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.
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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.
To improve your sales pitch in commercial real estate brokerage today, you should have a significant presentation strategy factor to help you connect with your clients and prospects. In simple terms, you need to believe in yourself, your information, and your capabilities. Confidence is the key to a top presentation outcome.
The confidence that you can show your clients and prospects as part of every presentation will help you with your conversion factors and listing opportunities. The clients and the prospects that we serve like to work with the best property agents with the right skills; in this way they know that they can achieve the results that they require efficiently and effectively. It stands to reason that your presentation needs to reflect those personal factors clearly and directly.
The top agents of the industry have plenty of confidence, commitment, and knowledge. In this way they can attract the clients into the highly successful listing pipeline and marketing process that they have developed over the years.
Here are some tips below to help you improve your sales pitch and presentation for the property market today. You can add to the list based on your town or city, and property speciality.
Gather relevant information from the market that can be used in any sale or lease discussion. That information will include time on market, pricing strategy, best methods of sale, and best methods of lease, marketing alternatives, and negotiation strategies.
To help you convert or attract the clients to your ideas, have stories from the marketplace that can be shared during the presentation. The stories should be of a successful nature and can be supported by necessary photographs, statistical information, and local property market trends. Don’t breach confidentiality as part of your ‘stories’ or sharing of information.
Inspect the subject property comprehensively before you create your proposal and recommendations. Take plenty of photographs in and around the property to use on a laptop as part of your client connection process. Those photographs should be in a ‘rolling photo presentation’ as you talk to the client about the listing alternatives and marketing recommendations. The client’s property will be of great interest, far more than some other ‘PowerPoint’ marketing package that you have created.
Review the competing properties through the region so that you can understand the strengths and weaknesses that they present to your listing. You will also see some trends from those other competing properties that can be acted upon or avoided.
It is very difficult for a client to ignore an agent or broker that has a significant database of ‘up to date’ prospects. Use your database as leverage in the property presentation, by talking about it. Shortlist a group of people from the database to show the property to when the listing has been accepted by the client. Tell the client about the ‘short list’ and show them some detail of it without breaching confidentiality.
Determine the target market that should be the centre of your marketing campaign. Establish your marketing campaign with due regard for generating inspections. Get away from any generic approach to marketing and promotion. Given that you are asking for exclusive listing authority, put yourself into the marketing recommendations so that the client knows you will be personally involved in promoting the property.
It should be said that ‘practice makes perfect’ when it comes to attracting new business and listings in our industry. Certainly the rule applies to your property presentation and listing proposal. Be prepared to show the client how you can improve their situation quickly and effectively. Show them the confidence that they want to see.
In commercial real estate agency and brokerage today, you do need to have an effective presentation strategy that connects to the client and encourages them to commit to your listing strategy and approach.
Your approach to every listing presentation should be carefully considered and planned to improve your conversions. Your strategies and recommendations to the client need to stand out as the most suitable and successful.
The promotion and marketing of commercial real estate today is not an experiment. Property specialists are required to formulate the right approach to match the client’s needs and the existing property in the current market. Location, competing properties, market strategies, and the current levels of enquiry will all have something to do with the presentation and listing process. Be specific and not generic with your presentation.
It should be said that the generic approach to listing presentation simply doesn’t work. There are too many competing agents chasing the same listing in today’s market. Given that our success in the industry relies on the control the listing stock, you have two clear and relevant things to focus on. They are:
Your prospecting processes in your sales territory,
Your presentation and sales pitch with every client and listing
Practice is required with both of these issues. A systematic approach and self-improvement over time will help you capture more listings in the right way.
Here are some steps to an effective sales pitch or listing presentation:
Inspect the property comprehensively and fully before you do anything. As part of that process, meet the client on site so that you can talk through the issues as you see them, get the feedback from the client as to their current motivations and marketing requirements. Find out if the property has been put to the market previously and if that is the case, how successful that may or may not have been.
Review the other listings currently available in the market for any pressures of competition and any indicators of success. Some of those listings will give you trends and indicators to apply to your current client’s property.
The improvements and the location of the listing will dictate a particular target market. Determine how that target market will be active and how you can reach into it. Your marketing plan and the campaign should be structured around the target market with due regard for seasonal timing, and length of campaign.
The previous three points will allow you to establish your proposal and your presentational recommendations. Take plenty of photographs around the property to use as part of your pitch to the client. They will always be interested in their own property on the screen of a laptop as you talk to them about your recommendations.
Provide the client with two or three alternatives of marketing so that they have some choices based on your target market and your recommendations. Choices allow flexibility and the client will not feel so pressured.
Don’t provide discounts to entice the listing. Provide points of difference and relevance that help make your recommendations stand out as important to the client and their current property needs. A property owner will be prepared to pay a reasonable commission and the required marketing funds, providing the agent has the suitable skills and ideas to solve their current property pain. A good presentation will do that.
Show your speciality and your recommendations quite clearly. Stand out as the agent of choice and not just another agent providing a generic solution. All of that being said you need exclusive listings when it comes to providing the quality service that the client requires. Open listings are based on ‘luck’ more than anything else. Control your listing stock and convert more exclusive listings.