In any given calendar year, the commercial property market will change in a number of ways. Enquiry rates shift around, and local prices and rents fluctuate. It is very easy for an ‘ordinary’ agent or broker to think that the property market is full of ‘negative’ indicators.
The market facts
The property market is not always in ‘negative territory’. Nothing could be further from the truth; the brokers and agents that struggle today are simply those that are not seeing the property market for what it is, and then tapping into the changes. When prices, enquiry, and rents move up or down, there will always be people that you can help with property change and challenges.
See the property market for what it is and understand how you can fit into it. Don’t wait for the property market to come to you (it won’t), so get out there and position yourself in the local property market as the agent to resolve challenges. Build your brand accordingly. Talk to people.
What’s happening in your area?
Let’s face the facts:
- Prices lift and fall for local reasons and regional reasons
- Rents change given supply and demand in a precinct
- New property developments are always happening
- Renovation programs are on the agenda for many property owners
- Rezoning activities are happening in your local town or city
- Businesses change property focus based on occupancy costs, the economy and business activity
- Investors are always looking for new levels of investment and properties to add to their portfolios
- Property investors and owners like to minimise risk
These are the factors of change in the property market that we cannot resolve, but we can work with. These factors of change will help us to grab the opportunities with landlords, business owners, and tenants. Who do you know in your local area? Is your database big enough? You can’t base your real estate business on ‘luck’; remember that fact.
Get commercial real estate productive
You can and should replace any elements of negativity with productivity. A negative property market issue can be a positive if you work with it and delve into it. Adjust into a property market, understanding just who you should work with and why they will need your help. Market yourself accordingly. Here are some good ways to do that:
- More signboards locally – Get your name onto more local signboards ‘exclusively’. Forget about ‘open listings’, they don’t matter much at all if you are wanting to build market share.
- Boost enquiry – Revisit all your marketing activities to boost enquiry. Ramp up your marketing.
- Door knock the local area – Talk to the ‘locals’ as they will see property market issues before you do.
- Cold call every business in town – The telephone is a great tool for generating new business.
- Talk to plenty of property owners and investors – These people need your help. Are you the best solution and will they remember you when the time comes for help?
So there are some good things that you can do here with productivity in commercial real estate brokerage. Replace any negative trends and events in the local area, with your productive focus. Get out of the office and make things happen.