Creating and perfecting your listing systems will strengthen Your real estate business.
In itself, a listing system will help you with your pipeline of activity and results tracking. You can then focus your marketing and inspection processes on more robust and faster results.
Where do you go from here?
Some properties and listings are far more complex than others, so the preparation work for taking the property listing to market is extensive in some cases. More reason to have your comprehensive listing processes under control!
In saying this, also recognise differences in how you should handle ‘open’ listings versus ‘exclusive’ listings. Focus on exclusive listings and put most of your time into them.
Most of your professional focus should be on the exclusive listings you have now and those you create in the future.
Key Listing Strategies Workbook can be downloaded here….
Create more listings!
The conversion of listings to inspections, offers, and negotiations will always be more straightforward with the control advantage of ‘exclusivity’.
With ‘exclusivity’ you control the listing and can do more with it. Ensure all your property presentations and listing processes align with ‘exclusivity’. Do you now have every client listing presentation aligned to that? Of course.
Essential listing processes
Take this a bit further. While the locations and property types that you work on will dictate some elements of the listing systems, here are some key factors to consider and start your listing processes now:
- Get a complete check on property ownership and title: Always start with the legal ownership facts of the property, who owns it, and what they are instructing you to do. Everything must be legally correct. Clear client instructions will put you on the right track to the marketing process for the client. When you doubt the property ownership or the legality of your instructions, seek more information and hold off on any marketing activity.
- Assess the property facts, improvements, and floor or tenancy layouts: This will take time to complete for more significant properties. The features of the property should be identified so that the property marketing process can be established and focused on the most relevant and essential design issues that match the target market. You can expand this approach by undertaking a complete SWOT analysis of the property. The SWOT will help you with the marketing campaign.
- Review the lease details and the tenancy mix: Look for discrepancies or unusual situations that are not formally documented. The legality of occupancy should be clear and without error. Get the property owner’s legal advisors involved if some tenancy situations seem unusual or in error.
- Occupancy facts: Ask plenty of real estate questions about the leases and tenant occupancy. Document the details. You never know when you need to refer to the points again.
- Choose the best method of marketing that will suit the property, the location, and the target market: When you know those elements, the property promotion, the inspections, and the negotiations get a bit easier.
- Be clear on your client’s instructions with the property and the method of sale: All issues of client engagement should be documented in a legally correct and enforceable appointment to act. That appointment should comprehensively cover all aspects of the property and the client’s instructions.
- Location-specific: Some appointment elements will be unique and specific from state to state, city to city, and property to property; know what you are doing. The legality of ownership will be merged into the appointment to act. Don’t act on a property for a client without clear and legal instructions to do so.
Given these things, you can now create a ‘timeline’ for the marketing and promotion of the property. You can understand the best approach to attracting enquiries to the listing. Target marketing will apply to all ‘exclusive’ listings.
Your listing formula today
So, there is a ‘formula’ here for the perfection of a listing system.
Understand your property speciality and then add your location elements to build a control system for all your superior-quality properties. That is what ‘professionalism’ in commercial real estate is all about.