You can talk about recent levels of enquiry, trends in prices or rentals, the best methods of marketing, and feedback from recent inspections. You can display your information graphically, as statistics in the form of the chart, and also pictorially. Recognise the different ways to engage your client in the listing presentation with valuable local property market information.
In this audio by John Highman, you can learn some of the very specific ways to improve your sales pitch and presentation with a new client when it comes to listing their property in today’s market. You can listen to the audio below, where you can download it as required.
At different times of the calendar year there will be good opportunities to run a sales listing drive. As part of that you will be choosing the best methods of marketing and sale. Business and investor sentiment will also have something to do with the choices made here.
So you have some sales listings? Maybe you want more of that? Either way, here are the main factors of opportunity to tap into as you drive the sales momentum forward locally:
Timing for season and location – look at the property activity for the year, and reflect on the history for the area. Most sales calendars are best commenced just after the Christmas break and also just after the change in the financial year. In each case you have a few months to build momentum on listed properties, and the people looking to buy are not generally distracted in local business issues or holidays.
Best methods of sale for the time of year – you have a few methods of sale at your disposal. Choose the right ones that match the property and the client’s needs. At the basic end of the equation you will have auctions, tender, expressions of interest, and sale at a price. One or more of those methods will be the right choice for your listing. Talk to the client and get their commitment to your recommendations; explain the issue to them, and convert them. Match some vendor paid marketing into the right method of sale, and the exclusive listing process.
Talk to the right investors and property owners – every listing will be more or less attractive to certain segments of the local property market. Find those people by directly target marketing at an individual level. Get involved separately in doing that. Make sure that you meet with the right people in the right places. You want them to know you and remember you as the industry professional that they require.
Repeat contact 300/90 – in our industry, regular contact will always help listing momentum and conversion. All of the people in your database should be spoken to regularly. The 90-day cycle works well. The way to achieve that level of contact will be through deliberate calls, letters, and meetings. The database that you use should be adjusted to bring up that 90-day process of contact automatically.
Track your streets and location progress – when you have anything to sell or market, review the streets and the competing listings. Get very involved in local area marketing. Know what is happening in the streets and do something with that knowledge.
These simple strategies are all relevant and special in the sales drive that you may create in your commercial real estate business. Optimize the process of promotion and property momentum. The first few weeks of any sales campaign are the most important. Get involved and get active.
In commercial real estate brokerage you only have a brief opportunity to grab the attention of a client and help them see why your property presentation is better than anything else that your competition may be recommending. You have to plan a perfect property presentation.
Let’s take for example a presentation relating to the sale of a prime investment property. You know that the property will sell and that there will be a lot of interest in and through the marketing campaign. Your main focus in marketing the property should then be a combination of the following:
Getting volumes of enquiry so you can build a real competition for buyers to make offers on the property
Convert plenty of inspections so that the momentum of the campaign grows to a critical point of finality as an auction, or close date for offers through a tender situation
Pull in all the potential people in the target market
Simple points of focus like these will help you build the perfect property presentation. When you get the ‘formula’ right, the client cannot fail to listen and carefully consider your ideas in a relevant way.
How Can You Pitch Your Ideas?
So what can you do here to shape and promote your presentation ideas? In the case of an investment property for sale the following strategies really work:
Restate the client’s situation – Tell the client what you understand to be their position and their targets. This first stage of the presentation will ensure that the client can see that you understand their timing, and the property challenge.
Explain how you see the property – When you explain the property in detail (including the improvements), you show the client that you really comprehend all the aspects of the sale situation that really matter.
Pick the advantages and strengths of the asset – Give the clear strengths as feature points that you can build on in any inspection. Tell the client how you will move people through the property and why that will be done.
Show time frames and stages – When you take the entire sales process into account you can split up the marketing and inspection process into critical stages. From that you can create a timeline. A timeline is a great ‘visual approach’ to getting the client to understand your property ideas and recommendations.
Answer the difficult questions – The client will have certain problems and issues that they think could impact the sale or the price. You can identify those issues in the earlier stages of the client contact, and then address those concerns in your property listing pitch.
In essence, these simple ideas are very effective in helping you gain the attention of the client to the potential of you marketing their property.
In commercial real estate brokerage, the sales pitch or the presentation that you provide to the client should have plenty of character and commitment from you at an individual level. You are the ‘first point of sale’. Everything with the listing hinges on your ‘first point of sale’.
First and foremost in any listing presentation, the client needs to commit to you as the ‘agent of choice’ before they will listen to you with your recommendations and marketing solutions. Your character and commitment needs to flow into the presentation in a valuable way. Your skills and knowledge need to be superior to your competitors when it comes to winning the listing. Confidence and local property knowledge will help.
The presentations made by top agents are geared to personal involvement on the basis of an exclusive agency. When you control the listing, you can control the opportunity of a valuable transaction over time. Exclusive listings are easier to convert when you get involved in the marketing process at an individual level.
So how can you add ‘character and commitment’ to your listing presentation? Here are some ideas to help:
Connect with the client so that you can totally understand their property needs and priorities. Question everything before you provide recommendations. Drill down on the needs of the client to get to the true facts of the matter.
Every client will have certain challenges when it comes to price, rental, and timing. They will also have targets within their own mind as to what could be achieved. Those targets may be totally out of the question when it comes to the current market conditions.
Provide the correct recommendations to take the client forward, and put yourself into the marketing process at an individual level. Let the client see how you will be taking the property to the tenants or the buyers in a direct way. Forget about generic marketing; it simply doesn’t work.
Show the client the results you have achieved recently when it comes to properties of a similar type locally. Summarize the marketing solutions and the challenges in each case. Tell the client exactly how you promoted the listing and reached the target audience. Compare those actions to the subject property and what will be required to achieve inspections and negotiations.
Your database is likely to be quite valuable when it comes to winning listings. Keep your database up to date and use it as leverage when it comes to pitching for a listing. Show the client the short list of prospects that you have already identified as part of marketing the property. When the property is released to the market, the people on your shortlist should be encouraged to inspect the listing as part of a pre-release. It is very difficult for a client to overlook or walk away from a prospective list of tenants or buyers. Use your database and your short list as leverage in the presentation to the client.
Any quality listing should be directly marketed to the local area. That will be at a personal level in addition to any generic advertising you may be doing. Prepare a suitable flyer or brochure to take to the property owners and businesses in the same general location as the listing. As soon as the signboard goes on to the property, you can be door knocking the businesses and the property owners locally.
It is easier to win a listing when you get personally involved in the marketing process. That involvement can only occur with exclusive listings. Help the client understand the difference and commitment that they and their property will receive when it comes to an open listing and an exclusive listing.
In commercial real estate brokerage, it pays to go beyond solutions when it comes to working with clients and prospects. Show them quite clearly that you can provide a specific strategy and process to fast track their commercial or retail property challenge. Give them the process to move ahead.
In giving them the process and the action plan, this will usually be done in some form of listing presentation, sales pitch or property proposal. Whilst ultimately the client may wish to sell or lease their property, you need to show them the exact stages and the strategies in what can be a very complex situation. You can do this through a Gantt chart process.
So a Gantt chart can be placed in your property proposal to show the client the road ahead and your particular recommendations.
A standard lease or sale situation can be broken down into 15 to 20 specific stages. It is simply a matter of listing those stages on a Gantt chart in successive order. You can then apply a time frame to the process.
When the client reviews the proposal or the sales presentation, most of your discussion and recommendations can be formulated around the Gantt chart. You can talk to the process effectively and directly. The client can then see exactly what you are going to do as part of moving the property requirement ahead. Make it easy for the client to see through the complexity of finding a tenant or a buyer as the case may be.
In establishing this process for use within your brokerage, look at the typical sale or lease situation. As an example, I will provide you with a sales pattern.
As a general rule, the listing of a property for sale will involve the following stages:
Property inspection and information gathering
Reviewing the competing properties in the local area
Understanding the history of previous sales
Identifying the concerns of the client
Establishing a target market
Making recommendations to the client regards the property listing process
Creating a marketing campaign for the approval of the client including all of the required advertising layouts, marketing funds, and campaign timing
Seeking the approval of the client to the marketing campaign
Implementing the marketing efforts
Tracking the inbound enquiries from each level of marketing
Directly contacting a short list of qualified buyers within your database
Creating inspections with qualified parties
Short listing buyers for negotiation
Negotiating on the deal
Documenting the contract and getting the required signatures
Satisfaction of the terms and conditions of the contract including due diligence
Moving the property to settlement
So there are plenty of things here to do. Each of these stages will have specific things to focus on. The stages can be formulated into a Gantt chart related to the agency timeframe. The process helps greatly when it comes to converting exclusive listings. It helps the clients see exactly what you are going to do as the broker and how important that will be to achieving a positive outcome. Your property solutions become more real and meaningful for the client and their situation today.
If you would like more tips on commercial real estate brokerage, you can get those in our Newsletter.