How to Close Deals in Competitive Markets

In commercial real estate today, plenty of competing agents in your location will try to shift the focus or outcomes of a property transaction with your client.
Your ‘deal’ can be interfered with.

Do you know the problem? It is quite common, especially in a public marketing campaign for a quality property.

The Problem?

So, what is the problem here? At a time when the client is most ‘tuned’ to getting a result, they will be open to comments and approaches from others.

That is something that you should be wise about, and you should have briefed the client on the potential actions of others or the misinformation that may come to them from other agents.

The Remedy?

So, what is the remedy? Suppose you are the controlling agent of a listing and the person with the exclusive appointment.

In that case, other agents will want to put doubt into your client’s mind as the client gets into marketing the property or gets closer to a real estate transaction.

Those other agents are positioning themselves for when they think they can get the listing. Overpriced or incorrectly marketed properties are a case in point.

The Agent Solution

The only way to combat this problem is to keep up the comprehensive levels of communication with the client and ensure that they hear everything from you before it reaches them from another source. Here are some rules for that:

1. INSPECTION RESULTS: All inspections should be documented in a summary report for the property owner or client so you can share the feedback. A written report at the end of the week is a good thing.
2. MARKET UPDATES: When you hear about another property of similar type to your property coming to the market, get the facts and share them with the client so they know just how competitive their property needs to be.
3. EMAILS: Verbal updates on the telephone or in a short email are wise when you have just finished an inspection. Even in the case of a property with lots of inspections, capturing comments for the client is essential. In a busy promotional campaign for a property in a quality location, set up a part of your database to track all interested parties and the inspection results.
4. NOTE TAKING: After every telephone conversation with the client, put your comments in a summary email so there can be no dispute about what was said and how it was received. That is also important when decisions and agreements are reached during the property campaign.
5. Third Party Comments: If the inspecting party has an opinion regarding the property, share that information with the client so the client’s thinking can be supported or informed through the campaign. Third-party comments are valuable in any property marketing campaign. It is not so much what you say that matters as what the inspecting parties say about the property.
6. ENQUIRY Tracing: It is also wise to tabulate all inbound enquiries about the property as they come in. That will help the client understand how your real estate marketing efforts work. That will also help you know where to spend the next marketing budget and for what reason.
   Simple steps help you stay close to the client in a property transaction and ultimately be better positioned to close on a deal.

This simple list will help you keep control of your exclusive listings as you proceed through a marketing campaign in a competitive market. Build your client’s communication around these ideas.