In commercial real estate sales, there are factors of importance to work on if you want to grow your new business market share. You should be working to a plan of action and new business focus. That plan of action that you create will help you attract clients and convert the listing opportunities.
It is a fact that the real estate competition and other brokerages in your town or city will be actively chasing the same listings that you are focusing on; every listing pitch can be competitive and complicated. Your services offered in any property presentation should stand out in a better way and be of reasonable attraction to the clients that you serve. How are you going to do that?
Every listing pitch or property presentation should be carefully considered and structured for the best results. How can you position yourself as the agent of choice? How can your services be more specific and relevant to the clients that you serve?
A confusing fact
Some agents take too long to understand the importance of certain actions and activities in commercial real estate brokerage; they overlook the importance of new business activity and client prospecting. The commercial property industry can offer significant rewards and returns for those agents and brokers that work hard and with a dedicated focus.
So it is important to set some work principals and strategies into your daily activities. Here are some ideas to help:
- Build the client relationships – There are many different types of clients to attract and work with. Understand the best client category that will lead you to the best opportunities with commissions and listings. It is always best to control the listing stock and on that basis be the listing agent. When you control the listing, other people need to come to you when it comes to inspecting, negotiating, and moving to a contract.
- Specialize your business efforts – Choose the right segment of the market that offers you the best opportunities with new business. The segments could be by location or geographic, but they could also be by property type. Understand where the best properties are located so that you can optimize your prospecting efforts into that zone. Segment your market into a geographical zone containing enough good quality properties and future listing activity.
- List the better quality properties – When you are looking for new listing stock, determine where the better quality properties are located. Research the property ownership records in each case. Make contact with the property owners of those high quality properties so that they can relate to your services at the right time in the future. Build the relationships with the owners of high quality properties.
- Condition your clients – Every client will need a degree of conditioning to the current market conditions and circumstances. Most clients have an inflated view of their property and its relevance in the property market; they think that some special buyer is out there who is prepared to pay an above market price at the first opportunity. The reality is that most buyers understand the local property market well before they make any movement towards listing inspections and enquiries. To condition your clients as property owners you will need to have available some visually based statistics, graphs of prices, time on market assessments, details of recent enquiries, and property comparisons to quote at the right time as part of the listing process.
- Control the listing stock – Exclusivity remains the most important listing tool to be implemented and activated as part of the listing process. The clients that avoid the exclusivity requests are generally not genuine in the marketing process. If a client wants you to commit to the listing and its promotion over time, then you must demand exclusivity as part of the process. When you control the listing stock, you can do more when it comes to marketing, inspecting, and negotiating. That then makes it a lot easier to get a result with the listing over time.
- Market directly and effectively – When the client has entrusted you with their property on an exclusive basis, take the listing and personally promote it through the local area and to all other businesses nearby. Talk to all the local property investors about the listing and their investment needs; that information will be valuable when it comes to future listing activity and or property acquisition. Talk to all the local business owners regards their future business activities, any requirements for expansion or contraction, and any relocation opportunities. Every listing will give you reasons to talk to other people. Conversations lead to opportunity. Grow your database from every prospect conversation and client contact.
- Create inspections – Use your database to get some inspections going as quickly as possible with any property listed exclusively for sale. From those early inspections you can get some valuable feedback and comments to help condition your clients further. As part of encouraging inspections, ensure that you have qualified the parties comprehensively and directly for the listing. Ask all the relevant questions before the inspection occurs.
- Promote negotiations – From the property inspection process encourage offers from interested and qualified parties. Every offer should be in writing. Verbal offers are of no use when it comes to client conditioning and moving the negotiation forward.
Within the category of commercial real estate sales, there are certain things to do each and every day with every listing, and factors to control as part moving the property forward. These factors mentioned will help you greatly when it comes to your listing conversions with inspections and negotiations.
You can get more tips for commercial real estate brokerage in our eCourse right here.