When you work in commercial real estate brokerage, it is essential that you analyse the local property market consistently and continually. In doing that you can identify changes and pick the trends of change that can lead to more listings and better commissions.
It is a fact that the property market will change frequently across the year when it comes to sales and leasing opportunities. Seasonal holidays will also have an impact on business enquiry and business activity. The change in financial years can create trends when it comes to business relocation, expansion, or contraction. Given that most commercial properties are geared to the performance and occupancy needs of the business community, it directly follows that you should connect with evermore business owners and proprietors at every opportunity. Get to know exactly what local business owners are thinking and doing.
Analyse Your Property Market This Way
Here are some ideas to help you analyse the property market today and where it can be heading for you over time:
- Property advertisements – Watch and collate all the property advertisements in newspapers relating to your industry segment and location. Whilst newspapers today have limited impact when it comes to property marketing, they are still used in a variety of ways to build inquiry. Track the number of advertisements each week within the property type and the location. Monitor the number of advertisements coming from different agents and different brokerages. Soon you will see the strengths and weaknesses in property marketing when it comes to your competitors.
- Website listings – Internet based online marketing will be feature in any marketing campaign for a quality listing. In tracking the property advertisements online, assess the time on market and the best methods of promotion where possible. The methods of sale and lease today can also be quite specific when it comes to certain property types. Understand the things that really work when it comes to attracting listing inquiry online.
- Your hits online with advertisements and listings – The number of website hits applying to your newsletters, listing adverts, and website portals should be tracked. Soon you will see the priorities and trigger points that activate people to follow through on a property listing. You will also see how advertising copy, headlines, and professional photographs will help you with improving the readership of online advertisements. Get away from generic advertising copy so that your marketing efforts can be optimized. Every exclusive listing should have 3 different advertisements and formats to be used in the different portals.
- Database growth – Each week assess the number of new leads and opportunities that you have loaded into the database. As a general rule you should set a target for new connections to be achieved each week from direct calls, website hits, and property inspections. It is realistic to set a target of 5 to 10 new people per day to be entered into your database.
- Signboards – Many of your competitors will be placing signboards on listed properties locally. Each weekend travel through your territory to track the number of signboards and the listings still on the market; also look at new signboards on recently listed properties. The neighboring properties around and adjacent to other agents listings should be consistently approached for potential sale or leasing activity. Use the other agent’s signs as a reason to talk to other many property owners and businesses in the same street.
- Inbound inquiry – Every day you will get fresh inquiries when it comes to sales, leasing, and land. Split the inquiries into the different categories and the different locations. Understand what people are looking for when it comes to the best business locations, investment requirements, and development needs. You can track the levels of inquiry in each category using a simple chart or graph. The graph can then be used in any property presentation or pitched to a client.
Simple activities and tracking processes will help you understand what is happening with the property market and the levels of inquiry.