There are certain skills in commercial real estate brokerage that you do need to work on and improve over time. They are the critical sales skills that evolve at a personal level, and they exist across sales and leasing activity. (NB – you can get more sales tips and ideas for commercial property in our Snapshot program right here – it’s free)
Refining the right professional sales skills
If you are looking to improve market share, listings, and business activity, then consider these skills specifically as they relate to your business and your market share.
- Prospecting for new clients and contacts – get to know plenty of people in your local area and convert some of those people to clients at the right time. Your prospecting process should be quite specific and relevant for the local area and preferred property types. Systemize your prospecting model so that it becomes a daily event in your diary of activities. Take a direct ownership of the prospecting system as it applies to your location and you personally. Understand how you are connecting with new people, and track your conversions and numbers. Over time, ensure that your numbers in your database are improving.
- Qualifying the people that you should spend more time with or on – certain people will be more valuable to you than others from a client perspective. Define the types of people that you should be working with now and determine how you can connect with them in an ongoing way.
- Creating a meeting with qualified people – most of the new business that you do create will be via meetings and connections. It directly follows that you should be generating several new meetings per day with new people, in addition to the ordinary meetings you may be having with existing people and contacts. The ‘meeting formula’ works in allowing you to build a local brand for yourself and attract more listings
- Moving an opportunity forward – when you come across a person with a property challenge, the next stage of the process is to help that person see that you are a big part of the solution that they need. Communication skills and trust will help that process occur.
- Listing a property exclusively – know how to list a property on an exclusive basis. Avoid the listings that you cannot control. We spend so much time on prospecting for listings; the control process should apply to those listings that you convert. Have plenty of ideas, recommendations, and strategies to use in closing on an exclusive basis.
- Marketing a property comprehensively – when you have a quality listing on your books, use the fullest marketing campaign possible that suits the target market. The message about the property and the location must be conveyed comprehensively in a period of just a few weeks, so you can get the inspection momentum that you require. Ask for vendor paid marketing as part of the process.
- Holding inspections with qualified buyers or tenants – when you have an enquiry coming to you for a controlled listing, qualify and match the enquiry to the right property before you move to an inspection. Know that the person making the enquiry has the full capability to transact a sale or lease, as the case may be. Ask key questions to get to those facts.
- Selling the strengths of a property – every property will have strengths that you can use in marketing, inspecting, and negotiating. With every listing, ensure that you have identified those items so that the result negotiation is optimised.
- Closing on a transaction – it has been said that a successful commercial property transaction is a culmination of several small decisions and agreements. The observation is correct. As the facilitator of the transaction, understand how to move a sale or lease negotiation forward to a positive outcome. Learn and practice your skills. Look for the key elements that could motivate the parties to the transaction and then communicate comprehensively across those things.
So, these are the main sales skills to optimise and improve over time. These are the things that you can improve and practice over time.