In commercial real estate brokerage sales and leasing today, the clients that you know and work with are the foundation of your listings and commissions over time. Your client list has to grow in a continual way and that should be the ‘top priority’ of your working day as an agent.
Here are some key client questions for you to consider:
What is the best type of client for you to serve locally?
How can you ‘stand out’ as the agent of choice in your region?
Why should clients remember you as an agent when they need property help?
Why are you a better choice than your competitors from a ‘broker’ perspective?
What is your service approach to ‘exclusive’ clients and how is that special?
As you strive to build market share as an agent, these questions are quite important. Your database, and client interaction should be built around these core issues. Your answers to these questions should not be ‘generic’ if you are to capture a good share of the local property market and client base.
In this audio program by John Highman, you can learn some more facts about client contact and conversion in commercial real estate brokerage. You can get the audio below:
In commercial real estate today the top agents for a location are recognised as the industry specialists and local authorities in both sales and leasing when it comes to particular property types. Those top agents provide exceptional value for the clients that they serve. It is a deliberate marketing position on their part. How would you compare on this assessment?
Fact and Not Experiment
Real estate marketing today in both sales and leasing is not an experiment. It is a deliberate and definite process of investigation and research to attract targeted inquiry and achieve the best possible outcomes in either property price or rental. Time on market also has something to do with the results achieved.
So these three things all come together here, and those things are part of preparing for promotion of the property. An agent of authority knows how to achieve results.
So how can you show that you are the complete authority and property specialist? What can you do to lift your profile above that of your competitors? The simple answer is that you should develop some definite local area marketing strategies and build your profile at each and every opportunity in a professional way.
Here are some ideas to help you establish a real authority status as the top agent for your location:
Administration – Make it easy for your clients to move through their property challenge. The communication and administrative processes for the client should be crafted with that in mind. Some clients have little or no understanding of just what happens in the sale or leasing process. They are under stress, and you can help resolve that. Make it simple and keep them on track in the sale or leasing process.
Track record – When you achieve a result in a sale or lease situation, tell the local area and the people in it about the results achieved. Do that with case studies, emails, social media, and editorials. You can also publish articles on the article directories of interesting topics for a location.
Market share – Be seen as the agent of specialization for the location. Work in a zone and with certain property types; that precinct focus will help you with boosting personal branding and marketing. The agents that win the majority of the listings are those that can show that they dominate market share.
Established presence – Your coverage of both online and offline marketing will help you with your market presence. How can you do the promotional things with care and consideration? Focus on signboards for exclusive listings, and also online adverts of a dominance for a location. Be seen in the market place.
Are you ready to show the people of the property market that you are the best professional solution? Use these ideas to do just that.
Commercial investment sales is a special part of the property market. The rewards can be high in commissions providing you have sufficient listings, market share and qualified enquiries.
I also like to insist on ‘exclusivity’ as part of the property listing process. In this video I explain why that is important if you are to tap into the investment sales opportunities in your town or city.
See some ideas on Video about how Brokers can establish themselves in that lucrative segment of the industry.
Its the end of the financial year. A turning point in the market where some businesses and clients consider property occupancy, leasing, sales, and acquisitions. Its a good time of year for brokers and agents to get back into the growth phase of what we do. From now until December 2015 we have clients to call, listings to convert and commissions to raise.
In this podcast I am focusing on Sales related topics to help Brokers and Agents with market share and database growth.
The topics are:
How to systemise the commercial real estate business and why that is a good idea.
What you need to know about simple contact management systems.
How to improve your prospecting efforts for the year ahead.
A 3 stage formula of action for Brokers and Agents this year.
In commercial real estate brokerage, you need plenty of clients to support your listing and commission activity. You also need new prospects and opportunities to fill the gaps when some of your clients move on or leave the industry.
Given that we are soon to be starting another calendar year, it is time to have a look at a new and fresh approach to prospecting and client networking. This should be a personal priority for all real estate agents and brokers. This is the best time of year to get your client activities and database directions set for the next 12 months.
Here are some facts that relate to the market today and the clients we work with:
The ‘market noise’ from competing agents will always be significant. Many of our top clients will be working with other real estate agencies or at least know of some other top agents locally. This is a continual threat to our market share that can only be addressed by relevant and constant contact with the clients that we know. That is why property specialization is such a critical process in building listing opportunity. When the time comes for the client to move on a property matter they will usually choose the best agent with a dominant market share within the location and the property type. That is why general real estate agents and brokers never really develop dominant levels of business.
Winning a listing today is not entirely about providing discounts or inflating the property price to attract the clients business. Winning a listing is all about packaging the property to attract the maximum interest and facilitate inspections. High prices and higher rentals will not do that. Understand the prevailing market conditions and how you can work with that to solve the property challenge for your clients and prospects. Show the client the true facts of the market as they apply to the property type and location. Tell some stories relating to both successes and failures within the property category.
If you have a property that has been on the market for a long time, it is time to seriously adjust and reduce the price and or the rental structure in line with market conditions. Clients are not fools when it comes to true market conditions; they want results. They will usually understand that an inflated price or rental will make the marketing process quite difficult, so your pitch or presentation needs to tell the right story and provide the right market evidence. Any property with an inflated price or rental will soon become stale on the market; stale listings are usually quoted by top agents as marketing weaknesses. It is easy to show clients how other overpriced listings have been poorly marketed and overlooked by buyers and tenants. If the client is still unrealistic on price or rental expectations, it may be time to walk away from the listing and let some other agency or brokerage waste their time.
Every quality listing should be exclusively marketed. As part of that process, you should be asking for and attracting vendor paid marketing funds. Structure your sales pitch and presentations accordingly. Marketing dollars spent will have a lot to do with your real estate profile locally.
Working within these very simple and yet important facts, it is time to look at the ways you can attract new clients and listing opportunities. As I said earlier, the change in the calendar year is upon us and certainly will give us the opportunity for a new business direction and a freshening of our client connection process.
Reaching Out for Clients
Here are some tips to help you with reaching out to new clients and prospects:
Visit the people within your current database with the deliberate intention of asking for referral business and opportunities.
Identify the bankers and financiers within your town or city that have an interest in commercial industrial or retail property. Get to know those people at a personal level.
Contact all local accountants and lawyers locally that appear to be reasonably successful with their business activities. They are likely to have many clients active or interested in commercial property.
Identify the entire listings list active with your competitors. Use those listings as leverage to talk to other property owners nearby. Some of those property owners may like to compete with the current listing in the same location.
Identify the people that have purchased investment property within the last 3 to 5 years. They are likely to be active again within the next two or three years. They may wish to buy, sell, lease, or develop.
Check out the property development activity at the local council. Also check out the changes to zoning and property usage. All of these things could be solid foundations for project marketing, future sales and leasing activity.
In our industry there are many leads and opportunities available at any point in time. It is simply a matter of digging deep enough into the marketplace, the people, and the listings. Opportunities in commercial real estate are always available and it is simply a matter of asking the right questions to the right people.
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