When you look closely at the commercial property market, there are things that you can learn from and there are things that you can then do. Your location, your city or town will have facts and indicators to watch from a business perspective. You can then hone in on the ‘leverage factors’ of our industry. (NB – you can get real estate tips and ideas here in ‘Snapshot’)
The logic here is to learn from the experiences, wins, and losses of others in commercial real estate brokerage.
Here are some useful facts that are typical for most commercial property markets:
- Some 50% of brokers and agents suffer market and listing fluctuations due to lack of focus on prospecting
- Negotiations will vary by client, property market, and listing situation
- Quality properties produce better levels of inquiry and conversions
Fast Track Processes
So, you could put these facts together and build your real estate business faster. Think about this approach:
- You could regularly prospect for new business daily for 3 hours, and track your efforts for improvement over time
- Role playing market facts and circumstances will allow you to improve your negotiation skills; that role playing can occur in the team weekly
- You could refine your property ownership and occupancy research to better precincts and properties
These simple strategies are reliable ways of building some real momentum in an agents or brokers career and business.
One indicator is always proven and known in our industry, and that is the importance of momentum and focus. If you focus your actions on the important issues, people, and properties, better results generally come your way. Practice will also get you to where you want to be, faster.
Ideas are Valuable
Taking these ideas, you can now gather the real facts of the local property market and act on the opportunities that you can see and find. Here are some ways to do that:
- Sale reports from the location – using the local database of property ownership and sales, you can create a historic graph of property change and churn. That information is valuable when talking to clients and property owners.
- Signboard activity – review the sale and leasing signs placed on properties in your territory. What you can do here is observe how long a property is staying on the market before the sale or lease is effected.
- Internet listings – on a weekly basis check out the listings on the internet. Only cover the properties in your location, but always track the numbers online so you can gauge just how long the marketing campaigns are continuing before a result is achieved in your precinct.
- Marketing processes – some marketing methods are better than others; the same can be said for methods of sale and lease. When working with a new property owner, recommend the promotional processes that are proven to work in the location and with the property type. You can use case studies to show the client those facts.
These four simple approaches to working the local property market will give you more leverage with the clients, listings, and new business that you are wishing to convert; they are simple rules to follow.