When it comes to working with property clients today, you do need to understand their needs and directions when it comes to sales, leasing, and property performance. Those needs are likely to change throughout the year as the pressures of the economy and regional property activity shift and vary.
In any period of 12 months, there will be seasonal changes to sales and leasing activity throughout your region. There will also be changes to property ownership, the zoning, and usage. Stay in close contact with the local building authority and property approvals board. Identify the changes within your sales territory or precinct as early as possible.
Any upcoming changes can be a catalyst for sales or leasing opportunity. That is the nature of our industry, and we need to see and capture the momentum of change before our competing agents identify it.
Any quality commercial real estate client each year is likely to have a variety of property related needs across some if not all of the following:
- Finding quality tenants to fill upcoming vacancies within the tenancy mix
- Addressing concerns and variations of property performance due to volatile operating costs
- Addressing weak lease documentation as part of improving the overall property performance and the tenancy mix
- Repositioning the property for upcoming redevelopment, renovation, or repositioning.
You are likely to have a significant database of these valuable customers and clients. Within your database, you should have a select group of VIP clients that you service to a higher level. Many of those clients will give you repeat business and referral opportunities.
Work with the best clients in the best locations. Understand their motivations and property needs. Be prepared to offer them the special opportunities of the market today. Give them the early leads and the information they require to tap into the sales and leasing opportunities.
It is always worth remembering that quality clients and quality listings strengthen your foundations for commissions and listings. The process of establishing a VIP club of clients within your database can be a very valuable process in growing market share. Treat those clients differently and service them to a higher level.
Here are some tips to help you understand your top clients in this market today:
- Understand the priorities of the client when it comes to property type, location, and use.
- Watch out for any weaknesses in property performance with the tenancy mix, lease profiles, and expenditure costs.
- Understand the client’s potential for purchasing or acquiring other properties in the local area.
- If your client owns a variety of properties in different locations, review all of them for change and opportunity. Don’t let another broker or agent get involved with your client in another location. In an ideal world, you should be the agent of choice that specializes with a VIP client in any location. Develop the trust and the communication with your key clients at every opportunity.
- Research the client’s history of property activity over the last five years. Understand what they have owned, sold, and leased. Understand the size of their portfolio today and how it could be important to them in future investment performance. Will they require special assistance when it comes to improving the performance of their portfolio?
When you understand the comprehensive property needs of your clients today, you can position yourself for the right listings at the right time. You can also create the opportunity of a transaction off market before your competitors can get involved.