Build some sales magnetism in commercial property. Here are the rules to help with this idea:
Your listing will be location based. When the property comes to the market, get into the location and talk to lots of local people. Tell them about the new listing, why it could be important to them, and how you can help with more information.
Target market your properties. Every listing can be taken to certain business owners, investors, and industry professionals. Make this a special part of your client services. Define the target market as you pitch for the listing, and then comprehensively connect with the target market through the campaign.
The people that inspect your property listings should be comprehensively qualified so you can show them other things as they come to market. It is interesting to remember that the best listings create the best leads and prospect inquiry. If you lift your listing focus for that very reason, you will find that your database will grow faster and with higher conversion factors.
Choose the best method of sale and particularly use the exclusive listing process. When you look at any subject property, the methods of sale that you use should be high on inquiry generation and inspection creation. Do you know what types of campaigns and methods of sale are better than others currently?
Help your clients succeed. A successful outcome for your clients could be a higher price or rent, a shorter time on market, or a timely sale that fits into their business activities and investment plans.
When you seriously think about these things, you will soon understand that most agents and brokers are very ordinary. They don’t do much with the listings that they win. What a mistake! They list, advertise, then hope for a result. That is the generic marketing approach; it doesn’t do anything for your brokerage profile or client base.
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.
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 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.
A retail shopping centre is a unique property type and there are a few things to look at and understand if you are to take a retail property to the market in sales, leasing, or project activity. Each of these three retail categories will give you trends to capture and monitor as part of your […]
When you manage and or lease a shopping centre, the vacancies in shop leasing can be a real drag on shopping centre performance and retail sales, particularly so over time. It takes time to boost shopping centre performance, and similarly so to remove leasing and tenant mix problems. Any current or upcoming shop vacancy in […]
So, the equation to retail and shopping centre property performance goes a bit like this…. Strengthen the tenant mix so that all the demands of the customer base are encouraged and served with a variety of goods and services Attract customers to return to the property frequently for all of their retail shopping needs […]
Every broker or agent should have a sales plan in brokerage. That plan will give momentum and focus to listing growth and client contact. In this video today, we share some specific ideas behind creating a successful sale plan in your career. Something that you can build momentum around. Here is the video:
In today’s commercial real estate podcast we share some ideas across some very practical and useful strategies in sales and leasing. If you are wanting to boost your results as an agent or broker, there are plenty of things in today’s program that you can do locally in your town or city. There are five […]