The Perfect Cure for a Solving a Market Slowdown in Commercial Real Estate Brokerage
From time to time in the commercial real estate market you will see the levels of enquiry slow and change; that is particularly the case when it comes to investment sales and general property sales. There are some seasonal changes of enquiry as the year progresses and every location will be different. You have to pick the seasons of enquiry in your location and work on the right segments of activity.
Essential Questions to Ask
Think about these questions:
- When will business owners look to move premises?
- Where are the new projects being constructed?
- How will the supply and demand for property impact prices and rents?
- What are the levels of business sentiment like locally?
Track the levels of inbound enquiry so you can see when things are changing and shifting in the local property market. Understand all the pressures and changes that apply to Sellers and Buyers in your town or city. Understand the facts of owner occupation and investment.
Watch for the active segments of the market when it comes to buyers and what they may be looking for. Focus your promotional and prospecting efforts within those priority segments.
Property Indicators in Commercial Real Estate Brokerage
Some of the indicators to track and monitor include:
- the number of inbound calls made to your office each week
- the types of enquiries you are receiving by property type
- the preferred location for quality properties and investments
- the price ranges and rental ranges preferred with fresh enquiry
- the enquiry rate for every exclusive listing on your books
- the best methods of marketing for each property type
- the best methods of sale for each property type or location
- the source of enquiry from your current listings
- the number of hits on your websites and the industry portals
- your website ranking in comparison to other competing brokers and real estate agents
When things are quite busy and active for you personally, it is easy to get overwhelmed with current activity. Prospecting for new business should be a daily event regardless of market conditions and that will cure any pressures of low enquiry.
If you prospect for new clients and listings every day you will remove the ‘peaks and troughs’ of commissions and listings, and the industry then gets a lot easier in so many different ways. You can then move your real estate business to the next level. This process takes a lot of discipline at a personal level. Focus on what you are doing personally and directly in your property market. The brokerage that you work for really has little to do with the outcomes you will get.
