You should never have a listing shortage in commercial real estate brokerage as long as you plan your activities and work with focus. There are always listings available in most towns or cities for the taking. The question is can you find them? Are you getting your fair share of listings within your defined territory?
Don’t let the property market pass you by, and your competitors grab whatever listing stock seems to be around. I know that it is hard to beat the top agents in any location, but remember that they had to start somewhere, and over time they focused efforts to grow their client base and listing opportunities. A prospect or contact today is likely to be a future client with a sale, leasing or property management challenge. Will they call you when they get to that next point of activity?
Here are the tools
If you are struggling with listings, then now is a good time to look at what is happening around you and develop plans to break through the barriers of your location. Here are some ideas to help:
- Examine your database deeply – Within the database you can find opportunities simply by talking to people on a regular basis. If your database is small or non-existent, then reach out to new people and lift your client and contact list numbers.
- Investigate old sales records in the location – From an old sale record, you can find people to talk to, be they sellers, buyers, or inspecting parties that failed to move to an offer. Look at the file notes from the older transactions to see what people were saying and doing at the time. There should be lots of contacts that you can connect with again as a result of a previous listing promotion and or inspection.
- Current competing listings – In your current listing territory, you can contact all of the property owners around your competitor’s listings. As simple as the process seems, you can find lots of competing listings that may go to the market soon as a result of a neighboring property marketing campaign. If you haven’t got many of your own listings, then use your competitor’s listings as triggers for local prospecting.
- Referrals from people that you know – The referral question is too often overlooked. When you complete a successful property transaction or property inspection, ask about referrals to other people. It is always easier to convert listings through referrals.
- Business owners – Local business people are the backbone of property occupancy. They require property to run their business; you can find new premises or solve occupancy issues for them. Stay active in talking to local business owners. Are they moving or requiring more space?
- Property owners – Successful investors and property owners are always looking at ways of improving their asset or income returns. So they can do that through tenant mix improvement, vacancy minimization, and market rental adjustments. Do you know how to help with all of those things? It is a simple question but the answers are really important.
Don’t struggle too long with a listing shortage. Deal with it through an action plan and constant momentum. Take action; that’s what this industry is all about.