Conversations are the foundation of new business opportunity in commercial real estate brokerage. In any small or seemingly insignificant conversation with a client or prospect, there can be some points of leverage and future property need to tap into.
Quality questions help strengthen the flow of a property conversation. Cross-selling of services can also happen effectively as part of that conversational approach. There are always links between sales, leasing, and property management to explore. Good discussions with clients come from personal practice and planning. Know that fact and use it.
Your Conversational Day
Strive to become the ultimate specialist in local commercial property and as part of that a highly skilled person in all types of business conversations relating to a property. Consider your skills in these all too common daily events:
- Door knocking local businesses
- Cold Calling for new business
- Seeking marketing money from a client
- Property presentations (sales, leasing, and property management)
- Talking to sellers, buyers, landlords, and tenants.
- Listing pitch with a new potential client
- Inspecting a property
- Negotiating a deal
- Asking for referral business
All of these things can be practised and improved by individuals in any brokerage. Like it or not we are not all experts in business based conversation; we can improve. Most of us can handle ordinary discussions, but the skilled conversational processes of commercial real estate take that extra time to refine and improve. The right words, phrases, and concepts can be the ‘make or break’ to closing on a successful outcome or moving to the next level of action.
If you are struggling with your real estate business now consider your skills in these special areas mentioned. Also, think about the questions that you ask people and how you can improve the level of dialogue with clients and prospects. Start practising your verbal skills. What you say and how you say it can impact the progress of a transaction with a client.
Here are some great open questions to refine and work on:
- Where are you located now in your business?
- What will be the ideal property for you?
- What improvements will you require in the property selection?
- How do you intend to use the property?
- What other properties have you invested in?
- What have you seen of property prices and rents locally?
- What is the best timing for the property change?
- What have you seen already that could be on your ‘shortlist’?
- What is your budget for the property change?
- Who is the right person to get involved in the final decision?
In commercial real estate brokerage, the depth and quality of any conversation can help you move across into an array of opportunities. Practice your conversational skills.