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How to Exponentially Increase Your Business Based On Trust

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Trust is a big part of the commercial real estate business today. The clients and the customers that we serve will generally be attracted only to the brokers and agents that they trust; there is too much at stake with the property challenge to do otherwise.  How do you rank on this assessment?  NB You can join our free real estate training here.

 

Certainly market share and recent property activity will also have something to do with client trust, attraction and transaction opportunity, but ultimately the clients and the customers that we serve want to trust the agent that they work with.  Your local profile has to support that trust process.

 

Confidence about your services, and a complete coverage of the local property market will help you connect to the client in this trustworthy way; professionalism supports the process.

 

Give the client reasons to use your services; get away from the generic ‘pitch and dump’ process used by many ordinary agents.  Be special and be real when conveying your professional skills to the clients that you serve.

 

People Rule!

 

People are at the centre of our real estate opportunities today. Whilst you may know a lot about the properties for sale or for lease locally, you do need to know the people behind each and every property. They need to trust you to get the best price or rent in their property challenge.

 

The message here is that you can significantly increase your commercial real estate business based on facts, trust, and regular communication. There are plenty of clients and prospects in the local area to connect with in a continuing and relevant way. Most agents struggle with the communication and connection process; that is an amazing opportunity for the agents that can work to a plan and a strategy.

 

So what are you doing with this now?  Your prospecting model and its ongoing contact process will be critical to the real estate business that you want to create. When the market slows or the economy struggles, your database and the people that you know in the database will be the foundation for ongoing business opportunity. The agent with the best database and relevant client contact processes will usually be highly successful in any market at any time.

 

So what can you do here? Over time you can build elevated levels of trust with your clients and prospects through a deliberate prospecting and marketing process. You can provide relevant information for the location and the various property types.

 

Ongoing Contact?

 

Through deliberate and ongoing contact, you can help local business owners and property owners with their property challenges; you can help them with information relating to rents, prices, time on market, and future supply. Build the long-term relationships with the people that really matter in the property market locally. Local area relevancy is really important to your client and customer contact processes.

 

So let’s help shape your professional profile with the people in your local area.  Here are some ideas to help you become a trustworthy agent or broker with the people that you know in your town or city:

 

  1. Seek to understand their property situation as it exists today. There are differences to look for with investment and property ownership. Will the property provide all the elements and attributes they require into the future for both ownership and or occupancy?
  2. Look for pressures and weaknesses in any property and the location. Are some of the local property factors changing that could shift the balance of property performance or ownership locally? Advise the client of the local factors that can influence their property challenge. Provide solutions to move through the challenges; make sure that your solutions are not ‘generic’.
  3. Position the client for the future so that they can ride out any difficulties in the best possible way. Show them how you can help them in a valuable and tangible way.  Show them how you will put your resources into their property challenge; be relevant and real as you do so.
  4. Improve property performance through better tenant mix decisions, cash flow improvement and healthier lease documentation. It takes time to shape a property and a tenant mix for the future.
  5. Off market recommendations are valuable so understand how you can introduce the right people to the property and resolve a client’s challenge early, before it becomes a bigger issue. Match up people and properties wherever possible. Off market transactions are common when you know a lot of local property owners and occupiers.
  6. Confidentiality at all times applies to all property transactions and your client relationships. Remember just who your client is and how you can help them.  They pay your commission!
  7. Regular contact with local information will help with all of your clients. Put relevancy into your client and prospect contact processes using local information in the form of charts, photographs, and case studies.
  8. Remember the conversations and facts with all of your clients and customers as you connect with them into the future. You do this so you can repeat the right facts and solutions in the next conversation.  Let the client see that you really do have full control over the issues with their property, the facts as they exist in the local area, and their concerns in moving to the next step.
  9. Provide clear recommendations to your clients with all your property solutions. Give the client 2 or 3 choices as you talk about their property and its marketing, the upcoming negotiations and the best available listing processes.  A client that has a few choices will not feel pressured and thereby will be more inclined to make a good decision in a timely way to help the property marketing process move head.

 

These are all valuable strategies to adopt with your clients and prospects.  Get closer to them as they work through the problems of property ownership and occupancy.  Be the top agent that they really need; market yourself accordingly.

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Marketing Advantage in Commercial Real Estate Brokerage – Use a Blog to Build Your Online Profile

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Build your blog in commercial real estate brokerage.

As a commercial real estate agent or broker, you can use a blog as a professional and personal marketing strategy.  There are plenty of things that you can write about when it comes to your local area, your town or your city.

The blog is something that you can do individually at very low cost.  It is also something that you can do in your spare time or perhaps in the evenings when the pressures of the working day are diminished.

As a special note and as part of the blog marketing process in real estate or commercial property, you should not write about particular property listings and clients.  Leave that marketing strategy to the brokerage websites and the portals where you can and already do promote existing listings and particular properties.

The blog process is all about providing commentary and information or knowledge.  That is why the search engines rank the process so highly when people offer valuable information and insights.  As a real estate agent you can do exactly that and hence the blog strategy can help you greatly when it comes to building an online personal profile.

So what would you write about in the blog and why should you do it?  Consider the territory in which you work and the specialisation or the property knowledge that you can bring to the market; if you are truly the specialised property agent or broker that you claim to be, there will be plenty of things to write about and information to share.  Here are some ideas within those factors to help you get this strategy underway:

  1. Look for the changes in the property market in prices, rents, and future supply.  The changes in the property market and the analysis of history will give you plenty of things to write about.  You can create simple graphs relating to growth in prices or rentals, shifts in yields, or enquiry rates relating to property types.
  2. If you are a specialist in a particular property type you can talk about the future growth and opportunities that apply within the zones or precincts in your town or city.  Property investors will always show an interest in a well-crafted article giving valuable information about recent property trends and predictable changes.  As a case in point and as an example, the retail property segment and particularly that of shopping centre performance stands alone as a specialist part of the property market.  Within that topic there will be plenty of things to talk about when it comes to tenancy mix, rental strategies, vacancy rates, leasing opportunities, customer requirements, franchise tenants, and shopping trends.  I go back to the point that valuable information provided by industry specialists will always be of interest to the players in the property market.
  3. Any upcoming property developments will shift the balance of supply and demand when it comes to particular property types and property occupation.  From that new supply of high quality modern space, you will find that the older properties will become redundant and be potentially ripe for redevelopment.  Consider the changes that apply within a property type with any new developments coming up and write about them in your blog.  Talk about the changes and the investment opportunities or adjustments; look for the strengths that evolve from newer property developments shifting the balance of occupancy and property ownership.

There are plenty of things for you to write about when it comes to the blog and Internet Marketing process.  In this way you can build your online presence as an agent or a broker, and show your expert comprehensive property knowledge and experience to the right people in your town or city.  A good article written around the facts of the market can also be linked to your property newsletter and your client emails.  When something is worth talking about in our industry, it is worth sharing.

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Develop an Action Plan for Commercial Real Estate Prospecting

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When you create an action plan for prospecting in commercial real estate brokerage, you have something to work with that can help you find the right clients and listings.  Most prospecting plans require modification and refinement given that most property markets will change throughout the year.  The important issue here is that you also change your approach accordingly, and keep new contacts and prospects flowing into your database.

So you need an action plan.  That plan is something that you can do every day to reach new people to talk to and connect with.  Have you got one of those plans now?  If not this will help you get started:

  1. Understand that you are the person to drive the prospecting plan and all the stages of it.  Diligence to the process is required.  You can’t take a day off or ‘cheat’ on the tasks required.  When you define the actions to take, they simply have to be done.
  2. Define your territory to focus on.  That will be ‘geographically’ so that you can concentrate on the streets, property owners, quality properties, and listings in a logical way.  Split up the area into segments to be covered and worked.  Ideally that will be in segments of 100 properties.
  3. Understand your property speciality in all respects.  Most of the clients that you work with require an agent that is really experienced in the property type and the market; the client must see that you are the ‘real deal’ when it comes to understanding the property and what to do with it.
  4. List high quality properties as a preference.  On that basis be selective in what you list and why you do it.  It is a fact that any quality property will create better levels of inbound enquiry.  In that way you can create more inspections and create leverage in negotiations.
  5. Letters should be sent to property owners locally and the required follow up calls should be done.  Don’t send letters and hope that the prospect or property owner will call you back; it is highly likely that they will not.  You are the key to getting momentum from your prospecting letters.  Only send out the required number that you can follow up in calls.  A good number to start with is 5 letters per day.
  6. Each day call at least 25 business people, tenants, property owners and any others that may have an interest in commercial real estate today or in the future.  Ask the questions to see what they are doing now with property.  Qualify them before you seek a meeting.
  7. Conversations are the secret to finding the leads and the opportunities that you require.  Talk to lots of people every day and leave your business card with all the people you speak to.  You really do not need much in the way of other marketing material.  Your business card is the key to the process.
  8. Other listings, sales, and leasing should be watched for action and opportunity.  Monitor your competitors and the factors of time on market.
  9. Track your momentum with a good database.  People of substance and relevance to commercial property should be spoken to frequently, and a database will help you do that correctly and specifically.

Your prospecting plan doesn’t need to be complex, but it does need to be done.  It’s not something that you can delegate.  Personal action is required.  The processes that you create can take you to the top of the commercial real estate market much faster.

You can get more tips like this in our newsletter right here.

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Detailed Cold Calling Tips for Commercial Real Estate Brokers

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Create a cold calling model of prospecting in commercial real estate.

The process of cold calling in commercial real estate brokerage is essential if you want to drive more clients and listings into your database.  The process is so logical and yet avoided by many.

Here below are some tips from our Newsletter.

Every so often you will hear some agent or broker say that ‘cold calling doesn’t work’.   They are of course giving themselves some reason to not make the calls and avoid the process.

It is a fact that the top agents of the market are not afraid to make lots of calls every day to new people.  The important issue here is that they are talking to both new people and current contacts.  They are growing relationships on a daily basis.

Our industry is based on relationships.  Get to know many property investors, tenants, business owners, and property developers.  Keep in contact with them for the long term.  Trust is a big issue when it comes to attracting new listings to your agency or brokerage.  It can take months if not years for some prospects and clients to be in a position to move on a property matter.

So here are some detailed cold calling tips to help you grow your real estate business:

  1. Determine your market area and targets.  The market area is likely to be a part of a town or city and that should be determined by boundaries.  Stay within your boundaries and get to know all the properties and property owners inside the zone.  The targeted properties are likely to be by type and size.  On that basis travel the streets in your sales and leasing territory.  Find the quality properties and network the property owners and or landlords.
  2. Call times should be set that work for your business and the people that you should be talking to.  Ideally you should be making calls for 2 or 3 hours every day.  That will take some discipline in your diary.  Don’t let others interfere with your prospecting plans and efforts.
  3. Record your numbers relating to calls out, calls connected, meetings arranged, and listings created.  Over time you will see those numbers improve.  The improvement can be fast tracked through practice each morning when you first arise.
  4. A conversational approach works better in prospecting.  Don’t pitch in any way; you really have no idea of the needs of the other person, so a conversation will get you further into understanding future opportunity.
  5. Get a good database to track your call results.  Simplicity and flexibility are important with a database.  Protect your data and keep it up to date.

If you want more listing and commission business in commercial real estate brokerage, you will get there a lot faster with a professional approach to cold calling.  Understand that most brokers avoid the process, and on that basis it can be a major source of leads and new business for you.  Remain confident and make more calls.

Join our Newsletter for more tips for commercial real estate agents and brokers.

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A Territory Sales Plan for Commercial Real Estate Agents Today

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Plan your sales in commercial real estate agency.

Commercial real estate agents and brokers do need a territory sales plan and a strategy to build market share.  The plan itself needs to be quite specific and allow for ongoing tracking and monitoring.  Without a plan of this nature, it is very difficult to build client contacts and new listings.

Here are some clear reasons to help you see the relevance and importance of the sales planning and prospecting process:

  • You can identify the right people to serve as part of your professional services.
  • You can establish an ongoing contact system with relevant people.
  • Over time you will find referral business opportunities get a lot easier.
  • Repeat business and cross over business will help with commission growth.
  • In any market and at any time, you will have a reasonable source of clients and prospects to connect with.

From these things, it is easy to see that you can grow your market share above and beyond that of your competitors.  It simply comes down to a personal process and ongoing discipline.  It really doesn’t matter what agency or brokerage you work for, but it does really matter what you do every day with your time and your tasks.  Attracting sales and leasing opportunities is a strategic process.  Don’t waste your time; take the right actions.  Control your personal focus and your diary.

Many agents struggle with a sales plan simply because they do not have the commitment and the focus at a personal level.  You can change that by developing the right habits into your business day and working week.  Here are some ideas to help you:

  1. Review the levels of current activity in your market today.  That investigation should cover the existing listings, and all of your competitors.  Take a look at the history of property sales and leasing activity over the last two years as part of that process.  Understand what is actually selling and leasing when it comes to property types and locations.  Is your property market in decline or is it growing?  Understand the reasons for both trends.
  2. Your property market today will be impacted by competition, economic circumstances, business sentiment, and property availability.  Within all of that, your database needs to put you in front of the right people at the right time.  For this reason, prospecting needs to occur at a personal level for approximately 2 or 3 hours every day.  That will mean reaching out into the marketplace to new people that you have not spoken to before.  You should be making lots of cold calls and creating meetings from that process.  Understand the local laws and legislation that apply to the use of the telephone when it comes to prospecting.  The do not call register may have some impact on how you approach certain people.
  3. Growth of market share typically comes from exclusive listings and closed transactions.  Your sales pitch or presentation needs to be structured accordingly so that you can convert more clients into exclusive listings that you can control.  Open listings may be a fallback strategy however they will give you little control when it comes to the client, the property, and any negotiations.  Many clients in an open listing situation cannot be trusted.  They will be talking to many agents at the same time and therefore not assisting your negotiation process.

From these simple and yet time intense processes, you can see some ways to build your market share and your client connection processes.  That is how you create a strategic sales plan applying to commercial real estate agency and brokerage.

Join our newsletter here for commercial real estate agents.