In commercial real estate brokerage, results are everything. Agents and brokers that are slow to create results or just ‘cruise’ on autopilot really cannot be carried for too long. Those people that understand that fact and then do something about it can get some good traction in any property market place at any time. There are always new business opportunities to work with in commercial real estate. There are always good clients to serve and properties to work on.
The real estate industry changes throughout the year in a number of different ways. Some of the changes are seasonal and predictable. You can plan your real estate business based on those predictable changes and industry trends; to do that successfully you really do need some profitable listing tactics and strategies. Here are some rules to help with the listing process:
- Determine the locational factors impacting the property market in your region. Factors of supply and demand should be assessed. Look for the upcoming property developments that are likely to inject more space into the market. From that injection of space, there will be some redundancy and renovation opportunities. Talk to the owners of property that could be impacted by these things.
- How long does it take to sell or lease commercial property today? If a property doesn’t sell or lease quickly there have to be reasons. Perhaps the price or rent is too high, or perhaps the marketing effort is below par. Get to the causes of the current market conditions and create a resume of facts that can help your clients understand how to adjust their vacant space and or property for sale. A successful listing process is built on facts and logic. The marketing of a property is not an experiment. Specific strategies are required to tap into the correct audience of buyers or tenants. Pitch your listing services based on your understanding of the target market and how to tap into that special group of people.
- Local area coverage should be driven in your marketing. Most property listings will be sold or leased locally, and that is to people that understand the area and the town. On that basis some real enquiry ‘pull’ can be achieved with a marketing model that digs directly into the local streets, business owners, and property investors. Keep things simple, but take every listing into the local area personally; don’t wait for advertising efforts to achieve that for you.
- Exclusivity really matters. When you have a good property to sell or lease, demand exclusivity to devote your services to the property. If the client really does respect your skill and recommendations, then exclusivity will not be a problem to convert.
Property listings should be (in most cases) based on local area coverage and a target market. Help your client see exactly how you can help them with those factors.
You can get more commercial real estate brokerage tips in our eCourse Snapshot right here.