There are many different strategies to consider when it comes to pitching for a new commercial property management. In this audio program, John Highman talks about the particular elements of a property management presentation that will be of relevance to most clients today.
Listen to the audio program and develop some specific ideas to modify your property presentation and management ideas. Don’t forget to talk about income enhancement, tenant mix changes, property controls, and risk reduction.
In commercial real estate brokerage it is important that you segment your client list into groups and opportunities. As part of that, you should identify the VIP clients that you know and those that exist in your local area. They should be the primary targets of your prospecting model in an ongoing way. (NB – you can get our free commercial real estate training right here)
In this audio program, John Highman talks about the strategies behind VIP database management and the professional skills of commercial real estate sales and leasing today.
Learn how to improve your real estate business and grow the opportunities with the right clients in the right way.
In commercial real estate brokerage today develop a personal focus on performance relative to your location and property specialities. When you focus in this way, you can develop some real momentum and levels of outcome in both listings and commissions.
The agents the struggle in the industry are those that generally do not know where they are currently when it comes to industry based performance. That is a problem but it can be easily fixed.
Top Agent Focus
The top agents of the market understand exactly how they have performed over recent time when it comes to:
Listing Activities within their specialized property type – you cannot be a specialist across every property type and location so determine the things that you can get some results and listings from in the local area.
Commissions per listing – when you drill down into the commissions per listing you will soon see levels of quality that can be improved on a listing by listing basis. Good quality listings will always move faster and the time on market will be shorter.
Commissions per transaction – you can split your transactions into sales and leasing activity. You will then see the levels of activity created from each transaction and then you can assess the size of the transaction taking into account the amount of effort required in the marketing and the negotiating. Selective listing activities will help you improve commissions per transaction.
Listings per location – assess your current listings on a precinct and locational basis. Do you have a good sure of listings in the prime precincts and areas where people are making most of the property enquiry? You may need to adjust your property prospecting activities to convert more listings per location. The best locations will always create better levels of enquiry and that has a direct flow through into levels of inspection, frequency of negotiation, and database size.
Commissions relative to database size and activity – review your current database for both size and relevance. Also consider the accuracy of the information contained within the database. If you are struggling in the market today when it comes to new business opportunities, then it is time to look at your client list and your prospecting activities. The database will be at the centre of that assessment and review process.
Referral business opportunity – from your recent successful transactions the referral question should have been asked and encouraged. It is reasonably easy to reach out into new market segments and property opportunity through a deliberate and direct referral strategy. Your VIP clients should be at the centre of your referral business and referral questions.
VIP clients – understand exactly who your VIP clients are today and why you should consider them for future business opportunity. Segment those VIP clients into levels of activity, location, financial capability, and timing. You should be connecting with the VIP clients more frequently and directly as part of your prospecting model.
Competing agents and brokers locally – an assessment of competing agents locally will help you re-position yourself into the market segments that are underserviced or offer the best opportunity. As part of your professional business plan is a commercial real estate agent or broker, make some deliberate choices when it comes to personal marketing processes and strategies in and around your competing agents.
Be a Problem Solver – make it easy to your clients and prospects to see that you are the agent of choice when it comes to solving a property problem in a timely and direct way. When you have a successful transaction, be that in sales or leasing, spread the word about your success and the results achieved for your clients. Get some success letters into the location with a particular focus on property investors and local business owners.
From the list mentioned, it is easy to see that commercial real estate brokerage business is all about assessing the numbers and developing appropriate levels of personal improvement.
In commercial real estate today, there are all types of challenges to work with and through. Clients, listings, and negotiations are usually not what you expect. The bigger picture of the deal or the negotiation can change when you lease expect it.
The key to moving through some of these problems will be in be in personal mindset and focus. Confidence starts to grow when you feel under control in your real estate business with a decent market share.
Here are some notes on MP3 audio about the importance of developing a Winning Mindset as you strive to attract more clients and listings in the coming year ahead.
In commercial real estate leasing, there are plenty of lead generation opportunities to be had when it comes to tenant placement and leasing activity. In any town or city at any time, there are usually plenty of tenants looking to move for a number of different reasons.
Your job is to locate those tenants at the earliest possible time before they consider moving and changing premises. The relationships that you strike with tenants locally will help you grow leasing activity and opportunity.
There are two sides to the levels of new business that you create as a property leasing specialist. Firstly you should be working with landlords helping them with vacancy problems and tenant mix strategies. That in itself is quite specialised process. Secondly you should be working with local businesses and tenants to help them relocate at the right time as part of their business activities and growth strategies.
What’s it all about?
So the message here is that you should be focusing on lead generation with both landlords and tenants. Separate strategies are required. You should be connecting with these two groups in a regular and ongoing way. That is why your database and your prospecting activities are fundamentally important to lead generation in commercial property leasing. Tenants and landlords should be segmented within your database, and relationships should be growing with each qualified lead or prospect.
Specialist leasing services for a location and property type are always in demand. Consider your answers to these questions:
What is your specialist service?
What values and opportunities do you bring to the landlords and tenants that you serve?
How can you improve your professional service offering to both landlords and tenants?
Why are you the leasing expert for the area and the location?
How can you market vacant premises more directly and effectively?
An important factor to remember?
It is an interesting fact that your database and the people within it are perhaps the most important factors of leverage that you can apply to the lease negotiation process. If you are growing your database daily and regularly, the landlords and the tenants within your list will allow you to quote any property, vacant premises, or a new leasing opportunity quickly and directly.
If you are struggling in the property market now with leasing activity, take a serious look at your database and start to improve it and grow it through regular contact with new people.
CONTACT SYSTEMS: Keep in contact with all local businesses. You will find that businesses are moving and changing premises for many different reasons. Make sure that they remember you at the right time when it comes to changing location.
QUALITY CONTACTS: Network the tenants in high quality buildings. The tenants in high quality buildings are generally those businesses that can afford better quality occupancy and longer term leases. The commission you achieve from such a high quality property leasing transaction will generally be higher per unit of space under lease. Many corporate tenants today require the services of a tenant advocate to help them find new premises and other properties. You can offer comprehensive and specialised tenant advocacy services.
LOOK FOR CHANGE: Look for tenants moving premises or those that are under some form of business pressure. When you canvass through an area or a location, look for the signs of change. You will see some businesses that are under pressure to relocate. Levels of stock, lack of parking space, lack of storage, and growth of business activities are all signs of a tenant or a local business needing help.
SERVICE OFFERING: Establish some comprehensive tenant placement services. As mentioned before, tenant advocacy can be part of the services that you offer. In other words you will be locating a tenant into a new property. In that case the tenant will be paying your commission and they will be your client for the purposes of the transaction. The larger corporate tenants are generally quite comfortable in seeking out and using the services of a specialised tenant advocate. They are also prepared to pay the necessary fees for service.
FRANCHISE BUSINESSES: Establish contact with local franchise businesses. Many franchise business models focus on factors of location first and foremost. They generally need to locate a new franchise business into a zone or precinct after they have undertaken the necessary market research and study. Make direct contact with local franchise businesses to understand the preferred business locations and lease circumstances that they prefer. They may also share with you the terms and conditions of the typical franchise agreement at they use. The franchise agreement will need to be integrated into the lease terms and conditions that you may negotiate.
So there are some things that you can do here when it comes to lead generation in commercial real estate leasing. Understand the differences between landlord activity and tenant activity. You can offer specialised services in each case.
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