Fast Track Your Commercial Real Estate Agency Practice
In commercial real estate today, many leads and opportunities can be propagated from a simple client interaction. One thing can lead to another, and that is how you can build your real estate market share.
Every sales and leasing executive in your real estate office should be open to the broader services and solutions that your office can offer to your clients.
The client or prospect may not want to sell their property today, but they may want a combination of other services to help them through the challenges of the current property market.
Upsell and Cross-sell Agent services
Top agents can cross-sell their agency services to clients and prospects. Perhaps that is why the best agents are usually those who can talk about property from many different angles. Versatility is essential in helping our commercial real estate clients today.
So, what services can you offer beyond a simple sale? Here are a few of the big ones.
1: A Sales focus
Property sales will always be number one on the list due to the commissions you get from a sale. The only problem is that selling commercial and retail property is seasonal, and economic pressures impact you. Property selling has much to do with your area, property types, and market demographics.
2: Leasing – a Bonus Activity
Leasing is an excellent addition to the sales solutions that you may offer. A leasing solution today will usually be a sale requirement at some stage. It should also be said that a lease will help stabilise the property for a future sale.
3: Property Management – Landlord Focus
Property management is a specialist service essential to a great real estate agency; however, you need good property managers on staff if you will provide a top service. Many property managers evolve into property management positions without the specialist skills or knowledge relative to the property type and service.
Some, if not many, agency principals leave the property management division to its own ‘devices’ simply because the principal has little knowledge of what is going on in the division and why. That slow-burning problem can become a financial disaster for the brokerage. Commercial and retail property management requires knowledgeable people with the strategies to solve issues and investment targets.
4: Tenant Mix Services
Lease negotiations, rental assessments, tenant retention plans, and vacancy management can all be specialised services for property owners with limited market experience. They just need a strategy or solution to sell and a fee base for the work.
Tenant advocacy and buyer’s agent appointments are valuable property services in the right market and with clients. If these market segments are for you, always work with larger corporate clients.
Deeper Real Estate Relationships
When you examine your current client relationships more deeply, you will see more business and services to be provided. It all comes down to your vision and awareness of what can be done.
