In commercial real estate brokerage every Agent should have a system of ‘sales follow-up’. Most decisions and leads take time to move to the next level or the decision phase. In some parts of the industry and in differing locations, the final decision of the client can be slow to occur.
The issue here is we really do not know the factors and pressures that each client has to move through as part of the property transaction. In commercial sales for example there may be obligations to discharge finance or a mortgage loan. In commercial leasing there may be issues with the rental structure to maintain property value against the loan structure. Many clients may not immediately share their requirements or logic in a deal or negotiation. Selective questioning and follow-up will help you get to the real factors and ideas that the client needs to satisfy.
Every agent should have a follow-up system to check on clients and prospects, as well as any progress in a negotiation. It is just a matter of asking questions at the right time in a respectful way. Clients expect to be approached as part of moving a listing or a property transaction forward. Your skill in the process can be improved by regular practice.
Here are some ideas to help you build a follow up system as part of your real estate business:
- Active deals (be it sales or leasing) should be at the top of your priority list. A negotiation can become ‘cold’ if left too long. Buyers and tenants will look at other properties to seek comparisons. Calls in follow up can occur the next day, in a few days, or next week. Understand the importance of the issue and the momentum strategy needed to move ahead.
- Have a list of comparisons and comparable properties as market evidence to help tenants and buyers make decisions. Invariably decisions are based on logic and market evidence will help with that.
- Your chances of helping a property owner make a decision on listing a property will be boosted greatly when you have a few stories from the market about other people that have moved through similar property challenges.
- Always track your conversations and the information shared with and from clients or prospects. Something said to you today can be a disputed fact in just a few days time. When a lot of money is involved in a sale, lease or property management situation, final decisions can be worth tens of thousands of dollars to the client or the prospect. Many a party to a property transaction has changed their perspective on an issue on the advice of others; all of a sudden you can be caught in the middle of a disagreement and not know why things have changed.
- Some clients look for ‘loop holes’ to get out of a negotiation. Don’t leave problems open to disagreement or misinterpretation. Close the ‘loop holes’ wherever possible.
So the message here is clear. When a property matter is under discussion or negotiation, keep on the track of the matter and help the parties to move ahead. Track the stages that you move through and use market evidence to support your actions or ideas.