In commercial real estate there is a lot of business to be gained over time by offering yourself as an ‘agent alternative’ to the clients of your competitors. Find out who your competitors are working with by way of clients, and then get your communications and networking going to ‘open the door’ with those clients.
It is a fact that many agents and brokers (your competitors) are slow to service their clients in property needs. Too many listings or poor marketing can create complacency and listing underperformance. Offering alternative leasing and sales solutions to those effected clients will be an attractive solution in many cases.
I am sure you would have heard of the situation where a client says, ‘I have had the property listed with another agent for 4 months, but they are doing nothing to help me. I have heard nothing, there have been no offers, and I have spent a lot of marketing money to get nothing back.’
It is a fact that many listings are under-serviced or poorly marketed by some agents. You can target those properties and clients. There will be reasons why a property is not selling or leasing; your market knowledge can help you understand that. Solutions are always available that may give you the edge or advantage with those clients and converting them to your agency.
Some of your competitor’s listings today will be expired listings in the future. Those affected property clients or owners will be ‘primed’ for changing agent and re-packaging the property for a different marketing approach. You can be the solution.
Some would say that there is no greater reward than taking on an ‘old listing’ from another agent that was clearly unsuccessfully or poorly marketed, and then turning that listing around to a completed and successful sale or lease transaction.
So here are some strategies to help you get into this section of the market:
- Check out the current listings with all other agents. Monitor their marketing efforts and time on market. Compare those efforts with what you believe are industry trends and averages.
- Find out when the current ‘exclusive’ listings with other agents will expire. Be ready to approach the clients at that time with some clear marketing alternatives.
- Old listings that have been sold or expired in the market will be opportunities for the future. Go back in the sales and marketing records for the area over the last 2 years. You will find property transactions and issues with all agents that are potential listing prospects for the future.
- Check out the new property developments coming into the market today or in the next 6 months. You can get this up to date planning information at the local planning approvals office in your town or city. These projects can be major leasing or project sales opportunities.
- Monitor those properties that are being marketed by owners direct. In many cases those clients will be unsuccessful and need agent help.
A bit of productive thinking and client contact will get you some more listings and commissions. Look for the opportunities in the tougher and poorly marketed properties of your fellow agents.