As a Commercial Real Estate Broker, it is relatively easy to find properties to list for sale or lease. The real issue is in getting them on the terms and conditions that will allow you to convert more opportunity from the process. The quality of the property and the methods of sale or lease will help greatly when it comes to converting the final deal.
Have you ever driven around your town or city and seen those listings with 5 or 6 broker signboards placed at the front of the property? It sends a sign of ‘owner desperation’ to the market. Open listings are generally a waste of time for the broker and the client. Certainly one day any property will likely sell or lease, however in the meantime a lot of energy and time can be wasted. Quality brokers don’t spend too much time on ‘open listings’. Their choice is based on sound logic.
So how can you find some new listings? The key to the process is in taking action every day; action that is devoted to finding the leads and events in the market. Here are some clear strategies that work in that way:
- Property changes will be evident when you really look into your territory. Look for properties that are going through change. Watch the businesses in occupancy, the surrounds of the property and the overall precinct.
- New property developments that are being considered for planning approval locally are always good targets, but also remember the other properties in the general area of the new development. They may be under some pressure and will look for some assistance when it comes to relocation, renovation, sale, or redevelopment.
- Business activity can be observed by watching tenants and business precincts. Identify the tenants and the occupants that are larger and successful. Speak to their property people or decision makers to see what property intentions they may have. Ask about renovations, expansion, relocation, and growth. It can take many months if not a year or so for a business to prepare for change and movement. They will need a good property broker to work with them as part of property change over. Tenant advocacy or a buyer’s agent appointment may be very possible.
- Landlords will always want help with vacancy activity. Stay in close contact with the quality landlords in the local market.
- Network all the local businesses that are in occupancy as tenants. Build your database of leads from regular ongoing contact with those tenants. In that way you will be of great value to the landlords that you serve.
- Properties that are ‘For Sale by Owners’ should be watched. In most cases those owners will not have the market information and the leads to make a quick sale or lease. They then become prime targets for listing.
So there are plenty of things to work with when it comes to finding new listings locally. As a final note, always target an ‘exclusive listing’ as part of your client presentation. In that way you control your listing stock and the potential deal when it arises.