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Commercial Real Estate Agents – Landlord Leads and New Business Opportunity

In commercial and retail property sales and leasing, regular contact with local landlords will help you with growing your market share, and improving your commissions.  Landlords require expert assistance when it comes to quality investment properties.  They cannot do everything themselves (although they may think that they can).

Most landlords only have a spattering of knowledge when it comes to the bigger issues and challenges of commercial property ownership and property performance.  Consider some of the following that you know and that landlords do not:

  • Market rentals for property type and location
  • Enquiries by local tenants for new space
  • Occupancy costs relating to property types
  • Leasing strategies in today’s property market
  • Relocation and renovation strategies
  • Income improvement processes for leasing property today
  • Incentive strategies to create more property enquiry
  • Marketing strategies for challenging property situations
  • Franchise tenant leasing and occupation

You can be an expert in all of these things.  It is that expertise and knowledge that landlords require and you can market yourself around.  Local property information will always be of interest to the landlord’s that you talk to.

Relationships

Over time the relationship that you establish with local property landlords can be strengthened through regular contact, but also through the provision of relevant information and specialized services.  Here are some strategies to help you in that process:

  1. Keep the landlords up to date with information about the changes to vacancy factors in the local area.  Throughout the business year, vacancy factors will change relative to the property type and the supply and demand of new space locally.  Track these numbers and make them available to your good clients or prospects.
  2. Given that the property market will change throughout the year, you can provide market updates relating to investment property, market rentals, lease strategies, vacancy rates, time on market, and local business sentiment and activity.  All of that information should be at your fingertips as the local commercial real estate specialist.  You can produce a research paper on those facts; that paper can be directly distributed and be made available from your website as an enticement to join up to your newsletter or mailing list.
  3. Any new property developments approved through the local planning office can challenge the owners of existing properties in the same general location.  You can keep those landlords up to date with information regards other new property developments and the progress of the development.  It is a prime opportunity to help them minimise their vacancy factor as the threat of the new property grows through its construction and project leasing phase.
  4. You can provide a tenant retention strategy for the landlords that you serve.  A good tenant retention plan will incorporate lease strategies, tenancy mix solutions, relocation and refurbishment plans, and vacancy management.  Charge a fee for the process.
  5. Any of the properties that you market locally for sale or for lease can be communicated to the other landlords that you know, in case they have an interest in monitoring or participating in the local marketing campaign.  They may even have an interest in property acquisition and portfolio growth.
  6. When any property is listed in the local area, personally connect with all of the local business proprietors to tell them of the upcoming listing.  The same process should apply with all local property owners.  This thorough networking approach will show your professionalism in the industry and position you as the local top agent specialising in the property type.

Keeping in contact with landlords will always produce good opportunity over time.  Establish your system of contact and keep it moving ahead.  Make sure that all the local landlords know you as the expert that you should be.

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Commercial Real Estate Agency Performance Standards that Matter

In commercial real estate today, every salesperson and every agent will require close monitoring when it comes to certain factors within their job.  Through this monitoring process, it is easy to identify if the agent or salesperson is lacking in some respect and requires knowledge or skills improvement.

It should be said that most salespeople require knowledge improvement and skills practice over time.  None of us are experts in everything.  Commercial real estate is a specialized part of the industry and even after many years of successful career activity, top agents should still be learning.

We all require skills improvement and regular practice.  That is why we should have regular sales team meetings and incorporate role playing into those team meetings.  In this way everybody can learn and practice from each other.

The property market is relatively difficult and challenging at the moment; many circumstances and problems will be experienced across the team.  Agents and salespeople can share these challenges as part of the team meeting, and then role play the solution or strategy to be used in resolving those common challenges.

Team meetings?

It should be said that many salespeople hate lengthy team meetings and role playing.  Those salespeople that have been in the industry a long time are likely to be those that offer the strongest resistance to personal improvement and change.  Through all of this, the top agents always know that practice is required and ongoing skills improvement will help their listing conversions and commission growth.

So you have a choice here; you can be one of the many that refuse to learn, or you can be one of the few that look to improve and grow their knowledge and their skills.  It is a simple choice and the answer should be logical.

Here are some performance standards that should be tracked by you as an individual, or if you are the sales team leader, the standards can be monitored across the team.  The standards will then show you if a particular person or perhaps even you personally will require some skills upgrade or knowledge improvement.  Don’t be afraid to learn, it is simply a factor of business.

  1. The number of signboards on properties in your local area.  This should be analyzed at the level of agency and salesperson.
  2. The numbers of properties advertised on the Internet per suburb, per salesperson, and per agency.
  3. The number of outbound calls made each day to new people
  4. The number of meetings created from cold calling and networking.
  5. The amount of new listings coming in each week
  6. The ratio between open listings and exclusive listings
  7. The amount of vendor paid advertising committed as part of the listing process.
  8. The numbers of inspections created per property and per salesperson on a weekly basis
  9. The size of the database for each particular salesperson
  10. The accuracy of the database and the volume of information maintained in that database
  11. The closing ratios to listings on a salesperson and property type basis.
  12. The amount of referral business converted from existing clients and closed transactions

You can quite likely add to this list based on your agency activity and agency structure.  When you track your numbers, you then know where skills can be improved but you also know where you are succeeding and growing.  These numbers will always assist you to stabilize your networking activities and therefore grow your market share.

The industry is not complicated; it just requires systemized processes and tracking.  When you do this, you will achieve more momentum and the personal success that you require will be easier to achieve.  You will know exactly where you are going and how you are proceeding.

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Commercial Real Estate Agents – Fast Track to the Best Listing Pitch and Presentation

In commercial real estate today, there is no need to complicate the sales pitch or presentation for the listing.  Keep things simple in all respects.  That being said you still need a plan to get the message through.

Most property owners and investors want the clear facts and solid recommendations that can help them with the property challenge.  That is why generic pitches are a total waste of time.  A full 95% of the presentation should be about the property and the client as you know it.  The other 5% can be about your business and the relevance you bring to the listing.

To create a presentation about the property at such a high level you really do need to know the local property market and the trends over recent time.  You should also know the subject property and the strengths and weaknesses of the improvements and location as you see them.

Here is a summary of approach to plan your presentation.  Given the property type and the needs of the client, structure your presentation around the base model of:

  1. Tell them briefly who you are and why you are there (only do this if they do not know much about you and keep it very short)
  2. Tell them about the facts that you will be covering and why (overview only)
  3. Give them the facts.  Tell them about the key issues in clear and concise points (substantial and detailed information)
  4. Give them relevant recommendations and alternatives (people like to have choices) relating to the previous point.
  5. Tell them what you have told them and summarise it (short summary)
  6. Ask for the business (be prepared for the answers you could get!)

As you move through these stages the client will give you an indication of their focus and concerns through questions and comments.  When you can see what they are concerned about you can open up on the relevant points.  Local property market knowledge can help you here.

The best listing pitch today needs to take into account the challenges of the property market locally and then regionally.  Understand the pressures that people are operating under and then adjust your skills and knowledge around those facts.

It takes time to list, promote, negotiate, and close on a commercial or retail property.  The business owners and the property investors that we work with are quick to enquire but slow to make a decision.  That is why you need to be at the top of your game to encourage the enquiry momentum and property transaction.

Most clients and prospects in commercial and retail real estate want to make a decision, but they will only do so when the right facts and strategies are provided to them.  If you fail on a listing or sales pitch, it is because you have not fully aligned yourself and your pitch to the client or prospect; that is the simple fact.