The Advantages of Local Area Network Experience in Commercial Real Estate Brokerage

city buildings and Hong Kong harbour

In commercial real estate brokerage, your local area knowledge and experience is valuable in so many ways to the people that you seek to attract as clients.  As the local agent and the specialist in a property type, you can do more with that local knowledge from an opportunity perspective in your marketing.  You can drive more business and client interaction around you based on local ‘facts and knowledge’.  (NB – you can get plenty of information about Commercial Real Estate Brokerage in our Snapshot program right here – its free)

This then is an idea for directly marketing your professional services and growing your real estate business at a personal level.  Your experiences in the local area can be shared in many ways through:

  • Case studies
  • Blog posts
  • Editorials
  • Newsletters
  • Research and fact sheets
  • Comparable market evidence for transactions
  • Graphs and statistics
  • Photographs of buildings and precincts

It is a fact that most agents and brokers get distracted and diverted daily, and that is particularly with the many demands on their time from clients and customers.   The one ‘thread’ that holds it all together under pressure is ‘locality’.   Your marketing can be based around that ‘locally’.

 

Local Facts are an Advantage

 

So, what do you do here?  Build your real estate business around a frame of ‘locality marketing’.  All the property related things that you know about the ‘locality’ can be reasons to talk to many local people as time permits each day, and you can do that as part of your prospecting activities and model.

Use your daily experiences in the local area as conversation and communication factors to find out what people are thinking and doing with property and real estate investments.  Spread the word about your findings and experiences.  Here are some ideas to help with that:

  1. Familiarity with buildings and precincts – talk about how the local areas or precincts are changing with transactions and construction.
  2. Contact lists and client lists – your database lists will always give you the foundation of growth of enquiry and market share. Every person that you connect with and qualify should go into your database for regular ongoing contact.
  3. Involvement with business ownerslocal business people like to know what is happening with property ownership and occupancy. Use your market facts to maintain regular contact with those people.
  4. Exposure to local property market enquiry – if you track the levels of inbound property enquiry, you can see how the property market is changing in sales and leasing activity. The economic sentiment locally will also have an impact on that.
  5. Participation with inspections and transactions – the information that you glean from recent property inspections will give you ‘conversational leverage’ with others. You can talk about what other people are thinking and seeing in the location as they resolve their business location and operational needs.

In saying these things, don’t try to cover an overly large area of your town or city from a property ownership and new business perspective; that is too challenging when it comes to tracking all the facts.  Hone down your attention and connections into the local streets and buildings of your town or city; that is the best way to grow personal market share in commercial real estate brokerage.

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