In commercial real estate agency today, most property presentations are the one and only chance you will have of attracting the attention and focus of the client. If you miss that opportunity, other agents will move into the listing opening. So how does your pitch or presentation rate? Can it be better?
As an individual agent it pays to constantly refine and improve your listing proposal and presentation process. There are different ways to approach the issue, and importantly you can choose the strategies that work for you. Constant focus on self-improvement will help your listing conversions and isn’t that one of the main things in the business?
Here are some valuable skills that will help your presentation process in commercial real estate sales or leasing situations. See what ones you can take and run with and improve:
- There is a real skill in questioning the client to know what they are thinking and what they require when it comes to property activity. One simple question can lead to deeper questions and facts derived from the clients comments. When you are a real specialist in sales, leasing, or property management, your level of questioning can be substantial. You can also apply the facts from the market and recent property transactions that have relevance to what the client wants to do.
- Some clients and prospects will be reasonably experienced in property activity; they may know more than you do when it comes to investment property performance locally. On that basis seek to work with the client and take the role of a ‘consultant’. In that way you are respecting the client’s knowledge and ideas. Through selective questioning you will soon know where you can ‘add value’ to the client and their property requirements.
- Sensitively test the client about local property knowledge plus recent results in sales and leasing. Find out what they know about recent prices and sales. If the client has an inflated view of prices and rents for their property, it is best to deal with it ‘up front’ so you can decide if you want to work with them currently. An unrealistic client can waste a lot of your time and effort. Selectively choose your clients and how you serve them.
- Find out what the main target is for the client and identify the time frame involved. Do they have a ‘fall back’ position in the case where they may not reach the outcomes required?
- Be careful in the use of ‘industry jargon’ especially in pitching and presenting your services. Too much ‘jargon’ can disconnect you from the client; communication is a big issue in working with property clients today. Respect their intelligence and drop the ‘jargon’.
- Put yourself in the clients ‘shoes’ when it comes to the current market conditions and the options available. Provide a few alternatives of marketing in sales or leasing as the case may be; give recommendations of the best ways forward.
- Provide a visual ‘time line’ of strategies and actions. You can do that in your proposal through using a Gantt model showing time and tasks required.
- Your database will be of great value in helping win a listing. That is providing of course that it is up to date and relative to the client’s property. Refer to the database and the people that you have identified to quote the property to when listed.
A top listing presentation and proposal in commercial real estate usually reflects the effective communication achieved between the agent and the client. When you totally understand the client and the property, you can win a lot more new business as an agent.