Every commercial real estate broker should be putting out a newsletter by email once a week or once per fortnight. This strategy will help you stay in touch with your clients and prospects whilst also telling them of the changes in the market and the listings that are available.
To make this work you need an autoresponder, and some good marketing material to feed into the newsletter on a regular basis. Make it interesting in every way possible.
Here is an MP3 audio file for agents and brokers considering starting this process.
In commercial real estate and brokerage, the exclusive listings that you convert and create will help you build market share. Open listings are generally a waste of time and any results that you get from the open listing process will be a process of luck more than anything else.
In some markets and with some agents, it is common to hear that the open listing process is the only way to build listing stock. The problem is quite common when it comes to industrial property and with the newer brokerages or agents. Those agents are quite generic in quality of service and marketing activity. They have no point of difference to help their listing process and marketing plan.
Your conversions to exclusive listings will elevate when you are working as a property specialist, and are regarded as the local expert to solve the client’s property problem. It is very difficult for a client or a prospect to walk away from or ignore the services of a top agent.
Generic agents take on open listings just to get the stock; specialized agents take on exclusive listings only. If you want to improve your market share, you will need to practice your processes when it comes to pitching for an exclusive listing. You will need more exclusive listings.
To improve your conversions for exclusive listings, here are some ideas:
To convert more of these listings, you do need to feed your contact pipeline with a systematic prospecting process. Every day connect with new people that you have not spoken to before. Over time, repeating the connection process with the same people will allow you to convert more meetings and make more presentations. On average, it takes about three or four telephone calls to get a meeting with some property owners and property investors. Establish your call contact system, and implement it every day so that your pipeline of opportunity is growing.
There are two reasons why you will get an exclusive listing. The first will be that you are regarded as an expert in the local area, and the second will be that you are regarded as a marketing specialist. It directly follows that you will need to build your brand and prospect model accordingly. Every pitch and proposal that you make should be structured with those two issues in mind.
A good quality property will always create more enquiries from your marketing efforts. Top agents will usually focus on the best properties and the best clients. Those top agents walk away from poor quality listings, open listings, and unrealistic clients. Protect your time and your agency procedures as part of that process. Don’t take on a listing that you regard as unnecessarily difficult and unrealistically priced.
As mentioned earlier, the exclusive listing process will help take you to the top of your market with a commanding market share. Practice your pitch and your proposals accordingly. Role-play your presentations in each sales meeting so that both you and the team can provide special services and solutions for the clients that you serve.
With the internet today, commercial real estate agents have many tools at their disposal. They can market not only their properties but also themselves comprehensively and effectively. If you are struggling with getting your name into the property market as a top agent, this audio recording will give you some ideas and processes to use.
In commercial real estate agency your sales presentation or pitch should be simple and direct. In saying that I still see so many agents front up to the client’s office for the presentation looking like a ‘pack-horse’ with every conceivable marketing tool imaginable. What a big mistake!
First impressions mean a lot in our industry. As you enter the client’s office or work environment, the message you send must be simple and professional; you must look the part in every respect. How you dress, what you say, and what you do in the first 2 minutes of the meeting will impact the remainder of the client connection.
Your sales pitch or presentation has to be simple. The client has to grasp what you are talking about and see some clear and relevant solutions to their property challenge. When you complicate things, you lose the clients attention.
Top commercial real estate agents know how to be relevant and real for the current property market. They prepare the right information that connects to the current market conditions, the property, and solutions available to the client.
The agent that wins the listing is usually the one that has fully prepared for the meeting with high level content and facts about the market. They also offer specific strategies that go beyond the ‘generic rubbish’ that ordinary inexperienced agents provide.
Here are some ways to connect with the client in a professional sales pitch or presentation today:
Ensure that you have seen the property before the meeting so you can relate to it in many different ways.
Check out the other competing properties on the market nearby. Be prepared to talk about them and how they are being marketed (successfully or unsuccessfully).
The only tools you need for a presentation will be your marketing folder, and perhaps a laptop computer.
In your marketing folder have listing forms, samples of marketing, maps of the area, subject property details (searched and checked), Gantt charts of sales and leasing processes, testimonials, and market research information.
In your laptop (or tablet computer) have plenty of photographs of the property so you can run a slide show as part of the client connection.
Have a brief marketing proposal ready with recommendations as part of taking the subject property to the right target market.
Get away from long and tedious proposals for the client to read. Use dot points, checklists, graphs, and photographs in the proposal. That will help capture the client’s attention.
Ensure that you have a few good stories to tell about some other property owners locally that have gone through the same pressures as the client you are talking to. Stories always help the connection and will be appreciated by the client in the presentation. Good stories will be remembered.
Simplify your strategies when it comes to meeting new potential clients. Take less information and clutter with you, but make sure that the things that you do have are of the highest and most relevant quality. Practice your pitch beforehand. Show the confidence that the client wants to see in the listing process.
When you work in commercial property management it is very easy to suffer the effects of stress. They say that some stress is a good thing and that it helps us get the job done; the unfortunate fact of commercial property management is that stress can be relentless and continuous. Workloads are high most of the time. Here are some tips from our Newsletter.
So why are things like this? The reality is that commercial property managers are very busy most of the working week. If they do not handle work variety and pressures well, then they are likely to suffer in one form or another. In this industry you really do need to be organised and have a level of knowledge that supports workplace efficiency.
Far too many property managers are overloaded with too many buildings and tenants by agency principals that have little or no idea about the amount of work involved in the management service and process. Another problem in the industry is not charging sufficient fees for the work involved in managing buildings.
On any given day a property manager is likely to do many different things including:
Meet with tenants
Talk with landlords
Expenditure controls and management
Trust account monitoring
Remittance of landlord funds
Payment of accounts
Report on lease and tenant matters
Find new tenants
Inspect vacant tenancies with new tenants
Market vacant premises
Interpret lease situations for risk and response
Write several dozen emails and letters
Talk with contractors about maintenance matters
Arrange maintenance response to repair requirements
Look at competing properties under management for tenant changes and opportunity
So this list is deep and meaningful. There are many things in this list to keep a property manager fully occupied.
Given the large variety of things to do it is very important that they be good at time organisation and management. Organisation removes a lot of stress and pressure in the job.
So just how many hours should a manager work per day? To be realistic, the job is demanding and complex. A 10 hour working day is not unusual. That being said, you really do need to be diligent on the type of work that you do and build efficiencies into the system of the day. When you believe and feel that you are under control, everything else gets a lot easier.
Ultimately our job is to provide the landlords that we work for with relevant property control and focus. If you are graduating from residential property to commercial property, understand that the property shift does require a different approach to the property under management, the landlord, and the tenants. Relationships are more business-like. Decisions made are usually based on logic and the factors of income and expenditure.
In closing on this point it should be said that commercial or retail property management is a great career choice for those that want to work in the industry. It is just a matter of establishing the right time management systems and controls to get you through the working day efficiently and correctly. Enjoy your career in commercial property management.
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