It has been an interesting 12 months in commercial real estate agency this year. As we move into 2013 it is time to reflect on just where we have come from and decide where we are headed as agents. Here are some tips for Agents from our Newsletter.
At the end of 2012 we can now reflect on the things that we should be doing more of, and dropping away from the things that really 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 big 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 real 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 make a choice on 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 time of great ‘clean out’ when it comes to agencies and salespeople. That’s a good thing because it gives more business, commissions, and listings to those that continue to act and thrive in the industry.
It’s in markets like this that you learn the most about the industry and find out how to do the things that really matter.
So where are we headed in 2013? Whilst none of us can truly predict the future, we can work from a base of local experiences to take more action in our market.
The commercial real estate market does not go away; it just adjusts. As commercial real estate agents we should always watch the signs of change and adjust our marketing efforts and directions. For this coming 2013 year my guess is that we will need to work with constant focus and drive. Plans and strategies will be really important to the actions we take in building our bank of listings.
It is the quality listings that will give us better rates of inquiry and potentially more commissions. So how do we attract these quality listings? We work on ourselves so that we 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 really matter when it comes to 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 a new business cycle; opportunity awaits us all.
You can get more tips like this in our Newsletter for Agents.