Predictions for Commercial Real Estate Agents in 2013
It has been an interesting 12 months in a commercial real estate agency this year. As we move into the next year it is time to reflect on where we have come from and decide where we are headed as agents.
Let’s now reflect on what we should be doing more of and dropping away from the things that have no impact on our market. It is now the time for change.
So what can we say about the last 12 months? Here are a few of the significant facts from many of my agent friends around the world:
- Inquiry is slower and more selective
- Inquiry is less frequent
- Sellers and landlords need conditioning so they accept actual market conditions
- Buyers and sellers are slow to act
- Prospects are looking for quality listings
- Inflated prices and rents are a waste of time
- Tenants look around the market before they choose a property
- Prices and rents are sluggish or have fallen somewhat in most areas
- New property developments are less common
- Quality listings will always attract inquiry
- Many salespeople have left the industry
This is a great ‘clean out’ time for agencies and salespeople. That’s good because it gives more business, commissions, and listings to those who continue to act and thrive in the industry.
In markets like this, you learn the most about the industry and find out how to do the things that matter.
So where are we headed in the property market now? Whilst none of us can predict the future, we can work from a base of local experiences to take more action in our market.
Pr0perty Adjustments
The commercial real estate market does not disappear; it just adjusts. As agents, we should always watch for signs of change and adjust our marketing efforts and directions accordingly.
My guess is that we will need to work with constant focus and drive this coming year. Plans and strategies will be really important to our actions in building our bank of listings.
Quality listings will give us better rates of inquiry and potentially more commissions. So, how do we attract these quality listings? We work on ourselves to take on new skills and actions to drive better listings and clients our way.
When we learn from the past, we can usually see the things that matter when improving the future. Are you up to the challenge? Start taking the right actions today. We are on the verge of a new year and business cycle; opportunity awaits us all.
