There are always plenty of competitors chasing the same clients in the same properties in a location, and particularly within your territory. For that very reason, you do need to have some definite and deliberate winning based strategies to help you grow your market share over time.
Understand the variables of your real estate business, and particularly so for the location. Look at what can and will happen over the foreseeable future with the following categories of new business and property activity:
The supply and the demand for property within your location will always change, and you need to adjust to that over time. Look at the indicators and adjust your prospecting and marketing efforts accordingly.
In this audio program, John Highman talks about the important skills of attitude and activity as part of winning new business in commercial property today. Learn the special skills to develop a winning attitude as a broker or an agent.
Those clients that fail to adjust to market circumstances deserve what they get (or fail to get). The best clients will always listen to market circumstances and allow their agent to refresh the property and push on with other marketing and pricing ideas.
A Brokers Job
Our job is to match the strengths of the property listing into the market conditions and make things happen. It is also our job to resolve the weaknesses that may be present in the property so results can happen with inquiries, inspections, or offers. There are some real skills to be tuned and developed there.
In this audio program, John Highman talks about the ways that you can and should approach those difficult commercial property listings to get better results.
As you strive to improve market share, client lists, and commissions in commercial real estate brokerage, your most important resource is that of time. You simply have to make every minute in your working day count, by focusing on the right things. (NB – You can get our other free commercial real estate broker resources here)
Let’s say you have 8 to 10 hours in the average working day where you can do some valuable things relating to your career. At least half of that time can be lost to the the unavoidable pressures of administration, clients, and team issues.
Some things you cannot avoid, so I get that…….. however at least 1/3rd of your business day must be well controlled towards the outcomes that you seek.
In this audio recording, I talk about the valuable resource of time in a property career and how you should use it. In sales, leasing, and property management, the factors of time will impact your day, so set up some rules. As the seasons of business change during the year, measure your brokerage efforts against an index of effectiveness.
In commercial real estate brokerage there are plenty of things happening in most property markets in a continuous way.
Businesses are looking to change or relocate their activities to improve corporate performance and income generation; property investors are looking to expand or change investment portfolios. On that basis there are some good things for every broker and agent to tap into providing they spend the time in looking for the indicators and the pressure points of the local property market.
Spend the time in researching your local area and the properties contained therein. In a logical and direct way review the property market, the changes, and the churn factors that are likely to bring about new business opportunity.
In this audio program John Highman talks about the importance of understanding your property market and the things that are changing across sales, leasing, and property management activities. When you know what is happening within your region and within your targeted property types, you can position yourself for further commissions and listing opportunities.
The fact of the matter is that leads are always available to those people that look and question the events, facts, and people in the property market. Asking questions at the right time, and noting the changes in the property market will help you find your next opportunities for listings and commissions.
In this audio program, John Highman, Commercial Real Estate Coach, talks about the different ways to generate leads for listings and property transactions.
In commercial real estate brokerage today, your time is a valuable resource and should be optimized in each and every way possible. You will have many pressures coming to you throughout the working day of the working week, and some of those pressures will change your priorities. Ultimately you can lose focus without some good controls and priorities.
The clients and the people that we work with can be very demanding. The priorities that you set today for tomorrow can shift and changes the day starts. A good degree of discipline is required to manage your time and your tasks as a commercial real estate broker.
There is a simple message to be remembered here. If you remain in control and focus on the critical elements of your business, there is a good chance that you will succeed in the ways that are important to you. If you allow others to divert your business activities away from prospecting, marketing, and client contact, you will likely find that your industry career takes a different direction and perhaps starts to stall.
Commercial real estate brokerage can provide you with all the opportunities and rewards that you seek. Manage your time deliberately so that you can stay on task when it comes to business growth and market share.
In this audio recording, John Highman talks about the importance of time management and task control in brokerage today. Listen to John as he explains important things that really matter when it comes to the property industry and your future in it.
In commercial real estate brokerage today there are some very common mistakes made by agents and brokers. The real estate market is always under change, and these changes require absolute and total focus on client and listing activity. Don’t make the mistakes or repeat the errors of others in your industry. Understand what works in your location when it comes to new business generation, and start to build your career accordingly.
Ultimately you need a good group of clients to help you build your real estate business over time. Through establishing professional relevance with each of your clients, you can grow your commission opportunities at the right time through your career.
In this audio program, John Highman talks about the common mistakes that brokers and agents make. You can avoid these issues through a simple set of professional controls and focus points.
The people that achieve the best results in commercial real estate brokerage are usually those that have taken the time to develop a solid skill base and knowledge of a particular area. They have then established a real passion for the industry and the activities within it.
Certainly you will have good days and bad days as a broker or an agent, as you will in any other industry, but the fact of the matter remains that commercial real estate can be one of the most rewarding careers for you to focus into.
Take the time to understand the industry in your location, observing how the top agents work with property opportunities, clients, and listings. Naturally you want to know if the area is overly saturated with too many agents; too much competition will slow your progress.
In this audio recording John Highman talks about the reasons why you should develop a real passion for commercial real estate brokerage and specialized segments within the industry.
You should not complicate things in commercial real estate. You can develop a simple 3 step sales and marketing plan for yourself. Understand your property market and then resolve to improve your personal marketing plan.
To help with that I have put some ideas on MP3 audio for brokers and agents new to the industry to review and understand. It is a great industry to work in, so keep your business ideas direct and simple.
In commercial real estate brokerage today every exclusive listing should be part of a staged marketing campaign. In other words, the listing and the advertising should be shaped and released strategically.
In a staged marketing campaign, you can create significant market suspense and better inquiry. Avoid being ordinary when it comes to commercial real estate marketing and advertising. Stage every exclusive campaign so that you can pull in more inquiry over the duration of the promotion.
Strategy is Everything in Marketing
So there is a strategy here. Every advert builds towards the next promotional message; every advert leads to the next advert releasing more information and enticing the tenant or buyer to make an inquiry. Here are some ideas to help you do that with commercial real estate listings:
A typical marketing campaign for an exclusive listing will be structured over a period of two or three months. Over the nominated time the advert should feature alternative copy and a good selection of professional photographs. Every 30 days the advertising copy should change as would the digital images. In that way you are attracting different levels of inquiry, and hopefully better interest. You are making people think about the listing and the advantages of inspecting the property.
A timed campaign such as that for an auction or expressions of interest, will have a shorter campaign duration of around 4 to 6 weeks. The same strategic process applies in that the advert should be staged and shaped for different times within the campaign. You have a beginning, a main promotion, and then a summary reminder to the property listing or release. You see this process quite often with project sales and leasing. The same rules apply with investment property promotions or vacant properties for owner occupation.
You can consider the different target markets that apply to the particular property listing. When you have identified the different target markets, you can specifically design adverts for special release. Those efforts can be released into the media channels and newspapers serving the chosen target markets.
You can mix and match your advertising through different media outlets and types. Consider using preliminary adverts to be followed by the major adverts, and then to be followed up by smaller summary advertising at the end of the campaign.
The first two weeks of a property release are quite important to make sure that you have the promotional strategy correctly balance during that time. The first two weeks of every campaign are the real foundation and will be critical to the momentum of promotion from that point onward. The advertising should be carefully crafted to create maximum levels of interest and inbound telephone calls. Use facts and figures together with a good balance of written content and digital images to do just that.
Always track your advertising results through levels of inquiry, inbound calls, hits or clicks on the Internet, website referrals, website hits, and property inspections. In that way you can understand where the results are converting through the different elements of your marketing campaign. When you know what works, you can repeat the process.
You can create variations in the marketing campaign so that the inquiry rate can be optimized and shaped over time. Soon you will know how to best approach the promotion of a particular property type in your local area.
In commercial real estate brokerage, there are plenty of pressures on deals and clients. That pressure can lead to frustration and the temptation to ‘loose your cool’. Stay away from the problem. Maintain your professionalism at all times. Your image as an agent or broker is really important locally.
In our industry, what goes around, comes around. Remember that.
Here is an audio MP3 talking about that very issue.
Quality questions in commercial real estate brokerage will help you get to the real client motivators. Through asking better questions you will also be able to find the next new business opportunity across sales, leasing, and property management.
So what can you ask about? Sometimes we look at a single property issue and forget about the side issues such as:
A referral opportunity
A future leasing need
A tenant mix challenge
Ways to improve a property investment
How to grow a property portfolio
How to resolve a vacancy factor
So there is information here that can be worked on with your clients and prospects. The questions that you ask will help you see the next stage of how you can work with a client and convert the business.
Listen to the audio and pick up on the key message of asking good questions in Commercial Real Estate.