When you meet with a client or a prospect in commercial real estate brokerage, you are very likely to have only a short period of time where you can present your ideas and strategies about their property or property challenge. N.B. – You can get our free online Brokerage eCourse here.
Engaging the client in a meaningful listing discussion in a timely way is really important and relatively easy if you follow the rules.
Choices will be made based on what you say and do. Are you convincing enough to convert the listing?
The Danger of the Other Agents and Brokers
Most clients and prospects today will be connecting with a few agents before they make a decision on the best agent to help them move ahead with their property resolution. Here are some specific ideas to help you with your property presentation:
- Seek to understand the client and their issues before you provide your ideas. There will be some real challenges that the client has in their mind that will require investigation and a series of strategic recommendations. Question them on timing, price, and outcome.
- Make the connection with the client through a few local stories where you can show and tell them why their property challenge is not unique. Stories from the local area will help them see exactly how you can take them forward.
- Explain the market activities today so that they fully appreciate the way things are in the location and with the property type. Provide comparable market information including photographs and alternative marketing samples to show them what is happening with other properties locally.
- Position the property for the location in relation to improvements, pricing or rental, and timing. The other listings locally will all be competing, so you need some solutions to show the client how you can provide a better positioning for their asset and property challenge. Put some of the property strengths into your discussion so the client can feel that you have a full appreciation of their asset and its advantages to the target market.
- Deal with the weaknesses of the property that you can see and that you know will be a problem in the marketing process. Some property weaknesses, and particularly the obviously visual ones, may be ‘deal breakers’ so it is better to speak about them early and provide some alternatives to handle them.
- Provide alternatives with the sale and or leasing process, as well as some marketing alternatives that are known to have worked on other assets. In doing this you are giving the client some alternatives and they can then have some comfort in moving ahead.
- Make clear recommendations in your close. Recommendations that are made should be based on evidence in the location. You can use that evidence to build a property campaign, inspection strategy, negotiation position, and listing process. Put the target market of buyers or tenants (as the case may be) at the centre of your recommendations. Be definite and resolute in making your recommendations to the client.
So there are some good things that you can do here to move a property listing to the next phase of listing and marketing. Show the client exactly why you are the best agent to do that, and use all of the above strategies to build your case.
Put some real professionalism in your client recommendations; be better than your competitors in your listing and marketing strategies using stories and strategies that build a case of engagement with the client.