to get the matter under way, it is important to understand exactly who or what the target market is for the chosen property.  In commercial real estate, the target markets are usually subsets of the following categories:

  1. Property Investors in the local area
  2. Business owners and proprietors in the local area
  3. Property developers
  4. Tenants needing to move into their own premises

Within each of these categories there will be subsets of criteria such as the required cash flow, timing of the property release, the availability of the property, the location of the property, and the types of improvements.

So the best strategy in working towards a drafting of advertising copy is to review the property personally with due regard to the particular broader target market that will be attracted to it.  When you then walk around the premises and the general location, you can detail the features that will be attractive to the target audience.  Take many photos of the property from various locations around the site so you can revisit the property presentation and improvements at a later time.  These photos can also be used in any discussions with identified and qualified prospects in the future.

It pays to develop a list of four or five items that are considered the features of the property itself and the campaign.  They should consistently flow through all the advertising material and be placed towards the top of all the advertising copy.

If the property has any form of identity, brand, or name in the local area, then it should also feature in the advertising copy.  Most property purchasers and tenants relate to the building brand, identity, and location.  At least 75% of properties that are sold or rented today are transacted with local property investors or business owners.

It is a known fact that the most effective advertising in commercial and retail real estate is simple and short.  Most adult readers prefer dot points and photographs to attract their interest.  Any written paragraphs should then be short and to the base of the advertising copy.  At the base of the created property advertising and any editorial, ensure that you place the necessary contact detail of the relative salesperson and real estate agency business.