As a broker or agent, in commercial real estate office and in your zone or territory you will have many factors of competition to contend with. Other agents and brokers will be chasing your clients and listings, and the economy will always be changing. Pressure points exist.
So, what can you do? You can create ‘barriers’ around your real estate business to prevent listing and client loss. To combat that pressure, your levels of engagement with your clients and prospects should be superior in every way.
Don’t give your clients any reason to move away to the attractions or services of others in your location. The same can be said about listings; control your listing stock through exclusivity.
The Competitive Edge
Think about these questions and the potential answers:
Sales and Leasing
Why would a client want to use your services in selling or leasing?
- You have a deep and specialized service set relating to the locations and the property types
- You have a database of tenants, business owners, and investors that is superior to others in the location
- You have a dominant share of the property market in the region
- You know your properties and your location better than others
- You have undertaken more transactions recently and locally
- Your marketing processes are comprehensive and appropriate for resolving sales and lease scenarios
- Your skills as an agent or broker in putting your transactions together is readily seen in the property market
- Your knowledge of local property is sought after by many
- You have dominant signage presence on the street
- Your online website and portal marketing is professional and comprehensive
- You are a target marketer
- Your communication and negotiation skills are advanced and appropriate
Why would a client want to use your services in property and or facility management?
- Your team of property managers can bring comprehensive skills to a property investor
- You have a handover process that identifies problems and resolves things quickly
- You maximize occupancy and lower vacancy factors in your managed property
- You give your clients ‘strategic ideas’ to help in moving forward with investments
- Your team know about building compliances, risk management, and tenant control
- You have a strategic approach to income improvement and expenditure controls
- Your reporting processes for landlords and investors is comprehensive
- You communicate your property strategies to the client as part of a property business plan and investment strategy
- You know how to manage and work with tenants in optimizing property performance
- Your maintenance management processes are proven for complex property events and issues.
How would you have answered the questions?
Could you have put other comments or answers to the process? The answers to these questions are the things that can give you a competitive edge in a commercial real estate location.
If you are going to compete in brokerage sales, leasing, or property management, you simply must be better than the other agents and brokers locally. Know what your property services are, what your advantages are, and then grow both factors comprehensively.