In commercial real estate brokerage the agent with the greatest appeal wins the quality listings most of the time. It’s a simple equation that is hard for some agents to fathom; those that do become the top agents in the market.
What makes an agent appealing? Try some of these:
- Comprehensive market coverage to attract more enquiries
- In-depth knowledge about the property type and how to market it
- Excellent marketing skills to attract more enquiries and inspections
- Advanced sales negotiation skills
So the client will make their choice of agent largely on the basis of the above issues. Sure, there will be some other side issues such as relationships; however the client will choose an agent with a higher level of skill in all of these four things. It directly follows that if you want to improve your ‘attraction factor’ with the clients and prospects that you serve, some personal improvement is required in an ongoing way.
Given that the property market is always changing during the year, the types of prospects will change based on what the market is doing and how it is working for investors and business leaders. Right now a property market that I have a lot to do with is ‘looking up the barrel’ at a reasonable over supply of lettable commercial office space in the CBD. Current construction is underway and leasing agents are positioning to attract tenants to the newer properties. It is expected that vacancy rates in the CBD will stay in double digits (over 10%) for some time (a few years). Older properties are going to become ‘unattractive’ and redundant for office use.
So where is the market for agents going to be? Try some of these ideas:
- Leasing agents should focus on building a deep and extensive database of tenants in their territory
- That database should be up to date in all respects and the prospects within it should be tracked and connected with regularly.
- Tenant advocacy work is coming back to the fore. Start working with the high end corporate tenants looking to move in the next 2 years. Many of them will be looking to take up the advantage of ‘incentives’.
- Understand the real strategies behind rents, leases and incentives. Build a great lease for your client (landlords or tenants) that serves them well in the future.
- Landlords will need top agents that really dominate the leasing market.
I guess I could go on and talk at length about all of these things; however I expect you get the point. Understand the market today and position your skills and knowledge for the future. Be the ‘market specialist’ that the clients require solving property problems.