In commercial real estate agency today, every business day will be different and contain both challenges and opportunities. Through all of this you as a salesperson will come across a few disasters that require control and rectification.
The difference between a top real estate agent and an ordinary agent in handling property problems will usually center on their ability to identify the problem with the property or the client, and then taking steps to develop a solution.
Experience can help you resolve a problem more effectively and directly. Until such time as you have that experience, others in the office may have some ideas to help you.
Here are some disasters that we commonly come across.
- The client has taken their property off the market.
- Another agent has got involved in the listing and sold or leased the property.
- The client has failed to pay their required advertising and marketing funds.
- The client is not negotiating in a sensible way despite your previous efforts and conditioning.
- A client and the prospective buyer or tenant will not listen to reason therefore destroying the momentum of the deal.
- Documentation remains outstanding and unsigned.
- The client doesn’t want to talk to you anymore and appears to no longer trust you.
- The client is not returning your calls.
- The buyer or tenant has disappeared.
- The buyer or tenant has failed to pay required monies under the contract or lease.
- The client has decided to pay you less than the full commission.
Many of these problems are far too common. They can reflect the fact that the salesperson has lost control of the transaction. Communication is everything in our industry, and your client should trust you fully when it comes to the property transaction and the momentum of the deal.
In the real world things will go wrong. Disasters will happen and commercial real estate sales and leasing is not exempt. Problems like these above and others can be minimised providing you stay on top of the relationships, the information, and the communications.
It should be said that every communication in a transaction for sale or for lease should be supported by correct documentation and file notes. They are the only things that can support you when disagreement or debate evolves between the parties. Have due regard for property legislation and local property laws. Stay within the law at all times.
Remember who your client is in the property transaction. Service their requirements to a high level and follow instructions at all times. Expect that problems will evolve in any business and commercial real estate transaction. Be prepared to ask questions, and get others involved into resolving the situation if it is of some assistance to you. Some of your business colleagues will have the experience required to move through the problem directly and quickly.
Negotiation in commercial real estate is really a series of problems that have been resolved. Top agents do that all the time. You can get more ideas on this through our newsletter.