Understand your local property market for what it is and where it is headed. In commercial real estate brokerage there will always be plenty of opportunities coming up for you to tap into, given the changes in regional business activity, investment performance, and city design or layout. Look for the changes and then work on them from the aspect of sales, leasing, investment, property management, or development.
So what can you do here?
Get to know the people involved in the upcoming property activity. Put them at the center of your prospecting and new business activities. Help them when it comes to local market information, prices, rentals, inquiry rates, and marketing.
Factors of attraction always apply in our industry. Your local information will be valuable when it comes to attracting the VIP clients and prospects locally. Package your local property information through both online and offline marketing strategies. You can do that through advertising, editorials, industry related books or articles, Blogs, websites, and social media. Think and so the square when it comes to sharing your local property information to the right people in the right way.
So what should be the focus?
A successful commercial real estate agent or broker will usually be highly involved in the local business community, developing a number of specialized skills and networking processes over time. So some specific strategies are needed here. Here are some ideas to help:
- On a regular basis, perhaps quarterly, you can run information briefings and evening meetings relating to property trends locally. You can invite local business leaders and investors to attend the meetings and to hear exactly what is going on when it comes to prices, rentals, and inquiry. Talk about the predictable levels of supply and demand that you can see applying to the local area and the broader region. The top agents of most towns and cities share their market intelligence with the right people in the right way.
- Look for the upcoming changes that apply to the town or city design and layout. Changes to roads, transport routes, transport, and infrastructure will have local implications impacting property owners and occupants. You can usually identify these issues well in advance by maintaining contact with the local office or municipality in charge of property development and local roads. As part of that investigation strategy, look for and include the changes of property zoning and future developments. Some property developments will shift the balance of prices and rentals locally in commercial real estate.
- Chart the statistics and the trends that apply to pricing, rentals, inquiries, and time on market. Your charts will be valuable when it comes to pitching and presenting for new business, but also in attracting the interest of others to your market coverage and penetration. It is very hard for a client or customer to ignore an agent that really understands what is going on locally, and can show those trends in some visual chart or graph.
So there are some good things that you can do here when it comes to local property market activity and coverage in commercial real estate brokerage. Understand the local market for what it is and match your services into the local area specifically and directly, to help you pull in the new business from the right people.
If you carefully select the right local people and the right properties with a bias towards quality, the inquiries that you create through any listing will always be easier to achieve and more valuable over time. Remember to control your listing stock through exclusivity at each and every opportunity. You must control your listing stock; that is the master rule of the industry.