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Technology Tips for Commercial Real Estate Agents Today

Technology in commercial real estate today can be an advantage but also a weakness.  There are so many tools for us to use and yet so many of them are poorly used.  Any real estate agency can then be improved if technology is correctly applied across the business.  Gone are the days of the commercial real estate salesperson keeping their records and contacts in the back of their diary.

Typically the technology systems and tools available to us today will include:

  • Mobile telephones
  • SMS Technology
  • Cloud based database systems
  • Email auto responders
  • Electronic newsletters
  • Social media
  • Websites

So the list can go on and will change from time to time as new technology is developed and implemented.  It is important that the tools we use are not a cheap substitute for a face to face connection and meeting.

Commercial real estate sales and leasing is really built around personal relationships and ongoing contact with sellers, buyers, tenants, and landlords.  Rarely will you win a new business opportunity with someone that you have not met before.

So how do you find these prospects in your local area?  Diligent hard work and good research tools will get you there.  That being said, there is no easy shortcut when it comes to building your list of prospects and clients.  Identify the key people in your marketplace and the important properties of good quality.  When you list and sell and lease quality listings, the enquiry will come to you in a major way.  That is how top agents build their market share and consistently maintain that level over time; they start from a base of quality listings on an exclusive basis.

So let’s go back to the issue of technology.  It is remarkable how so many salespeople overlook the diligence and accuracy required for the maintenance of a database.  There is no point in having a database unless the information is up to date and well maintained.  Consider the following questions:

  1. Who will be entering the data into the database at the end of each day?
  2. How will the data be reviewed and upgraded?
  3. Who will be extracting the leads and opportunities from the database over time?
  4. Who will get the benefit of the lead or the opportunity from the database?
  5. Who are owns the information inside the database?  This is particularly relevant when it comes to the termination of employment of particular salespeople.

A good database system that is accurate and up to date will allow you to record the necessary telephone numbers and E mail contacts for all qualified prospects.  Someone in your office will need to check the integrity of that information over time and keep it up to date.  It is very common to come across a real estate agency with a huge number of contacts that are really so old that they are irrelevant.  It is quite effective to have one central person placed in charge of the database implementation system.  Salespeople should be filling the system at the end of each day with the results from each and every telephone call and meeting.  In this way the customer base for the business will grow and the potential market year similarly.

When a CRM System or database is well maintained, you can integrate into it layers of different contact including e-mail, newsletters, auto responders, social media, and website feeds.  That being said, shortcuts should not be taken when it comes to making the ordinary telephone calls, prospecting, and face to face meetings.  Nothing will replace the advantage of getting together with the client and building a relationship over time.

If you want more tips on commercial real estate agency practice, you can get them in our free Newsletter.

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Commercial Property Agents – Get Your Fair Market Share

In commercial real estate agency, you really do need to understand the property market and the segments that you work with.  In this way you can track the trends and opportunities for more commissions and listings.

Top agents tend to systemise there approach to the market, the properties, the clients, and the listings.  Here are some tips to help you with that:

  1. Choose a part of the market that you are interested in and around which you can show knowledge and expertise.  Top agents tend to be experts in a particular segment of the market.  In this way they can comprehensively quote prices, rentals, marketing strategies, and time on market.  Knowledge will always help you convert listings from presentations.
  2. When you have defined your property type, you can determine the region geographically that you will work within.  There is no point spreading yourself too thin across many suburbs or townships.  Market share only comes from the market dominance of intense marketing and signboard presence.
  3. Research the key properties and the key property investors within your defined region.  Ensure that there is sufficient stock available for you to focus on throughout the year.
  4. Look at the history of property transactions inside your defined region or focus territory.  That history over the last three or four years will have relevance to the future opportunities and sales that are available.  Typically a commercial or retail property will transact in one form or another every 5 to 7 years.  If you focus on properties that were purchased, sold, or leased about four years ago, they are likely to be the next properties that come on the market in your region.
  5. Understand the current trends that apply to pricing and rentals.  Add to that the factors of time on market that currently apply to existing listings.  Inspect any comparable properties in the area within your property speciality.  All of this information will help you with client connections and presentations.
  6. Within your region there will be groups of property investors and business owners that are frequent and high value prospects when it comes to commercial and retail property.  Put together a hit list of contacts that you will focus on for regular prospecting and meetings.

The commercial and retail property market is largely based on quality and long term personal relationships.  Top agents and salespeople build relationships with the right people, understanding that listings and transactions will be possible at some stage in the future.  These top agents maintain the contact with the right people, and provide valuable market information as they proceed through their pipeline of opportunity.  How big is your pipeline?

Get to know your market intimately, so that you can build the right knowledge in preparation for meetings with clients and prospects.  Selling and leasing commercial and retail real estate is not an experiment; it is a deliberate and focused process using the best information and market intelligence available.

If you want more tips and ideas to help your commercial real estate sales or leasing career, join our Newsletter right here.