Explode Your Commercial Real Estate Commercial Real Estate Market Share
Just about every agent will say that they are an expert in the field of commercial property within their town or city. The fact of the matter is that they really need to prove it comprehensively as part of their professional and personal marketing process. Most real estate agents are quite generic when it comes to property marketing, and on that basis they have an average success rate when it comes to results in sales and or leasing.
Most of the clients that we serve in commercial real estate today are simply looking for the best agents to select and work with; your job is to prove that the client’s property problem can be easily resolved in a timely way with a positive outcome.
The commercial real estate business is really quite simple as are the clients that we serve. They are basically looking for:
- Market penetration to attract the target audience
- Best price solutions with their property listing
- Relevant Property Marketing strategies
- Confidence and trust in the agent to solving a client’s challenge
- Professional business practices
- A track record of working with similar properties in the local area
- Results achieved locally in a timely way
To explode your commercial real estate opportunity and grow it exponentially, you need to show the clients and prospects exactly how special you are when it comes to achieving professional property results and committing to the task. These seven elements mentioned above will help you greatly when it comes to presenting and pitching for the clients business and property listing.
Grow Your Property Market Exponentially
Here are some strategies to work on when it comes to exponentially growing your commercial real estate business quickly and effectively. Adapt these strategies to your local area and your brokerage:
- Local Sales Records and History – You can go back in the sales records for the local area over the last five years. You will find property transactions and people to approach today as part of a prospecting model. It is a fact that many Property Investors purchase and or sell investment property frequently as part of growing a portfolio. You simply need to know these people; a review of historic property sales will help you find them.
- Signboards – Get plenty of signboards into your local area as part of a listing and prospecting drive. Local business owners and property investors will then soon recognise your activity and property specialisation. This also then makes it a lot easier for you to approach new people. The signboards placed on listings also create greater levels of enquiry for you to work on. Every quality exclusive listing should feature a high quality signboard. The cost of the signboard should be covered in vendor paid marketing funds.
- Control your listing stock – It is a fact that the top agents in the commercial property market today control the listing stock through exclusivity, and in that way control the clients, the inquiry, the marketing, negotiations, and inspections. Avoid open listings as much as possible; they can waste a lot of your time.
- Marketing funds – Adjust your listing and sales pitch or presentation to make sure that you convert more exclusive listings that include a reasonable budget of vendor paid marketing. There is a direct correlation between successful transactions, exclusivity, and marketing funds. Listing exclusivity supported by a vendor funded marketing campaign will allow you to comprehensively target market the property and achieve a better result in price and or rent. Make sure that your property presentation successfully covers the importance of the marketing campaign in achieving a result.
- Marketing strategies – There is a significant difference in marketing open listings vs. exclusive listings. The results that you achieve with marketing any open listing will be through luck more than process. With exclusive listings however you will find that your conversion and success rate should be extremely high and in most cases over 75%. That conversion rate will also improve through professional development and personal property knowledge.
- Regular prospecting – Every day devote 2 or 3 hours to the prospecting activity. Specialise as you do so within a defined geographical territory, and also focus on a property type. That will then help you with dialogue as well as pitching and presenting your services as a property specialist.
- Referral business – Ask about local property activity and seek out referral business with everyone with whom you connect. There are plenty of leads and opportunities to be identified in talking to other people, business owners, and property investors. In most cases they will know the property intentions and activities of nearby property owners and business proprietors.
- Internet Marketing – You can build your personal profile online through some simple Internet Marketing activities. Write some editorials relating to the quality exclusive listings that you bring in. Put those editorials on a personal property blog specifically designed for the local area. You can connect those editorials and articles to your social media activities.
- Property market update – Produce a regular monthly property market update as a single sheet or flyer to be distributed across the Internet, through the e-mail, and directly as part of a door knocking and prospecting process.
- Database growth – It is a fact that your database will be a critical component in helping you build property market activity, commissions, and listings. From the very start of your career use a comprehensive database to track your interactions with clients and prospects. Frequency of contact and relevance will help you convert new clients over time. The database will help you remember conversations and opportunities as you connect with a lot of people locally.
- Comprehensive services – Make sure that you are linking your services successfully across sales leasing and property management. One transaction can lead to another with many clients and with many properties. Serve your clients and VIP Property customers in a comprehensive way.
So there are some good things that you can do here when it comes to exponentially growing your market share over time. Develop a system around these strategies at a personal and professional level to show the market that you really are a top commercial agent.