In commercial real estate agency, trust is a very big thing that will make or break your career. The clients that you work with, the prospects that you work with, and a new people that you meet each day will all require that degree of trust before they will open up to the required sales or leasing transaction that may be available.
Establishing that degree of trust can take many months and for this reason, your database and client contact process should be ongoing in a systemized way. The value of the average property transaction today is significant; the same can be said for the amount of commission that we get paid. When it comes to selling or leasing a commercial or retail property, the clients that we serve wish to deal with the best agents that have the right skills and the knowledge base to move the property conveniently and correctly.
So how do you achieve this mantle of experience and respect from the clients and prospects that you serve? The basic answer is in you providing ongoing relevant and quality contact. A qualified prospect of today may not be a client for some months if not years. It is during that time that the relationship should be built ready for the services to be provided.
I would expect an experienced and qualified commercial real estate agent to provide very specific skills and information to the marketplace. Here is a list of some of the big things that I would expect from those commercial property agents today:
- They should understand the movements of property owners in and through the area when it comes to the specific property types that they specialize in. Knowing the right people, the requirements for property change, and the opportunities for relocation or reinvestment are quite real.
- Monitor the changes of supply and demand that relate to your region, and your property specialty. New developments can radically change the property skyline, but also the performance of other properties nearby. The changes to rental, prices, and availability of new space can shift the balance in the marketplace very quickly.
- When it comes to promoting a property for sale or for lease today, the methods of marketing will be quite specific and relevant to the property. Every exclusive listing should be carefully considered for a specialized marketing campaign taking into account the right balance between the Internet, newspapers, local marketing, and direct contact.
- A top agent today will have an extensive database of qualified contacts to refer to with the right listing. This then says that you can build your market share from quality ongoing contact and the consolidation of a good client or prospect database. It is interesting to note that many agents struggle with the daily disciplines required to use a database. In perhaps over 50 per cent of cases, the database for a particular salesperson will be out of date and partially redundant. Don’t let this happen to you. Build your database each day and maintain its accuracy and relevance to the market today.
Through these four key factors, you can build a real presence in the local property market. When you start the system, make sure you keep it rolling on each and every working day. It doesn’t matter how busy you are, certain things need to occur without fail so that you can maintain your position in the market as a top agent.