In commercial real estate brokerage the best way for agents to find new business is to focus in on the present market activity and to see what is happening within that ‘churn’. In that way you can find the right opportunities, and you can work with the right people.
Don’t wait for the people in the property market to find you; that simply won’t happen very often given the typical levels of brokerage competition in most towns or cities. You have to be different, and you have to stand out as the best agent for the job. Trust and relevance will help you position yourself in the right way.
Spread the word
The best agents in today’s property market are excellent ‘self-promoters’. They know that they have the right property skills and knowledge, so they build their marketing efforts around that strategy. If they are lacking in some skill base then they resolve that ‘lack’ through deliberate practice and market study.
We all start off with the same personal attributes in commercial real estate brokerage; the best agents do something with what they have so that they are soon the ‘best solution’ for the property challenges locally. Can you claim that ‘brand’ now?
What can you find?
There are always factors of change occurring across office, industrial and retail property types. There are plenty of people looking for assistance. Focus on the present by asking questions and researching the market trends. Here are some good questions:
- Where are people buying? – Some precincts and zones in your town or city will be more popular than others. Find out why that is the case.
- Where are people selling? – There can be some changes locally that give momentum to sales and listing activity. Review the local property zoning and development issues. You might find something to work with.
- Where are businesses moving to? – A new development locally or a new property precinct will likely draw in the successful businesses as they look for new premises or places that they can expand into.
- Why are businesses moving? – In any property market there will be local businesses looking to move. Look for the signs of relocation.
- What are rents and prices doing locally? – Track the changes that will impact sale and lease outcomes.
- What are the factors of supply and demand that will impact market trends? – New property developments will impact incentives and occupancy. Look at supply and demand factors regularly
- What marketing strategies work more effectively today than others? – Some promotional methods are better than others.
- What are the listings on the market today and how long have they been on the market?
So you have lots of direct questions to work through here. These questions can help you understand where the next property opportunities can be found. That is a good thing for agency and brokerage opportunity.