In commercial real estate throughout the year there will be times when listings seem really hard to get. Seasonal property activity and even the local climate can create that problem. Holidays and local festivities change the focus of businesses, property owners, and investors. So you should expect some challenges like this when it comes to listing frequency and conversions.
The way to deal with a listings decrease or plunge is to take more action with clients and prospects, and to sustain that action throughout the year. Momentum with prospecting builds momentum with listings; the process should occur at a personal level. That’s how the industry works. That is how you will protect yourself when it comes to new business leads and opportunities.
Here are some ideas to help you remove the volatility from the property market and attract enquiries when other agents seem to be struggling. You can add to this list based on your location and property speciality. Have due regard for the sellers, buyers, and tenants normally active in that market segment.
- Focus on the people that can pay you a fair and reasonable commission. Far too many agents make the mistake of chasing around after tenants and buyers to find the ideal property. Most of those tenants and buyers will be talking to other agents at the same time, and on that basis you cannot control the property enquiry or the end result.
- Dissect the local area into specific zones of activity. In that way you can drill down into property types and quality listings in each street. Identify the businesses occupying those high quality properties. Approach those businesses directly. Through a controlled calling process you can ask specific questions about a property needs and opportunities as they apply to the business. Identify any pressures involving expansion, contraction, and relocation.
- Every listing that you have on your books will be a good reason to talk to other people in the surrounding area. Specific questions find new opportunities. The listings of other agents can also be sufficient reason to approach adjoining landowners and businesses in the same proximity.
- Go back in the sales records for the area over the last 5 to 10 years. You will find plenty of people and properties to research and follow up on. Many Property Investors come back into the market as part of an investment cycle or frequency. They also require differing services depending on occupying tenants, renovation requirements, pressures within the tenancy mix, and vacancy activity. Provide a tenant retention plan and tenant mix plan as part of your professional leasing services. A successful leasing service or transaction today can merge into a sales opportunity in the future.
So the message here is that any difficulty you may be experiencing in the property market today can be changed into an opportunity through directed action. Get involved with the properties and people in your local area. Connect with them for the long term so you can talk about property solutions at the right time and in the right way.