As an agent in commercial and retail property, you need to understand your local property market comprehensively and fully. In achieving this level of focus, you will find opportunities for leasing, sales, and property management.
The commercial property market is largely based on relationships. When you get to know a lot of people locally, the listings and opportunities start to evolve. That being said, these clients and prospects do need to trust you as the top agent of choice in the local area.
Here are some tips to help you get to know your local property market at the appropriate level.
- You will need to maintain a database of contact information. This is not something you should delegate to another person in the office. The fact of the matter is that the database is your foundation of business and goodwill. When you take personal ownership of your database, the information becomes more meaningful and relevant. On a daily basis you should be frequently moving in and out of your database to make calls and capture information. This then says that you will require the necessary computer information and computer hardware to do the job correctly.
- Split your area into zones of priority. Some of those areas will be very active and desirable from a business and client perspective. Review those areas so that you can understand and quote the levels of activity to the right people when you are presenting or pitching your services.
- Your property precinct, suburb, town, or city will have a property history that is real and relevant to your activities today. You should identify the types of sales, types of leases, time on market, levels of enquiry, and region demographics. That information should be relative to the last five years and be particularly accurate over the last two years. These figures will show you trends of opportunity and change. Top agents seize the opportunity and move their market focus as required.
- Get copies of the local development plans as they apply to commercial and retail property. Understand the differences between the property zonings and the property locations. A property location or zoning can have significant impact on the listing and marketing of any property.
- The supply and demand for commercial and retail property will change throughout the year. An oversupply of space will saturate the market with excessive vacancies and empty properties. You can stay ahead of this change by monitoring the new property developments that are being considered at the local council or municipality. Whilst a new property developments are an opportunity for listings and fees, they can also skew the market when it comes to pricing, rentals, and incentives.
- Check all the listings locally that are held with other agents and with private owners. Over time some of those listings will be an opportunity for change and perhaps listing with your agency. Whilst they remain available for sale or for lease today, they will give you an indication of what prices and rentals are doing.
- Network into your area on a daily basis. This means making the necessary cold calls and dropping into local businesses on a daily basis. Through this personal contact you will generate opportunity and fresh listings. Top agents are very visible to the local community of business owners and property investors.
You can’t win many listings by sitting at your desk. Desk time is actually downtime. You should only be sitting at your desk to make the necessary cold calls or to have meetings with the right people. Every other part of the day should be outside of the office meeting with people and checking on properties.