Many of the clients that we serve in commercial real estate brokerage have targets and challenges when it comes to property performance. Commonly there are issues with property rent, tenants, property values, services and amenities, and property improvements. Look for the weaknesses and needs of a property client so you can help with overall asset performance.
Here are some important questions to ask of your clients:
- How long do they hold property today?
- What will they be seeking to do with a property over time?
- Will they be re-developing? If so, when and how?
- What rental returns do they require and what rent types do they prefer?
- Do they have a preference in property type and location? What will those factors be?
- Do they want to expand or diversify their property portfolio?
- What pressures are coming up when it comes to tenant mix, rental, lease management, and vacancies?
- How are the outgoings and operational costs going currently for the property, and does the client need help to get them under control to within industry standards?
Simple questions like these lead to opportunities, fees, and new services for your real estate brokerage. All brokers and agents should ask these questions frequently to take a client to the next levels of property performance and portfolio growth.
Some property owners and investors hold assets for a long time; others will hold a property for a shorter time based on current rental returns and income opportunity. The property market and the local economy can shift performance factors and challenge a client in many different ways. You have the keys to offering solutions in sales, leasing and property management. Look for the opportunities and open the doors for clients where appropriate.
It should be said that some clients offer great value and repeat business for a real estate agent. A simple and small lease transaction today can be a number of property services over time. Understand your clients so you can tap into these factors. Ask the right questions and get to know the clients priorities and challenges. Start a ‘VIP group’ of high quality clients that you know will require complex and repeat real estate services over time.
In your town or city, the real estate market will change a few times each year based on the local economy and business sentiment. The factors of supply and demand will also change frequently with upcoming property developments. Look for the changes and help your clients move through them successfully.