In commercial real estate agency today, it pays for you to be vigilant when it comes to finding the right buyers for each and every listing you have on your books. Buyers will come and go from the market and on that basis you really do need to have a good database of contacts.
Whilst there may be an abundance of properties for sale at the moment, every property can be sold if it is correctly packaged and promoted to the right target audience. That is why our clients come to us as specialists in the local area. We have the right ideas to make a property sell.
It is therefore quite easy for an agent to be highly successful in this market if they have a good resource database of buyers and tenants looking for quality properties to purchase or occupy. This then says that the best agents will normally be very good at prospecting for qualified buyers and tenants. A large percentage of their time every day is spent looking for them.
Here are some rules to help you with attracting the right buyers for your listings today.
- Quality listings will always attract more buyers. If you focus on quality listings you will have buyers coming to you on a regular basis. Record those buyers into your database and keep the relationships strong and relevant given the number of properties that may go through your listing registers. Some buyers stay in the market for a long time.
- You can attract more buyer enquiry if you market a property comprehensively and correctly. That being said, every listing should be exclusively marketed into the local area. Open listings are generally a waste of time and will do nothing for your market share. Another weakness with open listings is in the lack of control of the enquiry; you do not have any of that and certainly you cannot trust the client to relate closely with you as you move the negotiations forward.
- Look back into the property sale and ownership records of about four years ago. Many of those property owners and business owners will have reached another stage in their investment cycle where they will soon be considering another purchase, relocation, or expansion. Find these property people through the records of the region. Establish the contact with these people, and keep the ‘door open’ for the time that they will be again acting in some property matter.
- Every competing agent should be monitored for the listings that they are currently bringing into the market. As soon as the competing agent puts a sign on a property, you should approach the owners of the surrounding properties. If any of those owners are considering a sale currently or in the near future, it may be very timely for them to consider marketing in competition to the other listing nearby. They will require a competing agent to produce the necessary marketing advantage.
- Keep in contact with all local business owners that occupy properties as tenants on a lease. It is quite likely that some of those businesses will be sufficiently placed to purchase a local property and move out of the leasing cycle. Regular contact with these business owners will help you with identifying the time of property change and the improvements that they will require in the new asset relocation. It is then just a matter of keeping a close eye out for the right properties.
When you get heavily involved in prospecting locally, you will soon find that there are plenty of buyers around simply waiting for the right property to come in at the right price. What you need to do here is attract the quality listings to your books. The buyers will soon surface and hence work with you to find the best properties to purchase.