In this commercial property market you have virtually no time to play with when it comes to establishing the right target market and building the enquiry. Momentum in promoting the property is really important. Here are some tips from our Newsletter for Commercial Real Estate Agents this week.
It is a fact that there are many listings on the market today that have been on the market for some time. They do not seem to be moving. Some agents struggle in this market. You need a good database and client contact group to get you through; if you have not got one in your business then the hard work needs to start sooner rather than later.
Quality properties will lease or rent in any market; for that reason your focus should be on the better properties in your local area. If you win the listing from making your presentation to the client, it is the time for the hard work to start. Presumably you have got an exclusive listing (in this market that is the only listing of any quality). Open listings are a waste of time in most cases; you cannot control the client or the property listing.
Here are some tips to starting the relationship with your new client after the new listing signup.
- Comprehensively review the property so you can develop an inspection strategy for the time that you take people to the property. Every property will be different. Inspect the property yourself and take your time to plan the inspection process to build on the features of the premises.
- If the property needs some renovation or clean-up, then get that work done before you take people to the property. This cost should be a client’s expense.
- If the property is of an investment type with tenants in situ, then review the leases so you can understand the factors of strength and weakness that should be worked through in the property inspection.
- Determine the target market for the property and get the information out to that segment as quickly and effectively as possible. Tell the client just how you will do that and give them regular updates on progress as part of the process.
- Draft all your advertising and give the client the opportunity to comment on content and layout. Hopefully you have got some vendor paid marketing as part of your listing appointment.
- Ensure that the client knows about the prevailing market conditions and the competing properties nearby. That information and knowledge will help your lease or sale negotiations when the time comes.
- Tell the client that other agents will call them direct to talk about the listing and give ‘advice’ about the property or the market. All calls of this type should be directed to you as the client’s agent.
When you get a new listing, work on it immediately and get the message out to all the right people in your database.
If you want some more tips for servicing commercial real estate clients, join our online community right here.