In any client conversation or sales pitch in commercial real estate brokerage, the information that you put forward must be ‘real-time relevant’. Good information about the location will help the client accept that you are the agent of choice for the listing challenge or the active deal.
Preparation is the key to making your listing and property information standout. You only have one chance to attract and convert the interest of the client; if they ‘want time to think about it’, then you will have most likely lost the deal and they want to speak to other agents. You won’t win every listing, but you should convert at greater than 75%. That is the standard expected of a top agent.
Combine your Sales and Marketing Information
Understand that a combination of visual, verbal, and statistical information will help you convert the client to your recommendations and facts. Attract their interest. That is what you should be focusing on.
Before you meet with the client or prospect, get all the facts of the listing and the location that could be useful for the discussion. That may very likely mean you should visit the area or location and inspect the general precinct to see what other properties you may be marketing or competing against, and what the prices and rents are being asked in the area.
Understand the Current Property Market Trends
Explore market trends and facts. Look for the strengths and weaknesses of every property precinct and marketing opportunity. Understand the target market that you should be attracting and why that is the case.
Timely property market information means all of the following:
- Properties on the market today – look at the listings in the location that you will be competing with. Some will potentially derail the momentum and the marketing efforts you may be setting on your current listing. Look for differences and similarities in properties before you equate value.
- Vacancy rates – vacant properties will fluctuate during the year. The older properties will be a drag on the vacancy factors for the region. Higher vacancy rates will also impact incentives from the leasing perspective.
- Future and current supply – Changes to the supply of property will impact rents and prices. Tenants and business owners will look to move to the newer properties if the balance of occupancy costs and improvement offerings is attractive.
- Time on market – Just how long are listings remaining on the market today if all issues of price, marketing and inspections are carefully structured? Some commercial property listings will need a lengthy promotional period and lots of target marketing or talking to the right market segments.
- Best methods of marketing – There are some good ways to promote listings today and pull in the enquiry. If you have a fresh listing then you have many variations of marketing to choose from. Many of the highest converting methods of marketing are online and through a variety of database strategies. Understand how you can list the property and feed it into the online portals.
- Best methods of sale or lease – Some strategies of sale or lease are better than others. A good example is the auction sale process based on a set time frame. You can stage the marketing and the inspections to a sale process. You have a lot more control in selling a property to a timed promotion. Buyers have a fixed time frame in which they must make decisions.
- Campaign spread and timings – What will be the best time of year to consider selling or leasing a property? The marketing campaign will be impacted by your choices. Business cycles impact property inquiry in commercial and retail real estate.
- Active inquiry segments – Who is out in the property market looking for something to buy or lease? When you have a strong and active database you will know what is happening with inquiry.
When you have these property facts, you have something to work with. You can match the property and the marketing so that you get better results and lift your inspection opportunities with any commercial listing.