As you have chosen a career in commercial real estate, it is best that you continually expand your knowledge relative to your local area and chosen property type. It is the knowledge that will help you win the business and the clients in both sales and leasing. Here are some tips from our Newsletter.
When it comes to the competitive processes of winning listings and converting clients, it is the local property knowledge that you display in your sales pitch or presentation that will help you identify yourself as a top agent. Clients like to know that they are choosing the right agent that really understands how to deal with their current property pain and problems.
Selling and leasing of commercial property today is not an experiment. It can be a really difficult process depending on the property type and your location. When you are invited to a property listing sales pitch or presentation, it is the time to show your relevance as the top agent that you claim to be.
The knowledge that you need to gain will be never ending and continuous. Here are some ideas to help you with that:
- Understand where the property enquiry is coming from today and why that is the case. That single fact will help you direct your marketing efforts and marketing campaigns in ways that help you move the property more effectively and quickly. Many clients and property owners have little understanding as to the limited volume of property enquiry today and the types of enquiry coming in. Track these factors so that you can brief your clients accordingly at the time of listing.
- On a weekly basis, survey all of the listings in your local area listed with competing agents. Get details of the listings as to improvements, prices and rentals, time on market, tenancy mix, and locational points of difference. Your listings will need to compete with these other properties.
- The history of sales and rentals in your area should be researched for the last two or three years. That will give you some trends as to improvements and price or rent changes. Those facts can be displayed in a graphing process and used as part of your listing presentation. Many property owners and clients have an incorrect view of the real prevailing market conditions.
- The actual prices paid for a property today should always be researched. The same should apply to rentals. It takes time to identify the actual final figures and invariably they are not the same figures that were originally advertised or asked for those properties. The actual prices and actual rents are a true reflection of market conditions today. You need to know what those figures are.
- The marketing of a property today is quite a specific process. It involves a dedicated focus and personal efforts on the part of the salesperson. For this reason, your best listings should be exclusive listings to allow you to work with the required focus and attention to detail.
- Openly listed properties are generally a waste of time unless you have a prospect on your books that you can introduce to the property. Decline open listings unless you have a shortage of listing stock.
- The best way to market a property today will be variable and based on the property improvements, location, and property type. Be open to the prevailing market conditions and the best methods of sale that suit the market as it is today.
All of these factors are quite logical and very useful when it comes to your listing sales pitch or presentation. It is information like this that will help you show the client that you are the agent of choice when it comes to solving their property discomfort.
You can get more free tips for commercial real estate agents in our Newsletter.