The New Norms in Commercial Real Estate Brokerage
As the property market shifts and changes, it is highly likely that sales will eventually rise in frequency in many locations. That is because some properties must go up for sale; buyers are waiting for the fresh stock to add to their portfolios. How do you find those people? Read on.
The Property Market Today
There are some ‘side issues’ of course, and the availability of property finance is changing as well. Financiers are more ‘selective’, but there are some buyers and investors that can act in today’s new property cycle. Bringing people together is what things are all about today in commercial real estate.
Moving Forward as Agent
So how do you move forward with this new property cycle as a real estate agent or broker? Importantly you adjust your thinking, refocus your actions, and start talking to lots of new people. Actions like that can lead to opportunities.
Conversations lead to situations of change and churn. In saying that, you should talk to a lot more people each day. It is a filtering process that will help you find transactions and property needs.
Top agents are made in property markets like this because they do more things consistently and are prepared to look for matching people and property situations.
New habits support ongoing actions; if you are struggling with ideas, then look at what you are doing (or not doing) each day. Are you working closer to the people in the property market in your town or city? That is what is needed today.
Numbers of People Connected
Let us say you work in sales. How many people do you have to talk to now to find new business? The answer is at least double and even triple the numbers of new people that you would have spoken to previously. It is a big ask, but it is real and relevant. It is a formula to use. When you do that, track and measure every meaningful conversation. Your mindset is so important as you proceed into this property market.
What are the new ‘norms’ that will apply in the new commercial real estate market? Try these for starters:
- The effect of making many more calls to new people on each property listed and or targeted property.
- Transactions created by matching people and properties locally.
- Methods of sale optimized to facilitate property enquiry, transaction offer and acceptance.
- Prices based on today’s inquiry and buyer interest, and not that of ‘last year’.
- Marketing methods to attract targeted groups so that you can be doing more with every enquiry.
The message here is that you can do more and should do so in today’s property market. Are you ready for the challenge?
