The real estate market is always under change, and that is a great thing to use as a point of difference in your real estate business. Want some proof of that? Look at the property activities of the last five years or so in your location and you will see changes that you could have done something with.
Changes are good in commercial real estate. Some things are predictable with property today if you watch closely. That will be in new projects, properties, and transactions. Boost your property market penetration by using these facts of difference to your advantage. Look for the changes.
Here are some ideas to help you do that ‘forward-looking’ process.
- Classes of clients – Some client types are more valuable to you than others, but it takes time to get a reasonable ‘penetration’ into chosen client segments. There is a strategy for that. The first thing to do is to decide what your client segments should be, and then what those segments are looking for when it comes to transactions, investment in property, and locational changes. Businesses and property investors should be high on your list of targeted clients; you need to know why they are on your list of targets and how you can service that.
- Shifting property markets – This will usually be when roads or property precincts are changing with zonings, new buildings, projects, and enquiry. What you can do with this is assess the precinct changes each month by watching the new development approvals, the road changes or approvals, and the significant buildings in the location for tenancy mix variations, vacancies and enquiry. All these things are good indicators to do something with.
- Emerging enquiry – It is a fact that property enquiry each year will fluctuate between investors, owner-occupiers, and developers. When you add to that the variations and availability of finance in property ownership, then you have some indicators to use and attract transactions. Engage with these people, groups, and segments. They will be sources of off-market deals. Simple questions lead to conversations and opportunities. Master the art of talking to new people and do that every day in your location. Ensure that you spread the word about your skills, services, and solutions in leasing and selling property in the area.
- Planning for progress – You could say that this is a bit like ‘connecting all the dots’ in commercial real estate. You can prepare for improvement in your real estate business, and you can get that progress in brokerage by watching your indicators and all the preferred property segments that are around you. Your town or city will have signs of change and churn. Turn that churn into a property opportunity. People in property need help and want price and rent solutions that they can target. Do you have some answers to use with that? Then you have some simple decisions to work through about who to work with, why you should be doing that, and when you will be escalating your property facts and interaction with people.
So, these strategies can bring you the rewards of looking ahead in commercial real estate brokerage in your location. Work the segments, the people, and the sections of the industry that you know will and can give you plenty of listing activity over time. You could say that this is the ‘premium’ approach to brokerage opportunities today.