In commercial real estate and as an agent, it is easy to get overwhelmed with facts and activities. If that happens to you without some degree of control, then your property business suffers.
Always keep your brokerage activities simple and direct. Do the simple things frequently. Stay on task so you can give some direction on your property career.
What is happening in the property market now and for you? Are you ready for some growth of new business? Look at what is happening today in your location across the property types and the precincts; some properties and buildings will be more active than others. Find the current and emerging activity and only track certain practical indicators.
Commercial real estate is all about new business creation, marketing, and the associated conversion factors. The two important elements sitting in that review process will be clients and property listings. Here are the ideas to help with that.
Breaking Up the Facts About Property
Before I go too much further here, I will say that listings should be categorised and prioritised at an individual agent level. That then helps you see things and work on emerging opportunities.
Break things down in your real estate market. The priorities are between property types and better-quality listings. Then you can know what you can and should be focusing on.
Where do you start with that ‘breakdown’ of listings? The first element of concern will be the listing types and exclusivity is one of those things that really matter. A quality property should be controlled exclusively for a reasonable period. Let’s look at some other listing and market share factors.
Real Estate Listings By Type
Let’s say you are an agent that specialises in some way with commercial, industrial or retail property. What is that specialisation and how do you control that?
If you were an agent that works with retail properties, then you could categorize things into groups. Those groups would be single shop retail, small group retail (typically a neighbourhood shopping centre), bulky goods retail, major suburban shopping centre, and lastly the very large regional centres.
As an extra layer of approach, always devote a different focus between open and exclusive listings as well as leasing versus sales. Spend more time with your exclusive listings based on the possibilities of the property market and the client. There is more of a chance of you converting and completing a transaction with an exclusive listing than there is an open one. Control the listing stock; that is the message.
Listings by Service Solution Index
It takes skill and experience for an agent to work with larger retail properties. Of course, you will be doing different things in all types of retail property; those services would be leasing, buying, and selling. Your ability to work with the larger retail properties will come over time, as you are then working with complex issues such as strategic tenant mix and income optimization. In addition to those factors, you can also be doing some project work for a complex property.
So, your target market and your services will have something to do with how you split all of that up. When you split things up, you get some improved clarity on what you can do and how you can approach not just your listings but your transaction opportunities.
Time on Market Indicators Mark
The time that a listing stays on the market depends on many things; some of those things are controllable, and others not so. As an agent, you work with the things that you can control.
When you look at your current listings in groups of ‘A, B, and C’, you will know what the best listings should be and then you can apply some ideas on how you can focus on that opportunity.
In any property market at any time, any quality listing will generate real estate enquiry and sell without too much effort. It comes down to how you can get the message out to the target audience in sales or leasing, and then how you prepare the client for the realities of marketing the property locally. That will involve marketing money.
Don’t let a listed property stall or stagnate on the market. Some properties can be overpriced by a client that is hoping that some ‘miracle’ buyer will emerge and spend more than the price averages. The reality is that such a situation rarely occurs and only in a ‘hot market’.
How do you fix that situation? You share reliable information with your client about the realities of property positioning and pricing. That is the conditioning factor that can help you proceed and convert a transaction and shorten the time on the market.
Marketing Dollars Collected Test
There is a proven and direct correlation between vendor-paid marketing and inbound real estate enquiry. Most of the property marketing today is across a variety of media channels, but most importantly the internet will feature at the top of the list. Exclusive listings should be directly marketed and comprehensively so.
So, the thing to track here is just how much vendor-paid marketing you are converting monthly from your exclusive listings. As those marketing dollars improve, you will get more enquiry. That enquiry leads to conversations, inspections, and potentially offers.
What is the message here? Create a big focus on your marketing funds from the listing process and decide how you can spend that money to the greatest impact or enquiry generation.
Best Methods of Sale or Lease
All property listings are unique, and we should treat them that way. That says you should consider each property by listing type, for suitability with the different methods of sale and lease. Some things work better than others in both sales and leasing. Set your target audience before you decide on the marketing campaign and spending process.
Conclusion Barometer for Agents Today
There are special ways to assess your property market today, your clients, and your listings. When you assess things correctly, the enquiry improves as will your negotiations.
All these things mentioned will give you a method of analysis and particularly some indicators to watch and improve on as a specialist real estate agent.
Take charge of your real estate business using the ideas mentioned. In that way, you will find the new business locally, and hence the commissions you require.