Commercial Real Estate Agents – How to Kick Start Your Market Share Faster

In commercial real estate today, it is critical that we find property opportunities and needs early.  The tenants and business owners in a local area are a great source of information that can be easily tapped.

Success as a top commercial real estate agent usually comes down to a few simple things actioned, more than anything else.  In most cases, the following are the critical factors in building your market share and commissions.

• Local market knowledge about prices, rents, new developments, and people.
• Quality listings of local properties for sale or lease
• A comprehensive and up-to-date database
• Personal accountability on the tasks that matter

If you have these few issues under control, you can do more as an agent and attract more property enquiries.  Our industry is based on local property market intelligence and knowing the people; everything else ranks second on the list of priorities.

Local Business Focus

If you are struggling in the property market at the moment or if you are new to the industry, your first priority should be to get to know the local businesses. In many cases, those businesses are tenants, while others are owner-occupiers.

Cold call prospecting the local businesses will always give you leads of one type or another.  The same can be said about systematically canvassing the streets where businesses are located.  The best prospecting formula is a mixture of both; it is a personal process that cannot be delegated to anyone else.  Personal systems always bring about good results for agents in our industry.  The difference between a top agent and an ordinary one is usually in the individual systems consistently actioned.

Strategies and Questions

Let’s assume you will contact the local businesses to see their property needs. Here are some ideas to merge into your strategy and real estate client questioning process.

1: Building Trust with Retailers and Landlords

Focus on creating trust with the people you talk to. You will get more information when people trust you. Trust comes from the connection we make and our communication skills. I always recommend that new agents learn how to communicate and converse in commercial real estate matters. It is a special skill, and it requires practice.

2: Get full Lease details and requirements

Lease details are helpful. At some point, the tenant will want to relocate or consider the other properties in the local area for potential change. Ask them about their lease and its expiry.

3: Know the Tenants comprehensively

Property needs will change from property to property and business to business.  Learn about the tenants and companies that you talk to.  Services, amenities, improvements, and location will all be necessary for every business.

4: Premises Expansion Contraction or relocation are all strategies

Expansion or contraction needs will change from time to time, as will the requirement for new premises.  Most businesses know that change will be required about 12 months before moving.  That is why you talk to them frequently.

5: What does the Landlord want to do?

Landlord details, other business moves, and local area changes are all valuable sources of market intelligence. Ask questions and record the information you receive. Match tenant and landlord requirements to get the ultimate leasing agreement in a timely way.

Retail Shop Leasing facts and Pressure points

Our industry is simple. Get to know the local property people personally, create conversations every day, and other things will soon start to happen for you.