Commercial real estate brokerage history in your local area will help you find new property business today and in the future. It is a matter of what you do and how you approach things with property owners and business owners.
A systematic approach to prospecting every day will help you get the results that you are looking for.
Where can you start with this as an agent or broker in your location? Here is the core message to ‘look outside the square and think.’ Look into the history of the zone, property ownership, and changes locally.
Where have the significant changes been in investment property over the last five years? Precincts will have improved, and buildings will have changed hands. Look for the property changes in your location.
Where are the popular streets, buildings, and precincts? You can ‘drill down’ into those categories of property use and occupancy.
Practical Market Information
The property situations in your area are not limited to your organisation alone. For example, if a competitor works with a particular customer with their listing or property, you can see the “side relationships” that can be improved or served.
In addition, you can create new relationships with other agents’ clients. Sure, it may take you months or years to break into the client’s attention, but you already know that the client will transact property locally; it is just a matter of when that will happen.
It is rewarding to know that you have captured a client’s attention that has worked with another agent for years. Being more attentive to that client and their property situation will help you get closer to a transaction in sales or leasing.
Progress in commercial real estate brokerage is largely geared to agent timing and tactics. You have to use both.
Practical Ways of Attracting New Clients
Here are some ideas to help you get closer to your prospects and clients so you can build your real estate business faster:
- Real estate clients always like information and facts about local property activity. That information will be sales, leasing, and supply related. Returns on property investment are also valuable indicators to a property investor.
- You can draft up the property information into graphs, statistics, and spreadsheets. Over time a few numbers gathered each day can give you meaningful property trend information. That information can help you stand out as the agent of choice in a future transaction.
- When you have a shortlist of buyers or business owner tenants looking for a property locally, connect with the local investors telling them your prospect’s requirements in buying or leasing. A simple conversation about a property lease or property investment situation will help you find out more information about what that person may be thinking about.
- Look for property situations that may be pressurised. That can be ongoing vacancies, older properties becoming redundant, or undeveloped land waiting to be taken to new development approval and construction.
- Talk to business owners every day. It is easy to do and a valuable way of getting local market intelligence. Those business owners will tell you so much about the local area and the changes they see or need to handle.
- Get closer to local property owners in your allocated precincts or streets. An excellent way to do this is to connect with one new property owner each day. Yes, you can do more than that; however, the degree of research to get to a property owners name and contact detail can be significant. Set small targets of property ownership research and contact, and then keep it going.
From these strategies and systems, you can see that commercial real estate is a career of logic and action. When you establish your real estate systems, you can build on your progress of yesterday. Gradual improvement in real estate is a good thing when it comes to business growth.