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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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