While the sale of a commercial or retail property is typically not as ‘emotional’ as any residential property, the sellers that you are working with as clients will need some conditioning and help as they move through the stages and decisions of listing, marketing, negotiation, and closure. That is where the superior communication skills of any broker or agent are ever more critical in achieving a positive outcome. Every property owner must be prepared for the sale process and the decisions of the campaign and negotiation.
Top agents and certainly those with plenty of industry experience know how to stage a story or make a recommendation for a client to consider. They know how to connect with the client and convey the facts of the property in relevant ways.
What do the top agents do that is so important? They provide vision, and then the clear concepts of sale. They know how to make solid recommendations, so the client can see what must happen with their property and why that is the case.
Sales Skills and Dialogues
Can and should you practice your client communication skills and dialogues relating to a sale process? The answer is a very positive ‘yes’. Make that practice a regular part of your professional development as part of your commercial real estate career. You can do all of the following:
- Practice your communications that are to be used in listing, inspecting, and negotiating. Every stage of the sale process is different, and special strategies are needed to help you stand out from the local real estate competition. How can you make your recommendations in listing, inspecting, and negotiating all that more relevant to the client and their property? To help with that, you can ‘specialize’ deeply with your services for the property type and the location. It is hard for a client to ignore a property specialist agent that controls market share and location activity.
- Consider the elements of your local property market as they impact your sales and promotional activities today. How are things changing with precincts and property types? Change creates churn with businesses and property owners in the property market. Connect to the people in those groups every day, and you will find property opportunity to work on. Make the calls and create conversations. That is how you reach out to the right people.
- Give your client plenty of ‘feedback’ from all inspecting parties. That feedback will come as they look at the property and consider its layout, improvements, and location. That information will be valuable in ‘conditioning’ the client to the local property market factors.
- Choose the best methods of sale that apply to the sale of a property of its type in the location. Some sale methods are better for the location and the property. Know what works when it comes to the conversion of a property sale to a positive result.
- Select the best methods of marketing that apply to the promotional aspects of commercial property in the precinct and of the property type. You can merge methods of promotion across online and offline activities. Bring to that the aspects of personal contact, and local area coverage. Think about how you can place some emphasis on the property and its promotion to the target market of buyers. When you define the target market, that approach gets a lot easier.
- Give a clear ‘timeline’ to the sale process, and in doing so, outline the important sales stages through which you will be moving the client with confidence towards a positive sale outcome.
Don’t be too eager to close on the listing at the early stages; make sure that the client is fully aware of all the facts, and that they know how you will be moving on their property challenge. Show them the stages of the campaign and outline the target market of buyers that you will be tapping into. Then ensure that you put yourself into the target marketing process and explain how you will be communicating with the buyers as you see them. Your activities are critical to listing conversion, so explain how you are approaching things at a higher level and with greater focus than most other agents and brokers.
Understand the location and all the precincts of your town or city. What are the local property buyers looking for today? What will they look for in the seller’s property? From these two questions, you should be able to identify the features of the property that you know will help you attract enquiry and inspections. Build your property promotion around those things.
Make sure that all your marketing is strategically based and timed for the location and the target audience. That is how you prepare your property sellers for the sale of their investment property at the most realistic prices in today’s prevailing market.