If you want to get anywhere fast in commercial investment sales, it is best to do a good degree of market research and then set your goals for action. Failure to understand what is going on locally with the investment market segments, can see you lose precious time and waste resources.
So let’s get the basic facts set here so you can penetrate the property market with real momentum:
- Defining your market – Look at your town or city and set your location of focus geographically. You cannot effectively spread your business efforts over a very large area, so focus your intentions and prospecting for landlords into a defined zone. The investors are in that zone for you to concentrate your prospecting model. Get very specific so you know the areas that are of value to you with good properties and preferred precincts. Where are the investors owning, buying, and developing?
- Classifying your client segments – When you look at investors you will soon see that some are better than others. It is valuable to segment those specific clients into property types, portfolio size, timing, and perceived level of action. When you do that segmentation, you will see where you should be focusing your prospecting and why that should be happening.
- Understanding your property segment of specialization – Really drill down into a particular property type or types. Don’t try to specialize in or across too many property types as you will find it very difficult to capture shifts in current prices and rents on all sales and rents. The property market is always active and on that basis look for the pressure points that investors are struggling with. Tenant mix and leasing issue are usually at the base of investment concerns. Understand how you can fix the local problems for your investor clients and then market yourself accordingly.
- Growing a database personally – Like it or not, every day you will have to grow your database, improve it, shape it, and call people in it. This is not a weekly random event; it is a choice. It is something to be done every working day at a particular time. Put your database at the centre of your real estate business. Talk to more people and do so with a bias towards new people. Follow up on old clients and contacts. Keep the database wheel of activity underway.
Set your goals and then track and measure all of these things mentioned. From these points you will now have a few specific goals to define and work to. Investors are a valuable segment of clients to work with, providing you are professionally relevant to them. Solve that equation before you proceed as an industry professional.
Over time and across all of these things mentioned, you can see what is working for you and what is a weakness. Every year things change in investment sales, so choose your markets and client base. Keep up the contact and drive valuable discussions and contact processes.