In commercial real estate investment sales there are plenty of things that you can track that will help you with identifying the right marketing points of difference in the industry locally. Information is a ‘magic bullet’ when it comes to helping clients and prospects move ahead in and with the property choices that must be made.
Help your clients make decisions
Have you ever seen a property owner that is failing to move ahead on a property decision? Their lack of momentum is usually because they haven’t got all the facts to support their options. So that is where your information and trend tracking is immensely helpful. In saying that adopt a ‘visual’ approach.
So what can you track to help your clients and prospects with property challenges? Think about the property types that you specialise in and the facts of the market today. Start a tracking process including the following facts:
- The amount of property enquiry coming in – From every exclusive listing you should be tracking the levels of enquiry from the internet, the signboards, database activity, and direct mail. Soon you will see the best levels of promotion for the enquiry conversions.
- The types of property that people are looking for – When you drill into a property type you will see certain listings that are standing ‘head and shoulders’ above all others from an inspection and enquiry level. Why are those listings popular? You must know the answers.
- The time on market applicable to exclusive listings – In every town or city there are major differences in the time on market factors between open listings and exclusive listings. Most exclusive listings sell or lease significantly faster when compared to open listings. Your enquiry and inspection tracking should help you see and work with those facts.
- Price and rental trends – How have rents and prices changed over the last five years? Where are the next stock shortages that could inject more action and activity into the property market? Are there any business segments that are ‘front runners’ from an enquiry perspective? These questions will help you understand the trends of rents and prices.
- Vacancy rates – The amount of vacant space in the property market will shift incentives and market rents. Your job is to match the balance between them and convert buyers or tenants. Know what the vacancy rates are doing and where they are heading.
- The numbers of listings that are currently available – When you look at all listings on the market, assess the differences between agencies and property types. Who has the dominant market share and why is that so?
- The dominant method of marketing – What marketing methods are being used in property promotion today? Certain marketing strategies will stand out as the best for the location and the property type.