In commercial real estate today there are many leads and opportunities that can be propagated from a simple client interaction. One thing can lead to another and that is how you can build your real estate market share.
The fact of the matter is that every sales and leasing executive in your real estate office should be open to the broader services and solutions that your office can provide to your clients. The client or prospect may not want to sell their property today, but they may want a mixture of other services to help them through the challenges of the property market today.
Top agents can cross sell their agency services to clients and prospects. Perhaps that is why the best agents are usually those that can talk about property from many different angles. Versatility is really important in helping our clients today.
So what services can you offer beyond a simple sale? Here are a few of the big ones.
- Sales of property will always be number one on the list due to the commissions that you get from a sale. The only problem here is that you cannot usually live off sales commissions alone as the selling of commercial and retail property is quite seasonal, as well as being impacted by economic pressures. The selling of property has a lot to do with your area and market demographics. Look forward for the pressures and changes that can apply locally, and then be the catalyst to create or capture the change.
- Leasing is a great addition to the sales solutions that you may offer. A leasing solution today will usually be a sale requirement at some stage in the future. It should also be said that a lease will help stabilise the property for a future sale.
- Property Management is a specialist service that is essential to a great real estate agency; however you really do need good property managers on staff if you are going to provide a top service. There are a lot of property managers that evolve into the management position without the specialist skills or knowledge relative to the property type. Some if not many agency principals leave the property management division to its own ‘devices’ simply because the principal has little knowledge of what is going on in the division and why. That is a slow burning problem that can become a financial disaster.
- Lease negotiations, rental assessments, tenant retention plans, and vacancy management can all be specialised services in themselves to property owners that have limited experience in the market. It just takes a strategy or solution to sell and then a fee base for the work to be done.
- Tenant advocacy, and buyer’s agent appointments are also valuable property services in the right market and with the right clients. Always work with the larger corporate type clients if these segments of the market are for you.
When you really look more deeply into your current client relationships you will see more business and services to be provided. It all comes down to your vision and awareness of what can be done.