Systems to Follow with Commercial Real Estate Market Research
In commercial real estate brokerage, your awareness of current market trends will impact your ability to pitch, present, and convert new listings. That market awareness will give you confidence, which is ‘king’ in new business today.
In simple terms you must be more confident than the competition about the market and your ability to resolve the client’s property challenge in a relevant and real way. Far too many agents and brokers talk ‘generically’ and use the same old strategies and phrases to try to win the business.
Top Agent Research
The top agents and brokers in commercial property today are connected to the local property issues and can explain the ways they will resolve the client’s property challenge. I go back to the point that confidence and market awareness will help in so many ways when it comes to winning the attention of the client with their property issue.
Here are some very relevant ways to show the client that you are the best person for their property challenge. Use your market research in this way:
- Familiarity to and across the location – When you know the location you can explain how the property listing compares to others and where the other current listings are located today. The other local listings are likely to frustrate your listing activities and priorities. Resolve that challenge with solid recommendations.
- Marketing solutions for all types of properties and situations – It is one thing to market a property for sale or lease. It is another to do so in a special way that matches the target market and the location. Show the client exactly how you can market their property deeply and effectively.
- Awareness of property type in the city or precinct – Have available some case studies that relate to the local area and property. Those case studies should be ‘stories’ of and from recent property deals, backed up by photos, facts, and marketing examples. Make your stories stand out as important to your solutions and recommendations. Having the ‘proof’ from a recent property deal will help you in building relevance with your prospect.
- Explaining the local trends from recent inquiry – You can pick trends from the factors of inquiry, time on market, conversations with buyers and investors, and also inspection activity.
- Connecting to the people locally – Use your database to show that you have a list or a short list of qualified people that could inspect the property immediately. Use that list as part of you listing presentation. Be specific about your database relevance.
Through all of these factors, market research stands out as the ‘leverage’ that will help you attract the interest of clients and prospects in using your services. Take deliberate efforts to be more comprehensive in what you do and say about local property marketing and negotiations.
