If you are struggling to find new listings in commercial real estate then you can improve the situation by reviewing and understanding the listings of other agents in your location and your territory. You can use their listings as triggers to improve your listing and new client situation.
Use Other Agents as Listing Leverage
Here are some ways you can do that quickly and effectively:
Other agent’s listings for both sales and leasing – If another agent puts a signboard up on a property in a street, you can use that signboard as a reason to talk to local property owners in the immediate vicinity. Why is that the case, and why is it useful? Firstly it is likely that the other agent has not spoken to those nearby property owners to check out their property situation and interest; secondly any nearby property owner considering a sale or lease of their property, could be interested in competing using you as their agent. You can convert more momentum on your listings based on the marketing of the other properties.
Methods of marketing – Many if not most agents market their listings generically. You can use other agent’s listings as poor examples of marketing. The proof of that fact is usually seen in the time on market.
For sale by owners – There will always be an assortment of commercial real estate listings marketed by owners locally. Their motivation in doing so is usually to save money and avoid commission. The reality of the situation is that they do not have the resources of a good client database or marketing strategy. They cannot comprehensively market their property without a top agent to help. You can pitch your services to those property owners but do not discount your commissions; if they want your services to solve their listing problem then they should pay for it.
Properties in the same street – Review properties by street and location. Slowly move through the street and research the owners that you can talk to. By concentrating on a street by street basis you are delving deeper than most other agents. The property research as this level is time consuming and comprehensive; you will however find people to talk to and that is what the industry is all about. Find the right people and ask questions. In most streets you will find one or two listing opportunities now or in the future.
Poorly marketed properties – When you look at some listings on the internet you will see obvious signs of poor marketing. Usually those properties will be incorrectly photographed, and the advertising copy will be average at best. You can do much better with your property marketing and your listing or sales pitch you show the client how you can do that. Keep a selection and samples of recent listings with you where you can show the client that you really do have a different approach when it comes to property promotion. To be a top agent your marketing efforts should be superior and visually so.
Stale listings – Some properties will stay on the market for a long time. There are reasons for that and those reasons are usually easy to see. When the listing expires with another agent, you can offer a different approach of marketing and method of sale or lease. Base your listing and sales pitch on the tools that bring results.
So you have some good things to do here. Focus your marketing efforts around the weaknesses of other agents. Stand out as the best agent locally.
You can get more tips and ideas for commercial real estate brokerage right here in our bulletin.
In this commercial real estate market, the competition is fierce and the quality of enquiry coming back to you is selective. That being said, you should never ‘wing’ your presentations and inspections of properties.
You can do far too much damage to your chances of winning the deal or the listing. You can also send out the wrong message when it comes to your skills and relevance to the client or the prospect that you are presenting to.
What’s going on?
This property market is significantly competitive. Many of the agents you are up against will choose to use discounts and other enticements to influence the listing or the decision of the client.
On that basis your presentations need to be carefully planned and relevant to the solution that the client requires. That is why you cannot ‘wing it’ when it comes to your presentations.
Most clients today will initially be influenced by statements such as the following:
Low marketing costs
Availability of immediate property inspections
Open vs. exclusive listings
To help with the entire sales pitch and presentation process you can specifically discount all of these distractions providing you plan your presentation for the property and the client. Best results will be obtained when you completely understand the focus of the client and the challenges that are troubling them.
Set up your Checklist Strategy
Here is a checklist that you can apply to a planned sales pitch and presentation process. Into this model you can feed elements of the local property market and the particular property.
STRENGTHS AND WEAKNESSES: Define or restate to the client the challenges that you know they are facing. Clarity is important here so that they can see you fully understand their opinions and concerns. Generally they will be focusing on the expected outcome of price or rental, and the time required to achieve a satisfactory outcome. Part of that process will also involve the money required to market the property in the best way possible. It should be said that vendor paid marketing is the norm and not the exception. Always ask for a reasonable amount of vendor paid marketing.
COMPETITION: Be quite clear to the client when it comes to the competing properties in the local area and the achieved prices and rentals of similar properties over the last 12 months. Market evidence is a powerful tool if you use it correctly.
GET THE FACTS: A detailed inspection of the property prior to your sales presentation will allow you to build on the features of the property that you know will help you convert enquiries to potential sales or leases. Show the client that you really understand the factors of the property that will help convert a positive result.
SHOW THE STAGES: Prepare a timeline to the process of listing, marketing, inspecting, and negotiating. The timeline should be a visual process incorporated into your proposal documentation. You can use a Gantt graph for this process. One simple graph is far more powerful than five or six pages of your proposal document. Strategy is everything in this tough property market. Show the client that you really understand the right strategy for the property and can implement it conveniently and efficiently.
PICTURES: Take plenty of digital photographs in and around the property prior to the final sales presentation. Those digital photographs can be automatically scrolled on your laptop computer whilst you talk about the property and the solutions that will fit the client. It is remarkable how much positive attention and client focus these photographs will provide to your presentation.
A good sales pitch or presentation to list a property takes about 1 hour. Many clients will try to compare your presentation to other competing agents. Providing you have comprehensively covered these five items above, the client will find it very hard to overlook the strategies that you are providing.