In commercial real estate today, the top agents in the market have quite specific strategies when it comes to presenting and pitching their services. In many respects they will have had some years to prepare their strategy and develop their approach across many property situations. The proposal that most top agents present is usually of a comprehensive nature that addresses all the needs of the client and the property directly and effectively.
Preparation is the key to a top sales pitch and proposal strategy. Bringing all the facts together into a brief period of time and connection with the client is what it is really all about. I go back to the fact that preparation is the key. You need to know the market, the competition, the property, and the client. Your solutions provided in the proposal should be uniquely considered so they are better than anything that your competitors could provide.
Here are some ideas to help you build a successful property proposal to present to your client:
As part of an initial preparation to do the proposal, meet with the client on site so that you can walk through the building together and discuss the factors that relate to both the property and the surrounding market today. At the same time you can question the client about the history of the property, the reasons for their actions today, and the expectations of the sale or the lease as the case may be.
The client will have certain knowledge and experience as it relates to the property type locally. They may have little or no knowledge of the local area when it comes to competing properties. Understand all of these facts before you proceed further.
If the property is of a complex nature, involve other specialists from your agency to help package the proposal and the recommendations correctly. It may be that a complete investigation is required of the leases, tenancy mix, income base, and outgoings. All of these things can have significant impact on the marketing and inspection process that you will need to undertake.
Check out the surrounding area with regard to successful transactions. Look for the direct comparisons to the listing in question. Structure your marketing, pricing, and inspections strategy based on the experiences and results from other properties in the local area.
Every property listing will have particular strengths and weaknesses. The strengths will always help you determine the target market and should also feature in the marketing campaign. The weaknesses may be a hindrance to the overall marketing effort and particularly inspections as they occur. Some weaknesses may need to be addressed prior to the commencement of the marketing campaign. Structure your recommendations to the client accordingly. Some clients think that the property promotional process is quite the case of ‘test and measure’. Given that the property market is today quite slow to react and selective, all of your efforts need to encourage results. On that basis the marketing process is not an experiment. The client needs to understand that fact. You have only one chance to create the best results and it is the first four weeks of the campaign that is the most important.
Your proposal strategies in commercial real estate will evolve into a process that you are comfortable with and know that can be reasonably successful. Learn from the other agents in your location and refine your processes for the best results.
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.