Growing your commercial real estate practice can be quite a challenge if you lack the systems and the knowledge about the local area. That being said, the industry still offers significant rewards and opportunity for those agents that establish their market share and their brand.
Here are some tips to help you grow your market share and hence the opportunities for more listings and commissions.
- If you are starting from a basic individual level, you may not have the extra cash available to employing some other people around you to help with all the activities that need to be undertaken. If this is the case, you will need to devote special care and attention to your personalized marketing systems that should be implemented each day. When you build your brand, you build your list of opportunities and potential prospects. Market share will get you started in the local property industry providing the clients and prospects that you work with trust you. There is no place for negligence or unprofessional conduct in commercial property today.
- Relevance is a big thing when it comes to commercial real estate agency. The clients and prospects that we work with need to trust us in a number of different ways. Most particularly you will need to show them your skills and relevance as a top agent to solve a variety of property problems. Many listings will be quite complex and need special attention or strategy to get them across the line as a finalized transaction. If you are in any doubt as to how a listing or client’s situation should be handled, seek the assistance of others; in this way you can learn the methods of approach that you can use at a later time. Invariably in our industry, big properties present you with complex marketing and negotiation challenges.
- In this industry today, there will always be new situations and circumstances to handle. Attention to detail is a big part of what we do, as well as controlling the legality of the situation. When in doubt, go no further. Seek help and information from others who understand. A mistake in commercial or retail property today can result in significant legal claims and disputes, not to mention the frustration that is caused in dealing with it.
- The supply and demand for property locally will change from time to time. For this reason you should be tracking the new property developments that are in the pipeline for consideration or construction. When those properties come into the market, they will shift the availability of lettable space, change the market rentals, and threaten the occupancy of other properties nearby.
- The older property transactions through your region will give you opportunities for reconnection. Look at all the property transactions approximately three years ago and beyond. It is quite likely that those properties will come back into the market inside the next two or three years. They therefore become the targets for ongoing contact and establishment of the client relationship.
It doesn’t matter what the commercial property market is doing today, there will always be an opportunity for you to grow your real estate practice. It should be said that commercial real estate is quite special and therefore you will always require the right knowledge and experience to take you forward. That being said the opportunity is available now and in any market for more top agents to rise to the top of their specialty and market share.
Get to know the people, the property owners, the business leaders, and the industry professionals throughout your region. These people will need help from time to time. You must be the best solution available.