Local Clients – How You Can Find More of Them

Local people are the foundation of a successful real estate business.  You can work with the key players of the real estate business locally and most particularly sellers, buyers, and business owners.  There are plenty of opportunities in commercial real estate to be sourced in those groups as part of a prospecting model.

(NB – you can get plenty of client tips and ideas in Snapshot right here – its free)

In this audio I talk about the importance of a ‘locally focused’ prospecting model and how that can work for you in your real estate business.  Drive more listings and commissions your way through a bias towards the local area and the people in it.

Here is the audio:

Get Permanent Results with the Commercial Real Estate Brokerage Fundamentals

In commercial real estate brokerage, you can do plenty of things to grow your market share and your client list. That being said, you can also do far too many things and lose focus.

It is always best to remain diligent and persistent at a personal level to a few special processes that can drive your business forward.  (NB – you can get our free commercial real estate course here)

 

Simple is Good

 

Keep your business and your efforts simple and direct; that’s the secret to getting anywhere in the industry.  Action is very powerful if it is deliberately directed into the things that really matter; they are usually clients, properties, marketing, inspections, and negotiations.  Nothing else has priority in our industry.

 

So what are the things that really matter in the industry, and what are the fundamentals to take you forward? Put yourself into your property business and market yourself accordingly.

Each and every working day, connect with new people, qualify them for the location and their interest in property, and then stay connected for the longer term.  Put yourself into the property market; the relationships that you build are really important in so many different ways.

 

Use the Marketing Tools Available

 

Use the different tools of communication that you have available both online and off-line so that you can grow a profile of professionalism and market coverage. Most agents and brokers take an ordinary approach to communication today; you can do better than that. Use the marketing tools that are available at your fingertips and within your brokerage.

 

You are the point of difference that can drive more real estate opportunity over time. There are plenty of other agents and brokers in the location all chasing the same properties and clients. Your relevance and professionalism will be the factors of importance to take you forward as a top agent or broker.

 

Be Different but Relevant

 

Build some points of difference into your professional services, so that you can stand out as the agent of choice for the location. The clients that we serve understand the value of a highly skilled agent or broker with deep and meaningful market coverage. Clients will usually choose their agent or broker on that basis.

 

Here are some ideas to help you build your business from the essential and required fundamentals:

 

  1. Database growth – at a personal level, you should be building your database each and every day. You cannot and should not delegate the process. Talk to new and fresh people as part of your prospecting model, and then into the detail into your database records. Build your business on local area information and personal contact.
  2. Local area marketing – become a specialist for the location and market every exclusive listing comprehensively on that basis. When you have some listings to work with, you have plenty of reasons to talk to other people in a meaningful way. Use your listings to open the doors of opportunity and communication across the local area.
  3. Connecting with people – there are always plenty of people to connect with locally across the different industry segments. Deliberately research and communicate with business owners, investors, tenants, and property developers. The process of research takes time and effort, so you will need a segment of your day devoted to the required research.
  4. Understanding the property market – look at the factors of change in your area with a focus on listings, prices, and rentals. Understand the future supply and demand for the location, and also track the levels of inquiry for the area.
  5. Refining your professional skills – certain skills are more important than others in commercial real estate today. Put some real effort into marketing, presentation skills, and listing skills, so that you can move most of your listings to negotiation and closure. Every broker and agent should be practicing their skills in a regular and ongoing way. The industry is competitive, and yet the rewards are many. Position yourself for the best properties and the best clients through constant and ongoing practice.
  6. Building your relevance for the location – the clients that you serve understand the value of a top agent who understands the area and the property types. Build your relevance for the location so that you understand the streets, the buildings, and the levels of recent inquiry. When you understand what is happening locally, you can convert your listings more successfully and directly. Exclusivity is also a lot easier when you understand your location in a comprehensive way.
  7. Marketing properties – the properties that we list today can be promoted comprehensively both online and off-line. Look at the tools available to you when it comes to marketing, and then match those tools into the best methods of sale or lease as the case may be.

 

A successful transaction will usually be the end result of a carefully constructed marketing campaign directed at a target audience. That strategy requires effort and money. Always seek vendor paid marketing funds as part of your listing processes.

 

So the message here is that you cannot and should not complicate your real estate business as a broker or an agent. Simplify your prospecting and client contact processes. Market yourself deeply into a location as the industry specialist that the people are looking for.

How to Get a Prospecting Pipeline Established in Commercial Real Estate Brokerage

When you start a career in commercial real estate brokerage, your new business or prospecting pipeline should be established quickly and comprehensively.  Its a personal thing that you cannot delegate.  (NB you can get our prospecting training in commercial real estate here)

What you are wanting to do here is drive new leads and opportunities your way so that you can establish a good list of clients and property opportunities.  That’s how the industry works.

Think about your client list right now. Here are some simple questions:

  • Could it be better?
  • Have you prioritized ongoing contact with key people into the future?
  • Have you segmented your VIP clients from everyone else?
  • Do you know where your next listings will be coming from?

So these are the questions that will have positive answers if you build a prospecting pipeline at a personal level in your real estate business.

In this audio program, John Highman, Commercial Real Estate Coach, talks about how you can build a good prospecting model that can work for your real estate business in a positive way.

You can listen or download the file here:

 

4 Key Strategies to Help You Stay On Top of Your Game in Commercial Property

Commercial property activity and hence brokerage should be simplified. Don’t overly complicate things. Establish a system that can work for you with a bias towards simplicity and action. That will then allow you to establish a plan of momentum and track the results that you are achieving.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

It doesn’t matter with you work in sales or leasing today, a plan of attack is required using simple strategies and daily momentum.

Some agents and brokers frustrate their own progress because of a lack of consistency and persistence in certain tasks and strategies.  Don’t make that mistake.

Take control of your property career and drive your listings and commission conversions through consistent action.

 

4 Simple Steps

Here are four simple strategies to help you establish your game plan and professional profile locally as a skillful agent or broker:

  1. Talk to new people every day – you will need plenty of people in your database and client list. As a direct result of that requirement, talk to new people each and every day as part of a contact program and prospecting model. You will also need to connect with existing clients and existing prospects that you have spoken to previously. Use some local area knowledge and update information to make the conversions and the connections with people more successful. Relevance is the key to establishing professional communications in our industry.
  2. Condition your clients to the prevailing market conditions – throughout the year certain things will change in your property location and within the property categories. Keep a series of charts and statistics that relate to the prevailing market conditions. You can use those charts as a conditioning process in listing and negotiation activity.
  3. List your properties exclusively – avoid the open listing process. Open listings are of little or no benefit to you. Exclusive listings really do matter in our industry and will provide you with controlled listing stock. When you control the listing, you control the negotiation, the inspections and the marketing. The inquiry with an exclusive listing comes to you as the client’s representative. You can do more with that inquiry and shape the momentum of the deal.
  4. Consolidate and grow your database at every opportunity – from the very start of your career, establish a database and grow it each and every day. It is a personal process and will require your total effort consistently and persistently. You cannot delegate the process. As you talk to new people, you can track the relationships that you establish, and the opportunities that you identify. The conversations that you create with new people will allow you to understand the pressures and the challenges of property ownership, investment, and occupancy.

Look for the pressures of the property market and the people that are needing some pressure relief. Segment your database into locations, client types, and timing requirements.

Every time you create a new listing, revisit your database and see if you can create a match or a short list of people to discuss the listing with.

Many transactions today are the result of off market listing activity and database contact. The conversations that you create as you build your database will be very important to your professional career. Practice the process and improve your client list.

The All Powerful Networking Event Concept for New Business in Commercial Real Estate Brokerage

In commercial real estate brokerage, you can and should mix and match your prospecting activities to the market conditions and target market.  You can get involved in networking events and meet new people that way.

In this audio program, John Highman talks about the important prospecting concepts that help brokerage growth and opportunity.

A Goldmine of Commercial Real Estate Leads and Information in Local Businesses

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Know the local businesses located in all your targeted commercial buildings.

When you work in commercial real estate brokerage, the local business community can be a great source of leads and opportunities at a personal level. Use that fact as a point of leverage in getting your brokerage business underway or at the times when you require more clients and listings.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

It is a simple fact that local businesses are very close to or aware of the activities of property owners and property investment. Those local businesses will hear about things and see things before you do. They will know about changes and pressures; that is where they can be of help to you. In saying that, you really do need to approach them in the correct way.

 

So what can you do with this?

 

Consider your current area and city. Understand where things are changing and what the local business owners think about that. Try these ideas and strategies for starters:

 

  1. Businesses under pressure – given the changes in the economy in most countries, some business segments are looking to adjust. Property occupation or use can be part of that adjustment. Ask questions locally of all the local business owners and occupiers; read the local newspapers. You will find those businesses thinking about change.
  2. Higher occupancy costs – when the rents go up, some businesses will start to look for other locations and other buildings to occupy. Pay close attention to the levels of occupancy cost, rental, and outgoings as they apply to property occupation locally. Different building types will have different cost averages to watch and work with. That is where specialization can help you move into a market share and find the new business.
  3. Expansion or contraction – when you look at single businesses in particular locations, you will see the physical signs of space and occupancy pressure. Perhaps those businesses with little or no storage capability, or not enough space. When you see the problem, make the call with some direct questions.
  4. Landlord difficulties – some landlords are really challenging for their tenants from an occupation and lease position. Some landlords try to squeeze the maximum rental from the asset without due regard for property performance and presentation. When this becomes a factor of property occupation, then the tenant will soon be thinking about moving.
  5. Property failure or age – older buildings create problems for tenants and customers. That pressure will bring about business frustration and movement. The same can be said when a new property development is evolving in an area. The older properties will start to feel the restraints of redundancy. That’s where you can get involved.
  6. Vacancy factors – you will see precincts where the vacancy factors are rising. The same can be said with particular buildings. Some buildings will always be hard to lease. Some property precincts will become less attractive to business owners and investors. That being said, there are factors of change and redevelopment that will provide brokerage opportunity.
  7. Strengths and weaknesses – when you look into a location you will see certain factors of strength that attract new tenants and occupancy. Those strengths can always feature in your property prospecting activities. Use of the strengths of a location and or property type to put some momentum and activation into your prospecting activities. Watch out for the weaknesses that apply to any zone or property type. The weaknesses in a property zone can give you some leverage, as people move and change out of the area.

 

So the message here is that you can use the local business community to find the opportunities relating to commercial property investment and brokerage. Ask plenty of questions, capture the information into your database, and keep in regular contact with the right people.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Local Lead Generation Rules in Commercial Real Estate Brokerage

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Establish your lead generation system for commercial real estate brokerage

In commercial real estate brokerage, you can find plenty of opportunity locally when you delve into the factors that support and drive the business community. When you understand the business community, you can turn that understanding into property leasing and sales activity.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Property Investments thrive and change when the local businesses are growing and relocating. As part of your brokerage prospecting model, get to know what businesses are doing and what they are thinking when it comes to growth and location.

Don’t be ‘Average’

Far too many agents and brokers wait for the listing opportunity to come to them through some inbound telephone call to the local real estate office; that is the slow way to grow market share.

If you want to get anywhere faster in our industry, then get out into the property market daily and talk to local business owners.

Find out what they are thinking about the pressures of their business and industry segment; some business segments are more active than others and that is what you can work with.

Ask questions about:

  • More or less space
  • Growth pressures
  • Head office changes or merges
  • New businesses moving into the location
  • Improvements serving the business needs
  • Access to transport or end user markets
  • Lease duration or end of lease
  • The decision maker involved in finding new business locations

As an extension of this idea, you can work with particular types of businesses such as:

  • Franchise groups
  • Bulky goods warehousing
  • Manufacturing
  • Storage
  • Transport

So when you put these variables into a ‘local area equation’ of prospecting for new business, you can ask some valuable questions about business intentions, shifts, pressures, and requirements. Don’t be afraid to talk to new local people.

Local area business

Most of your new business will come from the local area. You want people to remember you so get out into your zone or territory and talk to the right people in a positive and direct way. Do these things:

  1. Create a list of streets for your location where the better businesses are located.
  2. Segment the businesses in size or type.
  3. Research the leaders of each business before you make the call or contact.
  4. Look for any property pressures in the location by travelling the streets and looking for the tell-tale signs of pressured property occupancy.

The good thing here is that there will always be local businesses looking for help in finding new premises. Whilst it is always good to know the owners of properties, you should also get to know the occupants as businesses as well.

Somewhere in that owner/occupant awareness, you will find property change and churn requirements. Grow your property market on the basis of local area awareness. Talk to more people every day and build your business directly.