In commercial real estate today, it is important to get commitment to the next stage of the transaction from the prospect or client. Every property transaction is a series of stages through which the client moves. Here are some tips on this subject from our Newsletter for Agents.
Top agents move the client through each particular commitment stage. Very soon the entire sales or leasing transaction has been successfully created and closed. Here are some rules to help you with attracting and gaining the clients commitment.
- Have a series of stories available that are relevant to the property type and the local area. Most clients will listen to stories and evidence of other properties and other clients. The stories give some comfort to clients that are moving through difficult property transactions and pressures.
- Every stage of your presentation or pitch should be simplified so that the client can understand your recommendations and the choices. In many respects it pays to give them two or three choices at critical stages which are normally somewhat uncomfortable. The marketing process is a prime example; give them two or three marketing budgets and alternatives that they can choose from in reaching their target audience.
- When the client has agreed to some strategy or decision relating to the property lease or sale, tell them the next stage that you will be implementing and get agreement on the next meeting date. They should know the next stage of the transaction that you will be moving towards and how you will be taken them there.
- In any difficult decision relating to property promotion and marketing, you can do a needs analysis that takes into account the strengths and weaknesses of the particular property. This process helps the client see that you have considered all the relevant facts that exist today, and that you have relevant strategies to help the client move through any barriers or problems. Be the property solution provider to remove the pain from the transaction.
- Provide evidence from the local area that could be useful in establishing comparisons or in creating decisions. The history of sales, leases, prices, and rents over the last two years will always be useful when it comes to inspecting, and negotiating. Every piece of comparable information needs to be relevant to the property type and the location. Use digital photographs as part of the explanation process. A client will usually accept information that they can see rather than something they can read. You can also use graphing processes to assist in illustrating a critical point.
Some clients find it difficult to move through key decisions and accept the facts from the local property market today. The only way you can help them with this is to show the true evidence as it exists, whilst establishing yourself as the agent of choice when it comes to skill and knowledge. Your marketing systems have to be the best available to help the client through the property decision process.