In commercial real estate brokerage, many clients and prospects will have certain doubts or questions when it comes to a sale or lease transaction. This then says that we need to be very specific and skillful when it comes to satisfying the questions and doubts of the customer.
In most cases the following elements will help you with working through the problem:
- Market information relating to compatible properties
- Marketing alternatives that work in a situation or location
- Price or rental trends that apply to the property type
- The levels of current enquiry coming in for that type of property in the location
- Evidence of earlier successful marketing campaigns or property challenges
- Testimonials from happy clients and prospects that you have served
Top agents and brokers will usually specialise within a property type and location. That allows them to be quite specific and helpful when it comes to solving that pain or the challenge that the client or prospect faces. In any period of 12 months, the property market will change significantly.
It is our job to stay ahead of those changes and adjust our recommendations accordingly. Market information will help us do that for the clients have we serve.
Here are some strategies to help you professionally remove the doubts and questions from the negotiation or interaction with your client or prospect:
- A question and answer process will help you understand the concerns of the client. Any one particular concern is likely to be underpinned by two or three issues. This then says that you will need to delve deeper into any identified problem with the client. Get to the real concerns that the client may have. Seek to understand the issue before you provide any recommendations.
- Have some stories of relevance from other property transactions in the location. Your client today is likely to be quite interested in circumstances where complex problems have been resolved and rectified.
- Use a charting process to show the client today how you will move them through what will otherwise be a very complex marketing and negotiation process. You can use a Gantt chart quite effectively for this. Break the complex process down into a series of stages, and from that build a timeline of strategy and approach.
- Be quite methodical when you are working with the client and addressing any issues of doubt. Make sure that the client has fully understood your statements and recommendations. If any grey areas exist, backtrack to the point where the client still understands. Go through issues to put them back on track so you can then proceed further. Some of the properties that we work with are very complex and require unique marketing strategies or negotiation skills. That is why you need to be quite specific and helpful when it comes to the proposal or the recommendations that you are making.
- Make clear recommendations wherever possible. From that point you can give the client two or three alternatives or choices. A client will always feel more comfortable when they have some control on the decision requirement.
- Have available some testimonials from successful property transactions with relevant property types. Those prospects and clients that you have serviced in the past are likely to be valuable with any proposal or pitch that you are doing.
So the clear message here for you as a broker is that you need to understand the clients concerns and challenges. When you operate from that position or point, you can address any doubts that they really have. Your market knowledge and market intelligence will help you support correct arguments and choices. That will then make it a lot easier for the client in the commercial real estate transaction to move ahead.
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