In commercial real estate brokerage, the services that you are offering to the broader investment and business community should be specific and specialized. The basic services that you will provide will generally cover sales, leasing, and property management. You may also diversify into specialized services such as:
- Tenant advocacy
- Tenant representation
- Buyers agent
- Business services including relocation
- Tenancy mix specialization
- Lease negotiations for investors
- Landlords services
- Property assessment and reporting
So you can take all of these things and turn them into something quite specific for customers and the clients that you serve. Look at every property and determine how you can provide improvements strategies and solutions.
The Bigger Picture
Don’t just chase a listing; look at the long term value of the targeted property and the client across a number of different specialized services. You are the solution provider, so strengthen your services accordingly with the right people in the right way.
The suggestion here is that you can drill down into one or more specific services previously mentioned, and then provide some very special and perhaps deeper strategies and solutions. Knowledge and skill will help take you deeper into your market segments and professional skills.
Understand your clients and property types for the services that will be required at some stage in the future. Take for example the services of a lease negotiator for landlords and or tenants. A lease negotiator needs to have a comprehensive awareness of the specific trends in the local property market, and then they need to provide some very special strategies around each of those trends.
Who are you?
Would your clients and customers consider you as a specialist lease negotiator for the location, be it your town or city? Would they come to you when they need to relocate or solve a vacancy problem? Market coverage and local property market information will help you position more successfully for resolving these issues.
Show your clients and customers that you really do have a solid awareness of the trends in the local area as they apply to property leasing and renting. Provide market updates as part of your prospecting model. Circulate your local information into your targeted segments of prospects and clients. You can do that on a monthly basis both online and offline. You can circulate your market updates through your social media strategies and also through the direct mail.
Here are some ideas that would apply to a lease negotiator and the services that they develop and offer in the local area:
- Look for the market opportunities where businesses need to move to satisfy factors of expansion, relocation, growth, or contraction. You can identify these things well in advance by comprehensively connecting with all the local businesses in your area in a regular and ongoing way. Develop some professional questions that you can put to business owners and building occupants.
- Track and chart the trends that apply to market rentals within property segments and locations. Local landlords and tenants will always need to know where rentals and returns are heading as the supply and demand for property shifts and changes.
- There are different types of rentals to consider and track. Know the differences that apply to gross rentals, net rentals, passing rent, and lease incentives. There will also be outgoings costs that apply to the typical occupancy in an average building. You can assess those costs within property types and locations so that you know what is fair and reasonable when it comes to a lease negotiation and the placement of a tenant.
- Understand the costs that apply to a typical business relocation today. Every business will have certain extended costs and extras that apply to changing property location through the leasing process. If you are a specialist in tenant advocacy, this information will become quite handy as you seek to relocate your clients into better properties that suit their business activities. You can comprehensively cover off on the extra leasing costs that the tenant and or the landlord may not have thought about.
- Understand the rental premiums that should apply to any leasing situation in a high quality building or top location. In gathering local market information, you will be able to compare the top locations, and establish rental profiles for prime properties. There are some real differences to look for when it comes to prime properties and average properties within a business region or locality. You need to know the differences and establish premiums accordingly when you list or negotiate a property for lease.
So there are some good things that you can do here when it comes to sweetening the professional services that you provide in commercial real estate brokerage. Improve your market awareness and property skills so that you are recognized as the industry expert for the area in your town or city.