You can work in commercial real estate ‘generally’, or you can work in the unique parts of the industry that offer opportunities. Investment sales are the ‘opportunity zones’ for new business in your town or city; investigate that as a channel of real estate connection and service.
Where do you start with this? You, as the agent, are a ‘transaction facilitator’; you are working with property owners as investors or those that want to be investing in that part of the property sector.
If that is a part of the commercial property industry that is attractive to you, then think about these facts.
- What does your ideal investment client need in this property market right now?
- What is the client profile that is full of opportunity now?
- What is changing now in the local area and the property market?
- Who are your VIPs, and how can you help them?
Building Systems to Connect
To work in the ‘investment’ sectors of our property market, there are some strategies that will help you move ahead faster. Here are some ideas on that:
- Define your ideal client profile by type and location – When you do this, you will know how you can connect with people locally and how you can converse with them. Directed conversations about property investment are unique. You will be talking about the essential things of investment such as rents, returns on property, yields, income potential, and highest and best use. There is plenty you can learn about here, and plenty you can talk about. Review the history of your town or city when it comes to property ownership and investment. Look at the sectors of local business that have the most significant potential for property occupancy. You will be bringing business owners and property owners together to reach an ‘investment’ level of opportunity. That is the idea. The value that you bring to the clients that you serve is particularly in finding the next investment opportunity and shaping the elements of the deal to finality for your clients.
- Split up your territory – Do not spread yourself too far too quickly when you are looking to help people in property investment. If you work a larger area as an agent, then break it down into suburbs, precincts, and streets; at that point, you can then focus down into the better buildings and investment opportunities.
- Find the VIP prospects in your local area – The associated question to all of this is, ‘Who are your clients?’ Just who are your VIPs, and how will you help them? They are the ‘special people’ that will be repeat clients and contacts over time. They will want more property and or the ability to upgrade property portfolios over time. Every VIP client will have unique pressures and investment challenges; they will also have particular focus points in property preferences and the level of purchase that they can afford. Questions and conversations lead to this information and awareness. How many connections do you create every day in that way? Can you improve on that?
- Use the buildings locally as a base of activity – The owners of local buildings will be the first ‘channel’ of ownership investigation. That does take time to break into as the ownership records relating to local property can take a reasonable degree of research and questioning. Diligence and organization will take you forward with that.
- Package your services to match the client base – Investment property performance can be several things in your location. It might be a ‘sellers property market’, or a ‘buyers property market’. That balance will always shift so look for the indicators and talk to the local people in an ongoing and constant way. Some property investors will be able to purchase in a shifting market, and others not so. Conversations will lead you to that critical information.
So, if this is the market segment for you, think about just how many people you talk to locally every day and how you do that now.
The best way to build your real estate business and the ‘fast’ way to do that is to spend the first half of the day engaging with new people on the telephone, in meetings, and by dropping in your business card.
Business owners and investors are the ‘channels’ to connect into. Conversations can be the way to move your real estate business forward faster.