There are some advantages to be gained in practising things in commercial real estate brokerage, and one such thing is your ‘dialogue’, particularly so, when it comes to certain listing or business situations.
You can develop some scripts and words to use in your client and customer interaction. Everything can be targeted. You can practice those words and scripts to ‘hone’ your focus and your message with the essential players to a property transaction.
Scripts and Dialogue Advantages
So, scripts can be your ‘fast track’ to better conversions across listing, inspections, marketing, and negotiation situations. Your dialogue can be more convincing and connecting with some practice. Look at the property situations where that could apply. Here are some ideas:
- The listing process and choosing the best method of sale or lease – The client with their property, may not fully understand the advantages to be gained by one method of sale or lease.
- Asking for marketing funds – In many cases, most clients are driven by cost over common sense when it comes to marketing; perhaps they don’t want to spend the time or their money taking their property to the market. They could also be influenced by the comments of ‘friends’ or others in the marketing of their property. When it comes to recommending a method of sale or lease and the marketing funds required, you should have a ‘story to tell’ and ‘evidence’ to use. Prepare for that.
- Getting a price reduction – That is shifting a high listing price or rent back to a lower range. The level of price or rent is driven by ‘market trends’, and not the property owners benchmark or ‘requirement’. There are plenty of overpriced properties on the market at any time. A closed lease or sales contract transaction only happens when the client or property owner meets the enquiry and the evidence of the market. You will need plenty of that ‘evidence’ to support your ‘conditioning process’ for any lease or contract situation.
- Asking for marketing funds for a property promotion – The more ‘comprehensive’ your marketing efforts can be with a property listing, the greater the level of enquiry will be. There are different ways to promote a property listing, so ensure that you know to reach out to the target market of buyers or tenants. Engage your listings with the property market through direct and indirect marketing of any sale or lease.
- Seeking an exclusive listing when the owner is only offering an open listing – This is such an important issue and yet all so common. Some properties need extensive effort to reach out to the targeted audience. That is where ‘exclusivity’ is a big issue and very important. Can you ask for exclusivity in some more effective ways? Ensure that you have some clear messages for the client as to why they should choose ‘exclusivity’ in using your services.
- Moving through offer and acceptance and talking about market evidence – When it comes to closing on a transaction, your available market evidence will help or hinder the process. Every recent sale or lease is an ‘evidence process’ that can be used again in other circumstances. Document your known and identified market transactions so you can use them at the right time with the client.
These are the topics of importance in developing your commercial real estate ‘scripts and dialogues’. Every idea or challenge that you strike in one property transaction will be something to refine and practice for the future. Learn from your experiences and practice your dialogues for future real estate situations.