In commercial real estate you must market yourself effectively and directly as a top real estate agent. The agency must also do the same when it comes to attracting the right business and the listing opportunities.
For this reason you need to track the figures relative to the market and your local area. When your figures change, you know that you are getting somewhere, and your market takes on a whole new aspect.
It is no secret that the commercial property market is changing regularly and quickly today. In many respects, listings are taking longer to sell or lease unless the correct marketing strategy is coupled with the appropriate price or rental. Every marketing dollar spent should be carefully considered to attract the right level of enquiry. Here are some tips from our Newsletter for Agents.
We can sometimes get distracted in the industry with the things that take us away from the true facts and activity. In simple terms we need to know what is going on, and what the trends are saying.
You can track the right figures that will help you in this process. Here are some ideas to help.
- The number of listings available for sale will change throughout the year. There will be some seasonal pressures on listings when it comes to sales results. Track the listings and sales on a monthly basis so you know what is coming and going from the market.
- The number of listings available for lease will change based on the supply and demand for occupied space. The number of vacancies will also be influenced by the levels of business sentiment through the local community. Track the vacancies and the vacancy rates across your area on a monthly basis. Those vacancies will have some influence on the incentives to be provided to potential tenants.
- Time on market for sale or lease will vary by property type and location. When you understand a listing, you can relate to any factors of time delay that may occur in achieving a sale or a lease.
- Quality properties will usually move quickly in any market. Average and below average properties will usually stay on the market for a very long time. That then says that overpriced and average properties create limited enquiry and could be on the market for months if not years. Top agents tend to focus on quality properties as a priority. They also focus on exclusive listings. You can do the same.
- The number of enquiries coming in to your office each week will vary by salesperson and property type. That being said, you should still track the number of enquiries coming in to your office as that will give you some trending that will help you with marketing and listing.
- The marketing results you get from each listing campaign will be useful to understand. Some aspects of marketing will be more successful than others. There is a fine balance between marketing results and marketing costs. When you know what works, you can understand what the best value is when it comes to the marketing spend. The client can then be suitably briefed on the best marketing campaign to attract the best level of enquiry.
- On a personal basis you should be tracking the number of listings that you have on an open and an exclusive basis. You should also be tracking the levels of commission that you receive from your settlements over time.
When you understand what the figures are doing, the commercial real estate industry becomes a little bit more relative and brings you more opportunity. The figures can tell you where to focus your efforts of prospecting, listing, and negotiating.
You can get more tips like this in our Newsletter right here.