In commercial real estate agency today, the property market can be a bit of a challenge. With restricted enquiry, every property listing will have less scope for negotiating or waiting for the best price available. The owners of property should be realistic from the very start. Here are some tips from our Newsletter for Agents.
Today the client in any property should set a price that is realistic from the very start. Forget about those peak prices of 3 or 4 years ago; today’s property market is totally new and relevant for today.
Every property that you list should be relevant and well-priced for this property market. When it comes to listing a quality building for sale everything has to be well planned and optimised. This takes effort on the part of the agent.
Top agents in this market thrive; generic or ordinary agents struggle. There is a widening gap between the top agents and everyone else. So what do you have to do here? You really do need to focus your efforts in every respect with each exclusive listing that you take to the market.
I do question the value of ‘open listings’ in this property market, however I know that they are common; I guess you need to decide if the particular property is of any value to you as an ‘open listing’. Why waste your time on an open listing where the client does not ‘trust you’ with an exclusive appointment?
So let’s go back to exclusive listings and how you should treat them today. Here are some of my ideas to help you get results from those good listings that are sensibly priced.
- The right target market should be identified with every listing on your books. To do this takes time and focus; that is why you can only work on a certain number of exclusive listings at any one time. As to the number of properties that you can individually list and work, it is really a matter of property size and type. One single large property can be a lot of work. Smaller properties can be more manageable. On average a top agent can work about 15 average sized exclusive listings at any one time.
- Marketing strategies should always be focused on the property and the quality that it brings to the buyers today. Make sure that all of your marketing efforts are very specific and focused on the local target market first. This means that you will be personally involved in marketing the property. Most of your buyer enquiries will come from the local area.
- Vendor paid marketing is essential in listing a property exclusively today. Give the clients some solid reasons as to why this is the case and just how you will use the marketing funds to capture the right enquiry.
When you really focus your efforts in promoting the property, you will find more enquiry and opportunity. Put personal effort into the promotional activities of all your good exclusive listings.
Today you cannot advertise a property and hope that the telephone will ring. Get involved with the property listings on your books. Take those listings to the market in a personal way. That will get the seller of the property a better enquiry and potentially a better price.
You can get more free tips like this in our Newsletter for Agents.