In commercial real estate brokerage, the level of relevance that you present to the property market will help or hinder you in growing your real estate business. Understand why you are pertinent to the business owners and property owners locally; improve that importance over time. Market yourself around that point of difference.
Relevance Really Matters
It is one thing to be confident in commercial real estate brokerage today; it is another to be relevant.
Think about your position in the property market today. How do you compare to the competitors that you know and work against? Look at your top competitors and determine why they seem to attract the business.
Sometimes it is the simple things like:
- They have been in the location for a very long time
- They know lots of people
- They are really good at what they do
- They know how to pull in referral and repeat business
There are many ‘ordinary’ agents and brokers out there; you have to stand out as the best at what you do, and what you do has to be ‘tuned’ to the existing property market and levels of inquiry. That’s a special agent profile, correct? If you can ‘tune’ your approach to and as part of personal marketing, you stand a good chance of getting some progress in your real estate business.
People do business with the property specialists that they know and trust. They are the two factors that must sit at the center of your marketing model.
Lift your profile in a strong and local way with the specific target audiences that you serve. Here are some of the things that you can use as relevant property information in your connections with clients and prospects:
- Recent property sales – Keep a list of property sale results for the local region and particularly your property types. Differentiate between open listings and exclusive listings and track the prices per precinct and street. There will also be differences in time on market and prices when you assess the results of open listings versus exclusive listings.
- Recent leasing results – Leasing deals impact property performance both in rents, and returns. A good leasing deal is essentially a deal that provides a quality tenant paying a fair rental to a landlord over a reasonable period of time with lower risk factors such as vacancy and business viability.
- Changes to property zoning and use – Over time there will be planning and zoning changes that impact commercial, retail, and industrial property use and occupancy. Stay close to those trends at the local planning office of your municipal council. Watch for the upcoming zoning trends that could change the results of a property investment.
- Ways to save on occupancy costs – Tenants and landlords like to know of creative ways to legally and efficiently reduce occupancy costs without impacting property performance. Everyone in property occupancy or ownership of an investment property is looking for ways to save money. Ideas with energy, water consumption, natural light, floor layouts, fit-out efficiency, and recycling are all ‘buzz words’ for tenants and landlords alike. Become a specialist in reducing occupancy costs whilst lifting property performance. Do you know how to do that?
- Rental trends – There are different rent trends out there today across the precincts and property types. Track the trends and watch what is happening with gross and net rents, plus the incentives and outgoings initiatives that are of use or interest to the different lease deals happening currently.
So there are some good things here for you to do and plenty of ways you can provide valuable property information to the people that you serve in commercial real estate brokerage. Your confident control and presentation of property information will help you build your real estate brokerage business faster.