When listing a commercial or retail property for sale, there are some important factors to look into and shape as part of the listing process. Every client and listing situation will be different, and it is up to the agent or broker to understand those differences, then deal with the strengths and weaknesses accordingly.
So what is the focus?
Any existing or potential property challenges and questions need to be resolved at the front end of the listing process; not later, when negotiations are getting closer or active. The priorities and pressures that you can see now should be understood and addressed prior to the property being taken to the market. It’s almost like doing a SWOT analysis on every exclusive listing before you go to market.
You could also say that this is a positioning strategy to be applied to the property and the client. A good degree of conditioning will happen at this time, as you work through the client’s attitudes and information.
Rarely will you find that one client has the same idea about the location and property market to another. You should look for those differences in client awareness and embark on some local market conditioning based on real facts and research gathered.
Many clients have an inflated view of their property and its position in today’s market. That has to be correctly sorted at the front end of the property listing process. Use local property facts displayed in charts, graphs, and photographs to illustrate the facts that you know are active today in your location.
Get the local facts about property
Here are some ideas to help with this brokerage concept:
- Competing properties – in your location there will be other properties that are on market now or have been unsuccessfully promoted with your competing brokers. You can use that information to shape your clients thinking and ideas about current market condition.
- Prices and Rents – there is usually a big difference between the asking prices and rents for a property, and those that are finally achieved. Show your client those differences in today’s terms.
- Time on market – when you compare open and exclusive listings in your location, there should be a big void between the two approaches to property marketing and time on market. Gather the facts of each property marketing approach and then put the indicators into a graph that you can then use in your property pitch or listing presentation.
- Quality of improvements – each listing will have differences in fit-out and improvements so look for them and itemize them. The same observation can be said for services and amenities in the property. Make a list of improvements that apply in each case and with each building. Those improvements will impact inquiry and negotiations.
- New property developments – there will always be new properties coming into the market, so be well aware of where they are and what they are. A big property development will shape asking rents and prices. The older listings in your market will be impacted by the upcoming property releases and newer developments.
So these are all priorities and pressures set by a property, its location, the owner, and the prevailing market conditions. You can prepare your business practices around all of these things. You can convert more new business as a consequence. Get the research done and tap into the trends as part of your pitch and connection with clients and property owners.