In commercial real estate brokerage today it is very common and perhaps far too common to see some brokers and agents taking on listings generally without a lot of thought and planning. Invariably they take on listings that are hard to move or attract enquiry with; they make their job hard for themselves. Open listings are a case in point.
Open listings can waste a lot of time for any agent. The ‘open’ listing stock is also not controllable in any way or form; sure there may be the potential of a commission, but luck comes into it more than anything else if the listing is of low quality and ‘open’. The Client invariably is talking to a lot of other agents and cannot be conditioned to the prevailing market conditions.
Focus on listing quality and your real estate business will thrive faster and more comprehensively. That process will also help your profile locally as an expert that clients want to work with.
Quality is everything
So what is a good quality listing today? Here are some thoughts to help you refine your prospecting and listing process and convert the better listings:
- EXCLUSIVITY: All good quality listings should be converted to exclusivity. In that way you control the listing stock, the marketing, inspections, and negotiations. If the client is serious about marketing their property for sale or lease, and then they should list exclusively with the agent of their choice (that should be you). That agent should have a comprehensive cover of the prevailing market conditions and property type for the area and the region.
- THE BEST TIME: The duration of the listing appointment should be appropriate for the property type and the prevailing market conditions. Most commercial property listings today require at least three months and potentially four months of direct marketing to attract the correct levels of enquiry. If the property has not sold or leased in that time, then something needs to be adjusted and addressed.
- TOP LOCATIONS: The location of the listing will have a lot to do with the enquiry that you create. You will or should know the precincts and locations within your town or city where commercial real estate enquiry is high. That location should also be a zone of priority when it comes to prospecting and client contact.
- BUILD THE TRUST: When it comes to the marketing of any commercial property today, you need the trust and the commitment of the client to the process. They will need to have made their decisions prior to the start of the campaign, and given you the correct set of requirements to promote the property and achieve the targets that they seek. It should also be said that the client’s targets should be realistic for the prevailing market conditions. Your job is to help the client understand that and adjust as you move through the negotiation and inspection process.
- VENDOR INVOLVEMENT IN MARKETING: The commitment of the client to the marketing process will help greatly in attracting property enquiry. Where possible, convert vendor paid advertising as part of the listing process when establishing the marketing campaign.
So there are plenty of things that you can do here as a broker when it comes to selecting the best listings to work with, market, inspect, and promote. Choose the best properties and the best clients to serve in commercial real estate brokerage. Quality listings and quality properties will always create better levels of enquiry.