Opportunity Exists in Commercial Real Estate Agency Today
In commercial real estate today you will find that the market will change each year for all types of reasons. The economy or business sentiment, supply and demand for properties, and seasonal holidays are just a few in a long list. That being said, there are always good opportunities for those agents that get active in exploring their list of prospects and property types.
Effort and focus will always find more people looking to change their property needs in some respect.
Here are some good market segments to explore and investigate:
- Businesses locally
- Property investors
- Property developers
- Tenants
The list is simple, but the research required in finding the right people to talk to within those groups is somewhat of a challenge. That is why the prospecting process is ongoing and systemised. Each day you take further steps into your market to talk to new people. Notice I said ‘new’ people? The ‘pipeline’ of contacts that we create has to be freshened up with new contacts given that many of our established contacts will leave the market for one reason or another over time.
So what is the biggest challenge in all of this? In most cases it is in making the calls. Most agents and salespeople will tell you (and believe quite strongly) that they can and will make the required prospecting calls every day. When the next day comes to take the required action they will find something else to do. Fear or call reluctance takes over and they avoid the call issue.
The commercial real estate world and property market belongs to those agents that consistently take specific action in prospecting each day. The secret to solving the problem is in personal focus and commitment to the task. To help you here the following ideas will help you:
- Understand just where your market is and what a good prospect looks like within that market.
- Determine the value that you bring to the market and your prospects. Can you be better than the competition in any way? Are there things that you can do which will improve your sales pitch and listing presentation?
- Practice your sales conversations and prospecting dialogue. An easy way to get that started is to read a book aloud when you first arise each morning. The simple practice gives you conversational advantage and helps boost your connection skills in presentations.
- Gather market information each day so you have something new and relevant to talk about. Tell success stories about other properties and challenges experienced by other clients.
- Research your prospects each night so you can make more calls the next day. Take about 2 hours from your diary to make prospecting calls.
If you want to rise to the top of your commercial real estate market as a top agent, you have some work to do however the benefits and rewards are many. Take action every day towards your plan.
