As many commercial property markets adjust to the changing market conditions this year there are plenty of opportunities to be taken by the astute and active property agent. Any property owners and businesses that were struggling during the GFC have largely sorted out their problems and issues; some have left the market or their industry whilst others have adjusted and stayed in business or property ownership.
The good thing here is that there are now deals to be done and people to help, and that’s where a good agent will always help. The services of sales, leasing, and property management can now help property owners with changes and property upgrades.
Consider what you can do with some of these things:
- Rental upgrades to market levels
- Resolving vacancy issues in property occupancy
- Changing tenant mix and tenant placement in multi tenanted properties
- Property changes for businesses that want to expand or contract
- Property owners that would like to change elements of property ownership or portfolio
- Redundant properties requiring upgrade or redevelopment
- Vacant land being rezoned for redevelopment
- Property developers looking to move on future demand requirements of tenants and businesses
Sometimes it is hard for an agent to know where to start the process of property action and prospect contact as the market improves. The larger picture can confuse a few people in real estate brokerage, and stifle actions and endeavours. Confusion frustrates the progress of many an agent or broker. Get back on track by specifically drilling down into your local area. Look at the past, understand the present, and determine what will happen in the future.
These points mentioned above are quite active now in most towns or cities; knowing where to look for property change, and having a system that keeps you looking is the priority. Talking to the right people will help you move into the next property change and listing opportunity.
Here is a basic strategy to help you get started as an agent, or to give you more momentum in finding more commercial real estate clients and opportunities across all of the above factors:
- The first thing you should do every day is to talk to new people as part of a prospecting process; research the right people to talk to. Get your pipeline of contact moving with fresh people. Ask them about local market changes and see what pressures they may be under today with property use or location issues.
- Stay focused within a location and a property type. That then helps you with gaining market knowledge and finding out the facts as they exist today in property rents, prices, change and occupancy.
- Understand all of the current prices and rents as they apply to the market segment. Tracking trends in property change, rents and prices, will help you with listing, and negotiation.
- Get the best database program that you can to allow all the conversations and meetings of the day to be monitored and revisited as required. A conversation today can be an opportunity in the future. Build your client and prospect contact daily when you have spare time and the chance to do so.
Taking these 4 simple issues, you can build market share strongly and effectively. That’s how you get to be a top commercial real estate agent.