When a commercial real estate market is slow or changing, it is time to ‘step up a gear’ and drive more new leads and business your way.
You can really thrive as an agent or broker in a changing market. The same can be said for a slow property market. Look for the changes and open up the opportunities around them.
Most agents become diverted or discouraged when the property market gets a bit tough. That’s where the top agents can move in and grab more clients and business.
It is really critical in our industry that you do not listen too much to the ‘excuses’ of your peers. Their results and actions have very little to do with your real estate efforts and activities.
Change Factors in Real Estate
So what factors of change offer real estate opportunity? Try some of these:
- When many vacant properties are available for lease, shift your prospecting focus towards tenants. An agent with many tenants to talk to will be converting more leasing business over time. Segment your database so you have a special category for tenants and what they are looking for. Track the lease expiries coming up and work the tenants about 12 months away from any lease expiry.
- A landlord with a larger property and broad tenancy mix will need help with the strategy behind the leasing process. Offer ‘tenant retention plans’ and ‘strategic leasing plans’ as part of your specialised service to landlords.
- Look for businesses that own the property in which they are located. From time to time, they will require expansion or relocation. In saying that, they will require a transition or phasing in of the change; that is where you can offer those businesses valuable services (leasing and/or sales). A tip here for you is to work closely with the larger businesses, as they are more likely to need professional property help in any transition or change of location.
- Redundant properties are opportunities for redevelopment, or rezoning and repositioning. Redundancy happens for all types of reasons, including road changes, economic pressures, tenant relocations, and zoning changes, to name a few. When a property is about to go through change of use or tenant movement, the ultimate result can be rental income and arrears pressures. You can be the solution provider to take things forward and through the problems for the landlord. Local property knowledge and a strategic approach for your clients will help a lot.
To help a commercial real estate client see the new ideas and trends on offer, use the visual approach, particularly via graphs and charts. You will be more successful in explaining your strategic approach in that way; preparation is the key. Having visual information about the local market to share with a client is always a good idea.