In commercial real estate today, the property market can be a bit of a challenge. In many respects there will be clients needing help in one form or another. Unsold listings, vacant premises, and new developments all have special requirements of marketing.
Contrary to popular opinion, it is in property markets like this that we can do very well as commercial real estate agents. We can become the solution that the property market requires. We have the market knowledge and tools to do that.
The clients and prospects that we work with are looking for agents that have a comprehensive attachment to the local area and the active prospects. Most of our clients are looking for top agents that know how to deal with the issues, the property type, and the local market.
Our clients are not looking for experiments in property marketing. They are looking for the best local real estate agent to a great job. Generic real estate agents in this market tend to struggle. They don’t have the relevance that is required for clients to give them the listings.
Your 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. On a regular basis 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 in the near future. Matching people, properties, and tenants becomes a real craft.
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 so that you understand the particular streets and locations that contain the best properties. Comprehensively prospect through these areas on a regular basis. 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 certain attraction in this market. Know what people are looking for and why they will make that choice. This then says that you should concentrate on the best properties by type and by 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 difficult, 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 be for a minimum term of 4 to 6 months. If they have not sold or leased by then it is time to move on. Fresh stock is important in this property market.
- Every marketing effort should be well considered and prepared. The exclusive listings are the best way to do this. Vendor paid marketing funds should be sourced on every listing.
It is in difficult property markets that the best agents tend to thrive. They can build opportunity and provide solutions given their market penetration and awareness.