In commercial real estate brokerage today, every property and every listing can present unique challenges when it comes to the listing presentation. In every case you will need to understand the property market, the client, and the listing so that you can match your recommendations to the clients required outcomes in selling or leasing the property.
A persuasive presentation is one that addresses the concerns of the client in a proactive and relevant way. To achieve that, here are some recommendations that you can adopt or merge into your commercial real estate sales pitch strategy:
Determine whether the property and the client are correctly matched to the levels of inquiry coming into your brokerage today for that property type. Is the property so unique that it will have limited inbound inquiry? If that is the case, you will need to choose the right method of sale or lease for the best possible outcome. The duration of the exclusive listing will also need to be extended to support the special and diverse marketing process. It is not unusual for unique properties to be on the market for many months and in some cases over 12 months. To devote the right focus to that type of listing, exclusivity is required in such cases.
Prepare and structure your proposal following a complete and comprehensive review of the property and the market place. As part of that, understand the competing properties, the prices and rentals currently being achieved, and the levels of inbound enquiry.
Present your recommendations to the client based on their needs in price, rental, timing, and outcome.
Review the property for any weaknesses that will need to be addressed prior to the commencement of the marketing campaign. In the case of investment properties, make sure that any weaknesses in the tenancy mix or existing lease documentation are addressed prior to commencement of the promotions.
Check out the cash flow from an investment property with due regard for passing income, expenditure management, outgoings, and net income. If the property is to be resold back into the investment market, the checks and balances need to be correct when it comes to investment performance.
Property performance will need to be supported by proof and evidence. You will need to ensure that all the elements of property activity, performance, and structure are available for scrutiny and due diligence.
Talk to the customer at their level of understanding. Lead them through the recommendations required for a property of that type in today’s market conditions. Give reasons for your recommendations and evidence from the local market.
It is not hard to win a listing in today’s market providing you are correctly matching your listing and marketing recommendations to the property, the client, and the local area. Local market knowledge and professional skill will help you complete and convert more commercial real estate listings over time.
It is no secret that the commercial real estate industry is quite competitive. Most of the clients and the listings that you work with will have some impact or involvement with competing agents. This then says that you need to stand out as the best agent of choice with the correct amount of experience and knowledge to the property type.
Let the client make the choice when it comes to the best agent for the property listing. Show that you have the confidence and knowledge that’s more relevant to the client than those competitors around you.
This then says that your presentation and sales pitch process needs to be of the highest quality. This is a positioning process and requires ongoing daily strategy. Here are some ideas to help you dominate your market share and increase your client or customer profile:
Don’t be too eager to take on every listing that comes your way. Look for quality properties and quality clients. Stay away from the bottom end of the market where listings are too hard to move or distressed clients are not being flexible on price.
Specialise in a property type in your local area. Research the trends when it comes to time on market, supply and demand, pricing, rentals, and marketing strategies. Understand what works and give your clients clear reasons for accepting that information.
Use a checklist as part of your client meetings and client discussions. Let the checklist improve your questioning process and responses. In that way you will be more professional than those agents that rely on memory rather than establish systems.
Develop a series of stories that relate to the local market and your property speciality. Stories will always help you when it comes to the property presentation and the interest of the client.
Carry with you a selection of marketing alternatives and marketing successes in the local area. Chart the trends from the inbound property enquiry when it comes to each property type.
Build your profile personally on the Internet through social media, blogging, and article writing. Those three things would do a lot for your personal branding as an industry specialist. That being said, they do require time and ongoing effort.
When a competing agent puts a signboard on a listing in your territory, talk to the other property owners and the businesses in the immediate vicinity. They may wish to compete with that property already listed.
Build a database that you can use as leverage with your client meetings and discussions. Is very hard for a client to ignore a large database of relevant and accurate information. Show the client as part of your sales presentation that you have a number of prospects already available to inspect the property when the listing has been agreed.
Simple processes like these allow you to position yourself as a top agent of relevance and success. The clients that we serve, like to work with the best agents in the local area; we need to give them the reasons to choose our services over others. Develop the skills, the knowledge and the experience that will help the client work with you when it comes to existing property needs and challenges.
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.
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