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List Effective of Communication Strategies in Commercial Real Estate Brokerage

commercial property agent meeting clients

The best agents in commercial real estate know how to communicate effectively and control their transactions from start to finish.  They do not lose control of the deal momentum.  They stay with their listings and negotiation positions to the very end.  Those focus points are quite important.

 

Things will change, and momentum will shift in any sale or lease, so expect that.  Understanding the momentum of the parties and their negotiation targets will help you effectively convert and control the transaction.  Set your rules to all the communication processes across listings, inspections, and negotiations.

 

 

Comprehensive Communication with Listing Control

 

Stay with the transaction and the involved people from the very beginning.

 

Here are some ideas to help with that transaction control:

 

  1. Know who your client is in the transaction, and don’t lose that awareness as the elements of the deal move and change. The client is the person that needs your help and will be the one that is paying the commission at the point of success.
  2. Make sure your appointment to act in the sale or property transaction is accurately compiled and legally correct. You don’t want any disagreements about commission at a later time.
  3. Get full property detail and title ownership correctly compiled for the transaction and the negotiations that may follow. Be prepared for questions and negotiation elements between the parties.
  4. Follow the client’s instructions to completion. Keep the client fully briefed as matters shift and change.  Information helps with negotiations.
  5. Take plenty of notes as the transaction evolves. Most property negotiations are complex, and the elements of offers, discussions, and agreements will vary.  Your notes are critical to transaction control.  Every meeting, telephone discussion, or direct instruction should be documented.
  6. If you need some ‘market awareness’ to help shape the thoughts of your client or the negotiating party, then gather plenty of comparable evidence from other local properties and transactions. That evidence should be statistical and visual, as well as verbal.  Verbal comments alone don’t count much when it comes to client or prospect conditioning.  Help your client or the other party to the transaction understand the elements of the local property market and recent prices or rents.
  7. Most parties to a property sale or lease want to get some ‘saving’ as a final element of ‘closure’ on a negotiation. What is the best alternative to no agreement for each of the parties?  They will be ‘holding out’ for their position and advantages, and somewhere in those facts will be a potential agreement.  Know the negotiation ‘variables’ for each party and then position the negotiation around them.
  8. Personal marketing for a top agent is a required process. It covers promotions and engagement across some different channels.  A top agent will be using all available marketing elements to build their business.  That will, for example, be websites, editorials, articles, social media, databases, telephone calls, and meetings.  That is how they can build a solid marketing profile as an industry expert.  The process of personal marketing never stops for a top agent.  Get involved in promoting yourself and your skills locally.  Engage with your target market.
  9. When the final transaction documentation takes shape, understand the facts and capture the elements of the deal. Know how all matters should be documented; do so with accuracy and timeliness.  All documentation should be served and prepared with full regard to local property laws and the instructions of the client.

 

With these things, you can control a property transaction most effectively from start to finish.

 

Communicate through your listing and property transactions with accuracy and timeliness.  That will help in creating ‘closure’.   Commissions are then easier to convert. That is how top agents do things.

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Commercial Real Estate Brokerage – Searching for the Best Ways to Improve Personal Brokerage Performance

business men walking in street and talking
Learn from the best agents and brokers around you.

In commercial real estate brokerage, things change frequently throughout the year.  The only object or fact that you can control is your response to the property market and its changes.  There is always opportunity in change, but you have to dig for it.  Local property market awareness will help your responses.

What do you do?

It doesn’t matter whether you are specializing in sales, leasing or property management, the location changes and the market sentiment will be there for you to work with and turn into commissions and or leads.  It is a valuable process to monitor your activities each day and direct them into particular strategies that you can shape and refine.

How do you rank with these?

Here are some specific ideas that can really help drive better results for agents and brokers.  See how you rank with these ‘change factors’:

  1. What you say – Given that we are communicating with people every day, what you say and how you say it will be a great leverage factor in business conversions. Learn about the conversational factors in telephone prospecting, negotiating, pitching and presenting.   Notably all of those situations are quite special in our industry.  Develop the voice and the right words that support conversational confidence with people.
  2. Property market awareness – Check out the local listings and the trends in enquiry, prices, and marketing strategies. Understand just what formula is creating the best enquiry and momentum towards a successful sale or lease situation.  Watch the top agents in your location so you can see the strategies and differences that are potentially giving them the edge in listing conversion.
  3. Recent enquiry – Clients like to hear about recent levels of property enquiry. If you are tracking the enquiry numbers for your exclusive campaigns, you will have some valuable information that can influence the listing processes with your clients.  Also assess the numbers of people that you are talking to every day.  Lift your contact numbers on a daily basis; set some contact benchmarks that you can improve given the available time.
  4. Marketing solutions – There are many ways to market a property today. How can you make your promotional processes more specific and relevant?  What can you do to leverage more enquiries from the advertising that you have both online and offline?  There are many ways to creatively and professionally improve property marketing.  Try better photographs, creative promotional copy professionally created, layouts, keywords related to your area and property type, and place the property in a matrix of online portals, social media, and database newsletters.

From these four simple factors you can see why personal performance is a big thing in commercial real estate brokerage today.

Most of the property market ‘slumps’ are a reflection on personal agent or broker performance rather than true market conditions.  Are you up to the challenge?

You can get more commercial real estate brokerage tips in our ‘Snapshot’ eCourse right here.