When you get focused on the information in your property market or any specific territory within it, you will find plenty of leads and opportunities to work on. A simple observed or discovered fact in locally can help you find a future lease, sale, or property management activity to work on.
Every top agent has an enquiring mind and questioning process to support new business prospecting. Watch those agents and you will see how they focus their efforts in particular ways.
What can you research?
So this is really about research on property matters and trends; every broker or agent should be doing exactly that that as part of their business model. There are plenty of things to look into and probe. Try some of these ideas:
- What are the popular property types? – Certain property types will be in demand from a buying or leasing perspective. Those types of properties should be escalated to the top of your prospecting activities. Have due regard for quality, location, and size, as larger properties on average tend to create better commissions, and do so more easily.
- Where do businesses like to locate? – When you look at the complete city that surrounds you, certain precincts will be popular with businesses and tenants. Within that zone investors will also want to purchase and develop.
- What are vacancies levels doing? – If you analyse your property location you will see a vacancy factor that can be predicted and adjusted to. Higher vacancy factors within a property type will impact asking rents, incentives, and investor returns.
- Where are the investors focusing? – Certain property locations will offer a better future from capital gain and rental returns. That is usually where investors will prefer to find their next purchase. Are you prospecting in those areas now? When you control the listing stock, the investors will find you.
- What is happening with new property developments? – Change always happens in the local property market. The newer developments will shift the trends in market rentals and occupancy activities. Incentives and market rents are good examples of change factors evolving from newer property developments.
- What are the more successful methods of sale or lease? – Given that you should be focusing your activities on exclusive listings, closely monitor the successful methods of sale or lease so you can move your listings faster. Prepare the client for the best methods of marketing and the commitment that they must make to marketing funds.
These are simple ways you can focus your local property market information into opportunity. Look for the property trends and market yourself into them as an ‘agent of choice’.