In today’s commercial real estate market, many clients have an inflated view of their property and the market. When it comes to listing time, this can be a real hurdle in getting a listing that is realistic and marketable.
Whilst ‘conditioning’ may seem a harsh word, the reality is that many clients and prospects that we work with in the property market really do need to be ‘shaped’ to the current market conditions. A highly priced listing is a waste of time for the client and for you.
When I list a property I deliberately remind the client about their requirements of the sale or lease today, and the reality of the property market in the local area. Would I be prepared to walk away from a client with a highly priced listing? Yes, without hesitation.
To be a ‘top agent’ you really must focus on the quality of your listings. In this way you can control your time and your business. That is why the conditioning process is so important.
So what do you need to help your interaction with clients? You need a process and lots of market information. Here is a list to help you.
- At the first stage of your connection or presentation with a new client, ensure that you have defined the target market that applies to the property. This helps align the client to your processes and marketing recommendations. A property is quite specific in improvements, location, buyer profile, tenant profile, and marketing. Create the picture of the property for the client to understand.
- Show the client the facts relating to competing properties of similar type in the local area. You will need photos to use as part of the process and details of the asking rents, prices, and marketing processes that are being used on the other properties.
- Show the detail of property enquiry today as it relates to the local area, the price ranges, rents, and quality of property. There will be certain attributes that most buyers and tenants are looking for. Your client should be made aware of just what these facts are.
- Time on market will vary from location to location and property to property. How will time impact your property listing? How can you improve that time factor? Establish some real strategies that make you stand out as the agent of choice to take the property forward.
- Your marketing recommendations really do need to be of the highest quality and very relevant. Ensure that your marketing package provides a different and effective way to attract the enquiry. What will you be doing personally to help the marketing program succeed?
When you condition the client correctly, you will establish the right factors to take the property to the market and build enquiry. That’s why the client needs you as a ‘top agent’.