If you are looking to improve your commercial real estate brokerage business, there are a couple of things to consider from the very start. The first issue will be who your clients should be, and the other will be where they will be located. (NB – you can get tips for commercial real estate client services here in Snapshot – its free)
Understand where your clients should come from locally, thereby giving you some new listings and property prospecting choices. Then you know those answers, you have something to work with from a new business prospecting perspective; clarity is important. Commercial property sellers are a valuable market share to work with providing you focus on exclusivity as part of the process.
Control Your Listing Stock This Way
So, there is a rule here to respect and optimize. When you convert property listings exclusively, you control the inspections, negotiations, and outcomes to a reasonable degree. The client wants a good result with their property challenge, and exclusivity will help with that outcome, providing you commit your time and resources to the property during the listing term.
The first rule of client engagement is to convert listings exclusively. The next question that arises is just who your clients should be; local sellers of property would be a good target, so you should consider why they should list with you and how that message can be conveyed to the local property market. Confidence and comprehensive property services will help with that engagement.
Let’s put some seller momentum in your real estate business. Here are some ideas to help with that:
- ALTERNATIVES IN PROMOTION: Use marketing packages that give the client some choices and promotional control. It is a known fact that this alternative in property listing helps clients move to a decision more easily. Make it easy for a client to market their property using your services, and show the client exactly how your promotional processes are superior than those that are offered by your competitors.
- MARKET COVERAGE: Drill down into locations and property types. This method of focus allows a good degree of conversion from cold calling and contact systems. It is easier to find and convert people when you get to review streets and buildings comprehensively.
- REDUCE RISK: The owners and sellers of commercial property like to reduce risk as they move towards their targets in property ownership or investment. That risk can be in important things such as price outcomes, occupancy, time on market, and negotiation momentum. Pitch your property services around the ‘risk reduction’ processes that you know work for property owners
- INVESTMENT PERFORMANCE: Develop some services to improve an asset before sale. That can be through tenant selection, vacancy resolve, tenant mix changes, and net income improvement. Small changes in those factors can make it a lot easier to sell any investment property today.
- TIMING OF CHANGE: Knowing just when a seller of property will need to move to the activities of promotion and sale will give you a listing advantage. Look at all your clients and their properties from a ‘timing’ perspective. Help the clients see how timing will make their investment decisions and property change easier. Due regard to the location, property market enquiry, and the level of competing listings will help you with that.
These are simple steps in engaging with sellers of commercial property in any town or city. You can build your prospecting model around these ideas and strategies. Engage your business processes with sellers and then optimise the listing conversions.