Commercial real estate is similar to other types of property in that you must logically and consistently work your territory. Your success in the process will give you greater listing opportunity and future deals. This will have immediate impact on your income and your success. This says that you must therefore be diligent and logical and how you approach territory management and control. We call the territory your ‘patch’. In controlling your territory, you must do so geographically street by street, so that you do not miss any properties or create any ‘black spots’ or ‘holes’ in your information. Many agents and salespeople have had situations where they have overlooked a simple small property in their canvassing processes only to find another agents board on the property offering it for sale or lease. Nothing can be more frustrating than seeing another agent’s signboard located inside your geographical area and a street that you canvassed last week.
Your Canvassing Object
In the territory that you work you will be optimising your commercial real estate awareness and knowledge of a number of property matters.
They are –
- Existing businesses
- Vacant land
- Redundant properties
- Development sites
- Property zoning areas and policies
- Owner occupiers of property
- Investor property owners of property
- Tenants occupying property
- Allied professional property related groups and people (solicitors, accountants, engineers, architects, quantity surveyors, valuers, town planners)
- Local Council Planning officers
The list is not finite, and can be improved to the specific nature of your region. To get thing started, firstly every major property in your territory must be high on the agenda for identifying ownership details and location. When you have this detail you move to more secondary property, and after this has been secured you will then get the detail of all remaining property through your region. It pays to get quickly active in the known property ‘hotspots’ such as industrial parks, and office business precincts, so that you can find to ‘hot’ listings before they go to other salespeople or agents.
Mapping and Planning
The best way to control your long term activities is to get a street map of the area and then work the geographic location in stages. Essentially you need to understand your area in great detail and have a solid awareness of the following matters –
- property ownership
- tenants and decision makers therein
- property zoning and potential changes there to
- property prices by property type and region
- property rental by property type and region
- property outgoings by property type and region
- lease detail and tenancy detail for all major and targeted properties
- a lease expiry profile for all major buildings and for the region
- regional business demographics
- regional population demographics
- regional economic demographics
- road changes and major traffic flows
- other competition properties and listings
- other agents in the area and their listings
- recent sales results in the area
- Details of properties that have been sold approximately three years ago and beyond, as these are the next properties that will enter the sales arena for disposal.
- Details of properties that have been leased approximately three years ago and beyond, as these are the next properties that will have a need for leasing services.
- Details of property owners that bought property about three years ago in the region as they are most likely to be sufficiently cashed up to acquire again soon.
This information will help you understand future opportunity and position your services such as sales, leasing, and property management.