In commercial real estate brokerage there is no point waiting for the new business to come to you. Sure, you will strike it lucky occasionally with random people that call your office or drop in to see a broker or agent; but just about all of the best listings and clients are only found by delving into the property market personally. That is by asking questions, contacting a lot of people, and getting into a fair bit of market research.
Are you up to the challenge? Don’t wait for the new business to come to you; go out and find it. Set your territory of focus and then move into it with door knocking, cold calling, meetings, and direct mail. Ask the questions of the property people that will one day need some help.
Stimulate the demand for commercial real estate activity by getting involved with the right people and talking about trends and opportunities. Here are some ideas to help you do just that:
- Tenants in Quality buildings – Determine where the quality buildings are locally, and then check out the tenant mix and occupants in each. Some of those tenants will be of high profile in the business community and successful as a business. Find out the status of their property situation today, and what they will need in the next change or relocation. From that point onward build a business relationship through relevant ongoing contact.
- Property redundancy – The older or redundant buildings in your town or city are likely to be prime targets for tenant movement. Tenants and businesses today require high quality improvements, communication systems, technology advantages, and smart building services. Many tenants in those older buildings are likely to be looking for a property change at lease end. Track the upcoming lease expires so you can help tenants move to the better buildings in your city.
- Sale and Leaseback – From time to time it is appropriate for ‘owner occupier’ local businesses to off-load the pressures of property ownership and release some capital funds to inject back into direct business activities. That is where a sale and leaseback is a viable and good alternative. Stay in contact with all the local companies that may own the property in which they are located.
- Renovation Pressures – An investment property will require a renovation and or change from time to time. That will involve tenant movement, construction works, development approvals, and financial assessments of costs versus earnings. Stay in contact with the property owners feeling the pressures of property upgrade. You can be the solution in moving their asset through the upgrade cycle.
So the message here is that you can stimulate commercial real estate demand by talking to the right property people in your local area. Get to know the challenges that they face and help them move to the next level of change.