In commercial real estate brokerage, there are things to watch and things to do if you are looking to build some reasonable personal momentum with listings, property, and clients. A planned approach is a good way of moving ahead individually as an agent or broker; to achieve momentum a full period of 12 months can be split up into priority periods of prospecting, marketing, and listing activity. Here are some ideas to help with that as a ‘brokerage blueprint’.
Before we start and go deeper into the topic, a plan can always be ‘tweaked’ and shaped over time as the pressures of the local property industry changes. Expect that the local property factors will shift during the year for both local and regional reasons.
If you have a shifting or growing local business community, there can also be some pressures or change factors impacting commercial, industrial, and retail property. What is your ‘blueprint’ for the year ahead? It is time to create one.
Real Estate Broker Planning
Here are some of the main elements of my ‘blueprint’ that I have used in many ways over the years with all property types:
- At the top of my list will always be the zone or territory that I want to focus my efforts. The area should not be too large as that only creates confusion. I like to get a map of the city, and then consider where the best buildings and precincts are. I will then take that map and walk the streets to assess the better buildings. The prime buildings get noted on the map of the local area.
- Look for redundant and older properties where occupancy pressures and vacancies apply. They are likely to be the next properties coming back into the market soon or perhaps those are the buildings that will be ideal for a renovation or change of use project. Connect with the owners and discuss property market conditions.
- Make a list of all local businesses on a street by street basis. Then get on the telephone to find out who the decision maker or principal owner of the business may be. Those businesses will be targets for ongoing contact. Questions and conversations will help you understand what the intentions of the business owners may be with occupancy or property ownership.
- Track lease changes, expiry dates, and lease options as they apply to all tenants in the zone. I like to work with business owners with their leases about 12 to 18 months out from an expiry or lease option. You can help the business owner with rents, property market conditions, and vacancy details.
- The trends of supply and demand will vary through the year. Upcoming projects and new developments will also vary market enquiry rates and negotiations; so, there are some trends to track here.
- Market rents and yields will change, so watch those things. As the internet changes the way businesses and customers interact, market rents and property yields will also shift. Supply and demand will also vary the pressures on lease and occupancy enquiry.
So, these facts provide plenty of leverage and require investigation with zones, property types, and precincts. When you know these things, you can drive better negotiation outcomes for the clients that you serve.