In commercial real estate agency today the competition for the same listing is generally significant and challenging. Many agents will be trying to influence the client to select them as the ‘agent of choice’ to take on the listing. In just a few short minutes of agent interview the client will make a choice on the agent to solve their property problem.
This then says that the prepared listing presentation and sales pitch that you make to the client has to be of the best quality and relevant in all ways. Here are some ideas that can help you with the processes:
- Inspect the property and the precinct before you put your proposal together. The inspection will help you see the strengths and weaknesses of the property. Some of those factors will impact the marketing choices and recommendations that you make.
- Push for an exclusive listing as part of the listing process. Don’t let the client talk you into an ‘open listing’ as it will waste a lot of your time and effort. You will also have little control on the client and the negotiations if they are to occur.
- Be involved in the marketing process so that the client can see that you will personally drive the message about the property to the right market segments. Be better than the other agents in this regard, as it can differentiate you as more relevant and special for the listing process.
- Show the client what is working and what is not in marketing and methods of sale or lease (as the case and listing requires). Some things will be more successful in getting the property message out to the target market. Give the client reasons and logic in your recommendations.
- Give 3 marketing alternatives to the client in your proposal. The variations on cost and strategy will give the client some choices to consider and not just one basic proposal that may not suit them.
- Vendor paid marketing funds are essential if you are to undertake any marketing. It is wise to seek about 1% of the expected sale price as vendor paid funds for marketing. Get the money paid before you start the promotional campaign.
- Understand the target market and the pressures of timing and choice when it comes to the promotional campaign.
- Give details of comparable properties to the client so they know what they are up against. As part of that, give the client a summary of the things that prospects are enquiring about in the market today.
- Be prepared for competition agents offering discounts on fees and commissions. As a general rule do not discount, but be prepared for the discussions to offset them.
- Provide clear recommendations to the client using charts and visual material. Help them see how their property fits into the market today.
These are simple ideas that are largely not actioned sufficiently as part of the presentation and listing process. Refine your pitch and attract more listings by using them.