There are just four conversations that are important in commercial real estate brokerage. Those conversations will lead you to just about everything that you need with new listings and transactions.
So, what is the idea here? Discussions and exchanges lead to information and that is the best way to build your real estate business.
Grow your real estate business on the back of information, and make it a daily focus to get that information around you.
Conversations Give Leverage
From conversations, you can ask questions, discuss alternatives, and give recommendations. It is that basic, and yet most agents and brokers don’t create enough conversations on a daily basis.
Talk to the people and make that the basis and foundation of your real estate career. Here are the important conversations that you can have every day:
- Property Developers – Ask about current projects and those coming up. Most property developers have projects coming up pending the supply and demand locally, and the ‘cost of money’. Some precincts in your location will be ‘primed’ for the next project. Some property types will be in more demand than others. Assess the precincts in your area so you know about what people are looking for and what they are thinking. Tap into that requirement and work it deeply.
- Investors – There are some differences that can be explored with investors. Those differences will be with property types, locations, rents, prices, and timing. The message here is that every investor will have their focus and their challenges; you can help with that. Get them to disclose what they are looking for and when that could be an issue for them. Its all about matching market intelligence to the investors that you know. When you do that, you can put together direct transactions, and some of those will be ‘off-market’.
- Business Owners – What do the businesses in your location need when it comes to operational issues? Are they under pressure when it comes to storage, supply, manufacturing, or relocation or expansion? Business owners must be forward-looking if they are to succeed commercially, and those that are tend to be the leaders in commerce or their industry segment. Talk to the local business owners and you will find things that you can work with.
- Property Owners – Logically and consistently you can identify the property owners by streets, buildings, and property types. It does take a degree of research, but that can be worked through. Set your priorities to work with property owners, and establish a property ownership checking system. That could involve property maps, title records, newspaper articles, social media, and doorknocking. A simple system like this will help you find the property owners that you can serve. That’s when you start the conversations and track the information that you identify.
So, these are the important conversations that you can have in commercial real estate brokerage. There is no point in working in commercial real estate unless you create conversations. Are you ready for the challenge?