When it comes to listings, one important fact should be understood and remembered in commercial real estate brokerage. It is simply that high-quality buildings produce better levels of interest and enquiry and on that basis more inspections over time. (NB – you can get plenty of prospecting and canvassing tips in commercial real estate brokerage in ‘Snapshot’ right here)
A Known Property Fact
It makes a lot of sense, that if you are trying to grow market share with property listings, you are likely to do it considerably faster by concentrating your new business efforts on listing the better properties and those that are in the desirable locations.
This can seem ‘easier said than done’, particularly given that you may not have a reasonable market share yet, and or be struggling with converting exclusive listings. To get things started, your prospecting model should be reviewed and refined for maximum relevance and application to the listings, the zone, and the clients you serve. Relevance and confidence will help you convert more listings; points of difference in marketing are also a good idea.
Exclusive listings start to convert when the client or prospect can see that you are the best solution for their property challenge. Relevance is important here when you are approaching the owners of other high-quality buildings.
Start Your Priority Prospecting Plan
So, consider how you can tap into the owners of these very good local properties in your territory. You need a few strategies to attract the attention of the ‘high value’ property owners as you canvass them in a systemized way. That is an example of the way to get things done.
Here are some ideas to help you do that:
- Focus on the better precincts and properties – certain buildings and certain locations are going to be real ‘draw-cards’ from a marketing perspective in local property. They will be the assets and the locations where other investors and property owners like to purchase or own assets. Research your territory for ‘high exposure’ and popular locations. It is likely that the prices and or rents in those ‘zones’ will be high or significant.
- Why should someone use you to market their property or resolve a challenge with the asset? – there will always be competitors around you ‘chasing’ the same listings, the quality listings, and local property opportunities. Develop specific marketing campaigns and target marketing ideas to help your listing strategies stand out as ‘better than the rest’.
- Use local market transaction results to attract the better clients – when you have closed on a recent transaction, the facts of the deal should be structured into a case study. You can circulate that case study to interested local parties and use it as a success story.
- Look for vacancy issues with these selected property owners – assess local properties and owners for upcoming vacancies. Some of those vacancies can be found by prospecting local business owners and tenants on a regular basis.
- Work the zone around other agent’s listings in prime precincts – when a sign board for a sale or lease from another brokerage goes up on a property in your local territory, use that fact as a catalyst to talk to selected nearby owners or tenants. People in the location may like to ‘compete’ with the listed property. You can be the source of that competition with a well-structured marketing campaign.
From these simple facts, you can select a few good strategies to prove your commercial property specialisation and territory relevance to selected local clients and property owners. Focus on the better buildings and locations as a biased approach in commercial real estate brokerage. Quality listings produce better quality enquiries and connections.