When you work as a commercial real estate agent, you should understand that the industry is, in fact, a ‘process’. To be a top agent you really do need to be an ‘expert in all the stages of that process’. The clients that we serve require the best agents that really do have their ‘finger on the pulse of the market’. When clients can see that you are the ‘go to’ person in local commercial property, your market share tends to move upward rather quickly.
Real Estate Process
So what is this ‘process’ that you should understand and become proficient at? Here are the stages for you to consider:
- Research is the key to understanding what is going on locally with property activity. That research should involve prices, rents, property owners, business owners, tenants, and property zoning changes. To get all of this information is sometimes difficult however making research a daily process will help you. Asking questions and talking to the right people will help you greatly.
- Prospecting is essential if you want good listings and improved market share. It is a fact that many agents dislike prospecting and will avoid the hard work required. Every day you must make the calls and meet the right people. Our industry is based on ‘relationships’ and the strength of them over time.
- Pitching and Presenting is a central part of getting the right listings. Some agents will compete with you when it comes to listing a fresh property on the market. This should suggest to you that your listing presentation really does need to be of the highest quality. Practice will help you move ahead and convert more listings into your agency marketing system.
- Listing a property is a specific thing. You must ask the right questions and seek the right information. When something is missing or appears lacking, go deeper to get the facts. Many agents have been impacted by incorrect information or a client that really doesn’t have all the facts.
- Marketing a property today is a specific skill. Every property that is exclusively listed should be promoted to the right buyers or tenants. It is not just a matter of placing an advert on the internet and seeing what happens. Every quality listing should be directly and personally promoted to the local area. The agent just has to get involved in every campaign.
- Inspecting a property is a skill. Build a strategy of inspection to take people around the property to show them the things that will help close the deal.
- Negotiating a property sale or lease gets more complicated when you move from industrial, to office and then to retail property. The clauses and conditions of the deal are more complex. In many cases you will need the client’s solicitor or property legal advisor to help with the transaction.
- Documentation skills are critical to closing a deal. If you do not know how to close a deal on paper, or you do not have the knowledge to do so, seek others that do. You are the negotiator to bring the right people together. You do not need to be the ‘documentation’ person.
You can see from these separate issues that a top agent must be very good in many different ways. If you are lacking in any of these skills, start practising to help with self-improvement.