Formula for Agent Success in this Commercial Real Estate Market
The property market can be a bit of a challenge in commercial real estate today. In many respects, clients will always need help. That is where we are the solution providers. Unsold listings, vacant premises, and new developments all have special marketing requirements.
Contrary to popular opinion, we can do very well as commercial real estate agents in property markets like this. We can become the solution that the property market requires, and we have the market knowledge and tools to do that.
The real estate clients and prospects we work with are looking for agents with a comprehensive attachment to the local area and active prospects. Most of our clients are looking for top agents who know how to deal with issues, property types, and the local market.
Property Marketing Target
Our clients are not looking for experiments in property marketing. They are looking for the best local real estate agent to do a great job. Generic real estate agents in this market tend to struggle. They lack the relevance required for clients to give them the listings.
Your real estate client database today is more valuable than anything else that you do. Your database should contain up-to-date information about properties, prospects, and existing clients. Regularly that information should be checked and cross referenced against all the listings that you have on your books now or coming in to your office soon. Matching people, properties, and tenants becomes a real craft.
Current Market Conditions
Here are some ideas to help you work with the prevailing market conditions in your local area. Ultimately you are looking for quality listings and quality clients. When you have both, you can create transactions. This list will help you work with the available property types and clients.
- Research the local area to understand the streets and locations that contain the best properties. Comprehensively prospect through these areas regularly. Talk to the local tenants and business owners as part of that process. Identify the property owners for a direct approach and discussion about the local area.
- Property types and improvements will have a specific attraction in this market. Know what people are looking for and why they will make that choice. This then says you should concentrate your efforts on the best properties by type and location. Substandard listings can be a waste of your time.
- Exclusive listings should be a priority choice. Openly listed properties are also another waste of time. When the property market becomes slower or more complex, every listing requires more effort and focus. That is why you must have exclusive listings on your books. Most agents can work with up to 15 to 20 exclusive listings. After that point, the situation becomes too difficult to service. Most of your exclusive listings should last at least 4 to 6 months. It is time to move on if they have not sold or leased by then. Fresh stock is essential in this property market.
- Every marketing effort should be well considered and prepared. Exclusive listings are the best way to do this. Vendor-paid marketing funds should be sourced from every listing.
The best agents tend to thrive in difficult property markets. Given their market penetration and awareness, they can create opportunities and provide solutions.
