Keys to a Better Commercial Real Estate Listing
In today’s commercial real estate industry, fierce competition for business and market share may lead to desperate measures to secure listings. However, it is essential to note that desperation does not guarantee the quality of listings that you need.
When listing a property, it is advised not to engage in any of the following actions:
- Offer a reduced commission.
- Accept an ‘open listing’ per the client’s request.
- The client’s advertising costs should be reduced.
- Provide sponsored ads through the agency
- Provide a rundown of the inflated price for the clients.
Believe In Listing Potential
Although exceptions exist, many agents are more concerned with securing the listing than effectively promoting the property. This often results in a challenging sale and lack of interest from the agent in marketing efforts.
Believing in both your listings and clients is crucial. This emphasises the importance of exclusive listings in commercial real estate agency. In this field, having 20 exclusive listings holds far more value than 50 open listings, as you have no control over open listings.
How do you handle the situation when faced with a client who insists on their terms for the listing? What response would you give in this scenario?
Setting Conditions
The fundamental principle is to have a predetermined set of conditions for every listing brought to your agency. These are non-negotiable prerequisites before taking on the client and their property.
Below is my curated list to assist you with:
- An equitable commission that accurately represents the effort you’ll be investing in the property.
- Understanding the appropriate approach for either selling or leasing is essential in drawing in the suitable amount of interest.
- A significant portion of the marketing funds vendors provide will be paid to you in advance, prior to the start of the marketing campaign.
- This exclusive agency allows you ample time to connect with the market and seek out potential buyers or tenants, depending on your needs.
- A dedicated vendor or client is aware that your marketing efforts should be targeted and straightforward. They have taken steps to prepare the property for promotion and advertising, supporting your direct outreach to potential prospects.
Once you have received a legitimate and valid appointment to act as an agent, you will have the necessary tools to promote the property with dedicated time and effort.
It is crucial to demonstrate to the client how we will deliver results. Therefore, I urge you to put in dedicated effort to drive the listing forward.
