When you are pitching for a listing in commercial real estate brokerage, consider the focus points of the client and the specific factors of the property itself. Then review the local market conditions. Your dialogue can evolve from those elements.
Develop your lines and ‘patter’ to engage the clients thinking. Avoid the jargon that we commonly use in the industry, and break things down into the core facts that really matter with the property. Simplicity tends to win more attention and closure on listing situations.
Give the Client a Clear Picture
Be specific and relative to the location and property type. Understand how you can add value to the listing process by specialising within a specific location and marketing the property specifically and directly to the right target audience.
In this audio program, John Highman talks about the ways you can direct the client’s thoughts in the listing pitch towards the things that matter so you are reducing the impact of any competing brokers.
When you pitch and present your listing strategies to a client, are you clear and precise about how the client should move ahead with you and why that is the case? Help the client see that you are the best solution to their property challenge; be special and real to their situation and property asset.
So how can you do this?
Give them some property listing and marketing strategies that then cannot refuse or ignore. Show them that you really understand the current situation that they find themselves in, and that you have a definite path of resolve. Have some stories from the location of others that you have helped move ahead in similar property situations.
Here are some other ideas to apply to the listing discussion with the client or prospect:
Inspection strategy – demonstrate that you have a clear strategy and method of inspecting the property that will give the client a better chance of attracting offers from the target market. You can walk the client through the property as part of that strategic approach; you can also use your mobile telephone to record the inspection process in video, and show them the factors that you find really important to the property marketing and presentation process.
Short listed interested parties – using your current database, you should have a short list of buyers or tenants to apply to the property inspection as soon as the listing comes on market. With suitable anonymity, show the client the short list so they know that it exists and explain how you will be using that list in moving ahead.
Marketing solutions and alternatives – your marketing recommendations for the asset should not be ordinary, so take the time to build a marketing campaign that reaches deeply into the target market. Provide 3 alternatives with the campaigns so the client has some choices and budget alternatives. Give the client your clear marketing recommendations so they can see the best ways forward, and show them samples of other adverts used locally and tell them why certain solutions are better for their property in the current market conditions.
Targeted marketing and personal direct marketing – the property has to be placed firmly in front of the current prospects and target market that you have in mind. Explain how you will do that, and provide the client with a way in which you will be communicating progress on each stage of the campaign.
Negotiation control – tell the client how you are to be preparing for the negotiation well before it is to occur. When you have qualified a seller or tenant as the case may be, you will have stages of qualification and communication that should be professionally controlled so the offer is encouraged in the correct legal format. Exactly how will you do that? Explain those facts to the client as part of your listing and or presentation pitch.
To capture the interests of the client as part of any listing presentation and brokerage pitch, you have to stand out as relevant and real for the location and the property type. Help the client see that you are the best solution to assist them through the challenge with their property and the current market conditions.
To convert more listings over time, make sure that you are providing your clients and customers with a clear strategy to move ahead that is carefully crafted for the situation.
If you are looking to grow your market share and improve the results for your clients, then you simply must seek and convert vendor paid marketing as part of your business model. It is the best solution for creating inquiry. It is also the best solution for getting results for the clients that you work for.
Lift Enquiry in Better Ways
As the level of property inquiry escalates as part of a dedicated and special promotional program, this is what typically happens:
Your database grows with quality people calling you on the better listings
Better quality listings allow you to speak to active investors and business leaders for the location
Your existing listing stock allows you to talk to other local people.
You get known as a property specialist for the location and that then helps you build listings with other locals
Other local property owners get to notice you as the ‘go to person’ for the location and property type
So these are all good things. Your ability to create vendor paid marketing will help you get started on the road to improved market presence.
So here are some ways to sell the marketing message and the requirement for vendor funds in your listing pitch:
Vary your packages offered – Most clients like to have a choice when presented with property matters and challenges. Give them 3 different approaches to marketing and advertising coverage (also provide the reasons for the different packages). When they have choices, the advertising spend gets a bit easier.
Show the value of a timed campaign – When should the campaign start and why is that the case? You should have answers to those questions and feed those matters into the client presentation.
Focus in on a target marketing – Put your targeted buyers or tenants into your campaign and categorize them for the client. That then makes it easier for the client to see who you are chasing for inspections and how you are going to create their interest.
Differentiate between local area marketing and regional coverage (where the property makes it necessary). There are differences in approach for each market segment, so treat them differently in your marketing.
Split campaign focus into primary and secondary coverage both online and offline – When you have done this, you can stage the campaign into segments and points of focus.
Use a private website portal to help the client see your feedback and results coming in – Make it easy for the client to see the results of recent marketing and inspections. A private portal can easily be merged into your website for the VIP clients and Exclusive listings that you have now and those that you will convert.
Put yourself into the property campaign – Help the client see that you are important to the promotion of the property, because you will be doing certain things that are critical to getting results with both inquiries and inspections.
From these simple and yet specific things, you can drive better levels of property enquiry. Look at your listing processes in commercial real estate now and consider how you can convert vendor paid marketing with each and every presentation that you make; your career will escalate faster if you can resolve the equation.
Are you prepared to move the client forward? You can have something prepared to catch the attention of the client early in the property discussion, negotiation, or listing pitch. If you know plenty of things about your location and the property type, then the strategy really works.
What is it?
You could call this an exercise in ‘verbal flexibility’. As commercial real estate agents and brokers, we need plenty of that as we move our clients toward a goal or conversion. Professionalism underpins the process.
The best agents and brokers are usually great at setting the scene for the client in the conversation and then moving them through the process, challenge, or facts.
In this audio program, John Highman talks about ‘Opening Statements’ and how they should be used by brokers and agents in commercial property brokerage.
In commercial real estate brokerage you only have a brief opportunity to grab the attention of a client and help them see why your property presentation is better than anything else that your competition may be recommending. You have to plan a perfect property presentation.
Let’s take for example a presentation relating to the sale of a prime investment property. You know that the property will sell and that there will be a lot of interest in and through the marketing campaign. Your main focus in marketing the property should then be a combination of the following:
Getting volumes of enquiry so you can build a real competition for buyers to make offers on the property
Convert plenty of inspections so that the momentum of the campaign grows to a critical point of finality as an auction, or close date for offers through a tender situation
Pull in all the potential people in the target market
Simple points of focus like these will help you build the perfect property presentation. When you get the ‘formula’ right, the client cannot fail to listen and carefully consider your ideas in a relevant way.
How Can You Pitch Your Ideas?
So what can you do here to shape and promote your presentation ideas? In the case of an investment property for sale the following strategies really work:
Restate the client’s situation – Tell the client what you understand to be their position and their targets. This first stage of the presentation will ensure that the client can see that you understand their timing, and the property challenge.
Explain how you see the property – When you explain the property in detail (including the improvements), you show the client that you really comprehend all the aspects of the sale situation that really matter.
Pick the advantages and strengths of the asset – Give the clear strengths as feature points that you can build on in any inspection. Tell the client how you will move people through the property and why that will be done.
Show time frames and stages – When you take the entire sales process into account you can split up the marketing and inspection process into critical stages. From that you can create a timeline. A timeline is a great ‘visual approach’ to getting the client to understand your property ideas and recommendations.
Answer the difficult questions – The client will have certain problems and issues that they think could impact the sale or the price. You can identify those issues in the earlier stages of the client contact, and then address those concerns in your property listing pitch.
In essence, these simple ideas are very effective in helping you gain the attention of the client to the potential of you marketing their property.
In commercial real estate you will be pitching your services to clients regularly. Sometimes you will be doing so competitively with other agents chasing the same listing. The fact of the matter is that you must be prepared for a top listing presentation.
You need to convert at least 50% of your presentations to listings. Top agents will get up to a conversion factor of about 75%, and ultimately that should be your goal. To do this you need to practice.
To win the listing you have to be the best choice of agent for the property and the market, and in doing so you should bring relevant skills and knowledge to the client. The whole point of this is that you must get the message to the client about all of these things so they can make an informed and correct decision. To do this you should have a presentation model and you should practice it at least twice a week. Over time the model can be shaped and then you can improve your conversions.
Try answering these questions as you consider your pitch model:
Are you a real person that brings benefit and skills to the client? If so what?
What is your point of difference in commercial real estate services and business that make you stand out as ‘better than the rest’?
In what way are you a great marketer of properties for sale or lease? What do you know about property marketing beyond the generic stuff that most agents peddle? Why is your marketing better than the rest? Do you have proof for the client to see?
How do you negotiate on listings, leases, and sales? Are your negotiation skills the best that they can be?
What do you know about the local area that is of use to the clients as they market their property?
What proof and evidence can you give your clients to show them of your experience in the market today with difficult property challenges?
What stories do you have that you can tell the client about results and recent market trends?
What is the size of your database today and is it relevant to the clients that you serve? Could you use that database as leverage to convert the listing?
Most of these things can be a challenge if you are new to the industry or the property market. The point is that you should work towards optimising them as you build market share. Practice will get you there a lot faster.
Commercial real estate today can be a challenge because the clients that we work with are typically under some pressure of rents, prices, tenant mix, and property performance. That being said, your success as a top agent is simply a matter of you adjusting your skills to the market conditions. Very soon you will see that you can put deals together; in all comes down to how many people you know and how you market yourself to the clients in the industry. Improve your personal marketing efforts and you will find that the industry opens up for you.