In commercial real estate agency today it is easy to get tied up in the problems of the market and forget exactly who you act for. There is only one client in a commercial property sale or lease, and that client will pay your commission based on success and results achieved. Everyone else in the transaction or marketing effort takes a clear second place. (NB – you can get more client contact tips in commercial real estate Snapshot right here)
The business of commercial real estate agency does not need to be complex; it just needs to have direction and a commitment to the client. That is where we as agents offer the best solution to the property challenge.
So What Happens Today?
When a tenant or buyer comes to us, we tend to see and focus on the opportunity that the person or company brings in a potential purchase or lease transaction. All that is fine, but we cannot forget the client that we work for and should stay close to them in the listing marketing and the property negotiations.
Communication and feedback to the client must remain a high priority in the industry today and rightfully so. When we keep the communication happening with the client, the negotiations and the deal itself become much easier for all concerned.
Set your rules
Here are some rules that you can apply to client connection and service in an exclusive listing of a commercial real estate agency today:
- At the start of the listing appointment, ensure that the client knows how you see the property and its position in the market today. Give them some solid market evidence that supports your findings and strategies. Tell them exactly what the target market is for the property and how you will attract that group to the listing.
- If your property marketing is producing little enquiry, do not fall away from talking to the client and giving them feedback. Even if you have little to say, the client must be spoken to every 2 days to help them know what is going on and how the marketing is going.
- As the marketing effort proceeds, things will change. On that basis tell the client exactly what you are seeing and give them recommendations that will help them adjust the marketing approach.
- Get a signboard onto the property as soon as possible. That will help your marketing effort in the local area. In most cases the buyer or tenant for a property will come from the local area.
- Use every listing as an opportunity to talk to many other local business proprietors and leaders. Also include all of the local property investors in the personal marketing process. In this way you can build your database ready for each and every new property that is coming on the books.
- After every inspection has been taken through the property get back to the client with feedback from the inspecting parties. This is ‘3rd party’ evidence and comment that is invaluable in shaping the thinking of the client. The client is much more inclined to listen to others than the agent that has listed the property. As part of the feedback process, get a feedback sheet filled out by the inspecting party. This is further ‘hard copy’ evidence to help the client understand what is happening and how others see the property today.
- When negotiating a property deal between the parties, the buyer or tenant (as the case may be) must put everything in writing as an offer. In this way you have got some formal terms and conditions to work with.
You can add to this list based on your property type and location. Importantly you are driving real momentum in the transaction for your client.