Commercial Real Estate Sales – Secrets to Listing Success
Every agent is looking to win and convert more new listings. The essence of the process is to win better quality listings on an exclusive basis; the general or ‘open’ type listings in any town or city are commonly a waste of time, and they usually only convert through a good degree of ‘luck’. It is time to take control of your property market. Control your listings; that’s the rule, not the exception. (NB – you can get plenty of listing tips and ideas in Snapshot right here)
What are the important facts to work to with, particularly in listing more good quality commercial properties? By referring to ‘quality’ here, I mean those properties in prime locations, larger buildings, and the properties that are ready and ‘packaged’ for sale or lease. The facts of the matter are quite simple; the better properties in your location will create more inquiry, inspections, offers, and negotiations.
Time is precious
You can waste a large amount of time on both properties that are poorly primed for promotion, and clients that fail to accept market conditions. Don’t fall into the trap of taking on any listing or client based on ‘overpriced’ terms, and doing so simply for the sake of having something on your books. Unrealistic clients and poorly priced properties are ‘time wasters’. A good awareness of current market conditions will help you with the better property and client choices.
Listing targets
In any listing presentation, set the right priorities and the overall targets for the conversion. Do that well before you meet with the client and conduct the presentation. Here are some ideas to help you set the right listing priorities in today’s market conditions:
- Choose the best method of sale or lease for the property in today’s market conditions. Determine what works when it comes to creating inquiry and conducting inspections. Make it easy for the client to see why your recommendations with the chosen method of sale or lease are so important to the results that they seek. You can use a variety of presentation tools with the client.
- Review the competing listings in the area before you start to consider your listing presentation and client meeting. Some of those competing properties and listings will potentially be impacting your future campaign strategy and property release. You may need strategies and promotional campaigns structured to offset the pressure of the competing properties.
- The timing of the listing release to the market, and the length of the campaign should be carefully considered allowing for current market conditions. Set a timeline to the promotional process so you can show the client how you will be attracting the inquiry, and then controlling the complexity of the transaction, the marketing, and the negotiations.
- Understand the feature points of the property so you can set the target market, allowing for the predictable rates of inquiry currently existing. The strengths of the property should be woven into the marketing campaign and advertising copy. Establish some draft advertising layouts to show the client as part of the property presentation and listing process.
From these four simple points, can see that deliberate personal preparation is the key to converting a good quality listing to a successful campaign and sales or leasing outcome. Put yourself into the listing strategy and the client connection. Help the client see that you are the significant point of difference to take their property and property challenge forward in the most successful way.
