It is a common event that some agents will be hard pressed for commercial real estate listings during a working year. The problem develops when you are not prospecting correctly or enough.
The knee-jerk reaction is to go and get more listings and most particularly anything that you can find. That is a big error; quality is the key to the process. If you want to be a top agent, you must have quality stock. Don’t waste your time on low quality listings.
Here are some tips to help you with your listings and the prospecting process for them:
- It doesn’t really matter that you have only a few listings. What matters is the quality of those listings. Quality can be many things but it usually relates to price, rent, location, availability, and improvements.
- I have seen many if not most top agents earn more money from fewer transactions each year. This means that they are very selective to what they work on and when.
- Look at the cycle of the property market in your area. Most markets will have a pattern to them. Commercial and retail real estate will usually cycle in and out of the market every 5 to 7 years. This is because the property investor or property owner needs to change. This then says that you should identify those properties that were bought about 4 years ago. They will be the next properties to come back into the market.
- Every time a competing agent puts a signboard on a listed property, use that listing as the chance to talk to nearby businesses and property owners. Those nearby people may be seeking to compete with the other agents listing. You are best placed to help them.
- The property market today will have trends when it comes to property choice. As you advertise and promote more local property you will soon see what properties are desirable. Selective prospecting will then be a priority.
Many times I have had agents ask me about best ways to get the details of property owners and make contact with them. There are no easy short cuts to the process. The best way to prospect is to consistently make it a part of your daily diary. Two or three hours are what is required. When you devote the time you will get momentum and that will eventually bring results your way.
You can get more tips for listing commercial real estate in our commercial real estate agent newsletter right here.