The commercial property market is forever changing. For that reason it pays to apply a healthy degree of questioning as you connect with all the prospects and the clients that you serve. It’s a ‘people based’ business in so many different ways.
People and trends can tell you lots of things, so observe and listen. Positioning around those newly identified trends will open up the positive aspects of property market activity.
A Key Fact in Commercial Property
Remember one important fact as you strive to generate new property business. Nothing remains the same. In a period of 12 months there will be seasonal and business changes to the property cycles. The impacts will be seen in leasing enquiry, prices, rents, and business movement.
Here are some questions for you to explore with clients, business leaders, prospects, and those people that make inbound property enquiries:
- Why are vacancies happening? – You will see specific vacancy trends relating to certain properties and or precincts. When you dig a bit further you will see landlords that have issues or volatility, and tenants that are struggling for all manner of reasons. Those people can then be your targets for new business.
- Why has the local property enquiry changed? – If the telephone is not ringing with local enquiry, there has to be a reason. Perhaps finance sourcing has changed, or the local property prices or rents have become too aggressive. Depending on the property trend, you can shift your business focus from tenants to landlords, and buyers to sellers. Everything is variable. Understand how you can specialize in the correct new business segment for the area and then prospect directly into that segment.
- What are local businesses are looking for? – Certain property types will be more attractive than others when it comes to businesses purchasing or leasing premises. Older buildings move towards redundancy and newer developments bring with them the technologies in air conditioning, access, security, and occupancy.
- What segments of the market do property investors prefer? – When you look specifically into a city or town containing plenty of commercial and retail property sites and assets, you will see zones and precincts that seem to be more desirable to investors than others. Those segments should be at the top of your prospecting list.
- Understand what marketing systems work the best today – Let’s say you have a group of properties for lease and some other properties for sale. When you assess those listings you will see variables of marketing and listing types. You will also see the processes of marketing that are far more successful in enquiry conversion than others. Track your marketing efforts so you can pull in the enquiry efficiently and in reasonable volume.
Review your property market with a questioning mind. Look for the answers in your listing activity. Soon your conversions can be improved through deliberate choices.