In any client conversation or sales pitch in commercial real estate brokerage it is essential that the information that you put forward is ‘real time relevant’. Good information will help the client accept that you are the agent of choice for the listing challenge or the active deal.
Preparation is the key to making your recommendations and property information standout. Before you meet with the client or prospect, get all the facts of the listing and the location that could be useful for the discussion. That may very well likely mean you should visit the area or location and inspect the general precinct to see what other properties you may be marketing or competing against, and what the prices and rents are being asked in the area.
Up To Date Information
Real time relevancy means all of the following:
1. Properties on the market today – look at the listings in the location that you will be competing with. Some will potentially derail the momentum and the marketing efforts you may be setting on your current listing. Look for differences and similarities in properties before you equate value.
2. Vacancy rates – vacant properties will fluctuate during the year. The older properties will be a drag on the vacancy factors for the region. Higher vacancy rates will also impact incentives from the leasing perspective.
3. Future and current supply– I like to look at the upcoming changes of property supply and demand. New property developments can be easily identified and watched at the local planning office or planning authority. Those new developments will help you understand the future rental structures and pricing predictions for the property market.
4. Time on market – take the time to understand how long listings are staying on the market today when it comes to property types and locations. Some precincts will be more popular than others. Some properties will be more desirable than others. Look for the differences in each case and design your marketing programs accordingly to attract better levels of enquiry.
5. Best methods of marketing – there are many ways to market a property today so there is no reason to adopt a generic approach. If you have an exclusive listing or a high quality property market, choose the best methods of marketing that match the target audience you want to attract. Some properties are best marketed at certain times of the year. On that basis there will be the focus of campaign timing to consider when it comes to property promotion.
6. Best methods of sale – certain methods of sale are better than others and on that basis marketing campaigns can be successfully structured. The property type and the location will be the primary focus when reviewing the alternatives and best methods of sale available for the location. Understand how other properties have been comprehensively promoted for the location. If you are monitoring the time on market factors for all of your quality listings, you will soon know the best way to promote the property for sale.
7. Best methods of lease – when it comes to leasing, we have a number of strategies involving lease documentation, rental, marketing, incentives, and property improvements. Pick the strengths and weaknesses within the asset for the property listing so that you can control your leasing program effectively and directly. Make the right choices and provide the client with clear recommendations.
8. Active enquiry segments – show the client what is happening when it comes to property enquiry currently within the location and the property types. Tell the client how you will be attracting the best levels of enquiry to the property listing. Current property information from all of your exclusive listings will help with that process.
So there are some good things that can be structured and achieved when working with commercial real estate clients today. The message here is that you should be relevant and accurate way the information that you provide about the property market today. Real time information will always help you convert results more effectively and directly.