Productive Closing Strategies for Better Commercial Real Estate Listings
To close more listings in commercial real estate brokerage, you need to adopt particular strategies when it comes to working with clients and customers. Take the time to understand the property, the market, and the client; use that information to establish clear listing initiatives and recommendations. Your listing proposals will then be more productive.
The marketing process is not an ‘experiment’ when it comes to commercial and retail property today. Ultimately you should be seeking an exclusive listing together with vendor paid marketing funds as part of that process. They should be the two essential priorities as part of pitching for the listing.
Here are some other strategies to help you close on more property listings today:
- Open up your clients thinking when it comes to the market today and the available property opportunities. Local market knowledge, details of competing properties, and database activity will help you connect with the client, and in doing so show them the right marketing methods to move ahead.
- Evaluate the time required to achieve a comprehensive marketing process. That may be 4 to 6 weeks within the identified target audience. Provide the client with specific strategies as to how that will occur. To achieve this, use all the marketing tools available including the Internet, local area marketing, direct calling, direct mail, signboards, and a database activity. Traditional newspaper advertisements still have a place in marketing today, although the most successful results will usually be achieved through direct activities and not generic newspaper advertising (that has a limited life). A comprehensive marketing process will require vendor paid funds. You will also need an exclusive listing process to allow you to work on the property comprehensively.
- Every property will have strengths and weaknesses when it comes to marketing and promotion. The strengths can be matched to the target audience. They can also help your marketing initiatives and advertising layout. The weaknesses on the other hand can be a challenge to the marketing process and may need to be addressed. Provide the client with specific solutions to the identified property weaknesses. Show the client how you have resolved to these problems in the past, and tell them some stories of success relative to the marketplace.
- You can earn the trust of the client through proof and evidence. Testimonials together with market place stories will help the client through the trust and the proof decisions. Establish trust with the client by providing sound recommendations, good levels of communication, and market place strategies. Be prepared to take that extra step when it comes to marketing that unique property for the client today.
The closing of a property listing is easier when you start the process with the end in mind. Set your objectives before you start and take the client in a logical way through the stages of listing, marketing, and negotiating. Strive to be unique in your approach to solving the client’s property challenge and show them that you really understand what they need to achieve.
