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How to Improve Listening Skills in Commercial Real Estate Brokerage

In an average working week, as a broker or an agent, you will attend plenty of meetings with clients and prospects.  Your listening skills and meeting strategies will be tested; they should be refined and optimized for each situation that could evolve.

 

Improve your communications skills and your listening skills.  Strategically connect with ever more people in your location and with your property marketing activities.

 

Accurately listen as part of a property discussion or negotiation.  Watch what happens with all your conversations relating to commercial property, and know what is being said by the stakeholders. 

 

Take notes to support discussions and progress; send off an email soon after a discussion to detail the current position.  A full understanding will help you with your position of negotiation or the desired strategic outcome.

 

The Challenges of Negotiations and Clients

 

It is a fact that some clients will be more difficult than others when it comes to negotiation, listing, property documentation, and marketing.  The same levels of difficulty apply to prospects and the third parties to any transaction.

 

Through all stages of the property transaction, there will be issues to discuss and opportunities to create.  Improve your professional communications skills through practice and deliberation.  Set your communication systems in place to help you with prospecting, listing, and presenting properties.

 

Communication Rules

 

Here are some rules that can help you with all your listening skills, client connections, and negotiation opportunities:

 

  1. Where possible, choose the place and the time to meet with other parties as part of any property negotiation or inspection. Try to keep control of the discussion or negotiation through meeting location selection and timing.
  2. Check your property and listing information before you give it to others. Ensure that you have all the supporting documentation validated and ready to display or use in any inspection and or presentation.  Expect that you will get questions on property matters, so have your supporting information ready.
  3. Don’t just listen to the other person but watch what they say and observe how they do it as part of explaining their position or negotiating. The body language of the other party will give you some valuable indicators to work on progressing a transaction forward.
  4. Understand all the alternatives that can apply to the negotiation. Do the people or stakeholders in the transaction need to achieve an agreement, or can they walk away from the discussion?
  5. Take plenty of notes as part of a negotiation process and meeting or conversation. Your notes will help you in the future remember what was said and done or perhaps agreed.  Sometimes disputes occur between the parties in a property transaction, and your notes will be the only way to protect your position and recollection.
  6. Ask plenty of questions relating to a property and or client situation. When in any doubt, ask more questions. As you get the answers that you require, observe the other party in what they are saying and how they are saying it. Look for the problems of interpretation and message accuracy.
  7. Qualify any comments and restate the position of the other party. The stakeholders to a property transaction will have a position or belief so you will need to document that fact accurately and legally for the property and the client.  Don’t proceed with documentation until you know that all is correct.
  8. Any action that is agreed between the parties will need to be taken in a timely way. Timeliness is important and can sometimes be a ‘deal breaker’.  Know the legalities of the matter, and how you can document things accurately for the client’s position, their instructions, and the facts of the property.

 

Listen carefully and comprehensively as part of each property meeting and negotiation.  Establish your rules and your systems of communication control so that every negotiation can be directed and shaped towards the outcomes that the client requires.

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How a Complete Commercial Real Estate Brokerage Practice Session Improves Knowledge and Skills

In commercial real estate brokerage there are a good number of things that require practice and refinement over time.  It’s a personal process that cannot be delegated.  It is the faster track to getting results in brokerage with listings and clients.  (NB – you can get our free commercial real estate course here)

 

So why is this so important?

There are many ‘top agents’ in a location be that a suburb, town or city, and they are all chasing the same new business across sales, leasing, and property management.  Your recommendations and solutions offered to your clients and prospects should be well considered and clearly displayed.  Your ideas have to be better than that of your competitors.  Can you stand out in that way now?

Your solutions have to be better than the others that are put to the client and that are available.  Expect the client to seek presentations from other agents as they work through their property challenge, and before they make a listing decision. 

Your pitch has to be better than the others that are out there; you should be perceived as the professional that people need.  Practice is required to achieve that status.  If you pitch your services comprehensively, the ‘exclusivity’ process is much easier.  Exclusivity is critical to market domination.

 

Practice your skills on key matters

Through your career in brokerage, you should practice your skills and strategies in a number of key disciplines.  You can put that practice into your real estate business through personal disciplines, team meetings, and role playing.  That specific practice will help you with deeper market confidence and better levels of communication; both are important factors when it comes to converting the client to your ideas and recommendations.

So let’s get this important business education underway.  Here are some strategies to help you get that practice incorporated into your real estate business:

  1. Listing pitch – Given the pressures of the current market, what are the better ways to list a property today to get faster outcomes in sales and leasing? That question has to resolved in any client presentation.  Your listing presentation can be supported by research, computer based aids, statistics, and case studies.
  2. Marketing solutions – Have some clear examples of other properties listed today and recently that have been taken to the market, and show the client exactly how the campaign and marketing process was critical to the challenge and the outcome reached.
  3. Negotiation alternatives – Every deal can be closed in a number of ways. Show the client how one negotiation stalled; also show them how another was resolved.  Put yourself into the solution as the facilitator of the positive outcome.  Stories will always help you with client communication.
  4. Vendor paid marketing – Show several examples of local property promotions where vendor paid marketing was the big difference in getting a positive outcome. As a general rule, vendor funded campaigns generally attract and facilitate more inquiry over the listing period, and the time on market is shorter when it comes to a positive result.
  5. Listing refresh – Package your presentation to allow you to refresh the advertising every 2 or 3 weeks. Don’t let a listing stay too long on the market.  Watch the trends of enquiry and tune your property advertising frequently.
  6. Client conditioning – How can you condition a client to the prevailing market conditions in your location? There are many different property challenges as there are clients.  Make sure that you can handle the most common client concerns in today’s property market.

So there are some real things that you can practice here.  Take the pressures of the properties that you work with, and practice your pitch and presentation recommendations.  That practice will help you stand out as the ‘agent of choice’ for the client and their property today.

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A Simple System for Commercial Real Estate Marketing

When you have a property to take to the market you will have a number of options to consider as you reach out to the target market.  You can promote the property selectively and directly to the right people, or you could undertake a public campaign to the general market.  So a good degree of strategy is required to find the right buyer or tenant as the case may be.  Understand the listing and the client before you get started in designing your marketing campaign.

 

Drill Down on the Property Facts

 

You are the professional person to establish the promotional strategy, and then make the marketing campaign work.  You can do things generically, or you can drill down into the real facts of the market and the property; your choices here are critical to the end result.  Your marketing choices are really important to the resultant ‘time on market’ and price or rent achieved.  When you help the client understand those facts, the conversion of vendor paid marketing funds is a lot easier.

 

A property marketing campaign is a bit like a sales drive, and that process will be supported by the many promotional tools that we have today both online and offline.  Sometimes you can use gimmicks to attract the attention of the buyers and tenants in your target market, but the end resultant inquiry will usually be driven by the facts of the property zone and the listing itself.  It is a personal selling process.

 

Professional Systems in Commercial Marketing

 

You are the professional to take a property listing forward, so convert the listing exclusively for a good period of time, and then match the promotional campaign through a deliberate mix of advertising strategies including geographical concentration, marketing message, and target marketing.  Here are some ideas to help you do that:

 

  1. Understand the client first – What does the client want to achieve, and what must they achieve in the marketing of their property? You should understand those facts.
  2. Inspect the asset – When you comprehensively understand the asset, you can penetrate the targeted segments of buyers and tenants. Don’t do things generally.  Promote with focus and significance.
  3. Resolve problems and challenges – Every property will have issues; some of those issues will be real hurdles in the marketing and promotional process. Resolve those property problems before you go to market.
  4. Comparable properties – Check out the competition and the other listings in the location. See if there is any conflict with other properties in the region and adjust your marketing efforts to encourage inquiry given all of those other properties still on the market.
  5. Marketing alternatives – Understand the promotional tools at your disposal for the property and then make the right choices to get the property out into the location or target market of buyers or tenants.
  6. Focus the budget and the campaign – Achieve target market coverage. You can cross sell and promote all of your listings, providing you really understand the strengths of each of the listings; cross selling is a great concept in commercial real estate brokerage. When you work the target market comprehensively, there is a reasonable chance of gaining inquiry inertia and better results with all of your properties listed.

 

Take these marketing ideas, and apply them to your clients and commercial listings.  Upsell your services where possible and cross sell your listings where the inquiry allows; do more with less, that’s the rule.  There are good commissions to be converted in commercial real estate today; there are plenty of business owners and investors looking for a property resolve.

 

A blanket approach to your listing territory and your property segments will help you to get to know the right people in the right way.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

 

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How to Deliver High End Marketing Solutions for Exclusive Listings in Commercial Real Estate Brokerage

The quality and focus of your marketing campaigns in commercial real estate will attract volumes of clients and prospects over time, providing you build quality and target marketing into your promotional processes.  Build your brand through your current marketing processes with all of your listings.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

So the rule here is typically that ‘a quality focus in promotional activity generally attracts quality new business in local property’.  The best clients and investors locally like to work with the agents that have a market domination of the location and the property type.

Compare the competitors

Compare your marketing solutions to those used by your competitors:

  • Can you claim to be more relevant and real as an agent in your property activities?
  • Do your advertising efforts stand out as the best for the property type or the location?
  • Will people remember you at the right time?

Review and research your market position when it comes to your brokerage and your personal profile.  Examine where you are now in the order and ranking of local agents.  Drive a better profile.

Here are some ideas to help you stand out as a ‘go to agent’ for your location:

  1. Property and target market match – Always match your property to a target market before the campaign of promotion commences. Help the client understand the target market that you are chasing and why that is the case.
  2. Local area coverage and regional coverage – When you promote your listings, devote different strategies to the local area, versus the broader region. Vendor paid marketing funds should allow you to specialize your property coverage and penetration.
  3. Online marketing versus traditional marketing – You will need to mix and match your marketing to the online and offline media outlets and channels. Think about everything from the traditional signboard through to website coverage, and the industry portals.  Your exclusive listings should get special attention in that process.  Use the email marketing system as well as the more traditional approaches to listing distribution.
  4. Brochures and photographs – Some people like to review the local papers and or get a brochure in the mail, so photos and brochures are valuable in property marketing. Use them in directly marketing the listings that you have.  The direct marketing process has merit as long as you are taking the time to follow through with telephone calls and direct contact.  If you have spent the money in mail outs, then make the calls to see what others think of the listing and the brochure.
  5. Editorials – When you have a good quality listing coming to the market, get an editorial ready for release, and promote that editorial to the local papers and media outlets. If the property has a good history or local relevance, an editorial is a good strategy to use promotionally.
  6. Database – Use your database in your client and prospect discussions. Create a shortlist of people from your database to inspect a property as soon as it is released to the market for sale or lease.  It is hard for a client to overlook a relevant database of local contact.
  7. Feedback – Seek comments from the people that you take to your listed properties and hold inspections with. Allow their comments to shape your clients thinking and their perceptions of the property as it is being marketed.  This is called ‘third party conditioning’ and it is a valuable strategy in shaping a property for better listing and or negotiation outcomes.
  8. Reset and refresh your listing advertisements – Don’t let an advert for property remain unchanged for too long. Refresh your listing stock promotions with different promotional copy and feature points every 3 weeks or so.

These simple and yet direct strategies are valuable in delivering high quality property promotions.  They allow ‘high end’ coverage, and will attract better levels of inquiry.  Refine and revisit all of your commercial property promotions accordingly, with a real bias towards your exclusively listed assets.

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Prospecting and Focus Facts in Commercial Real Estate

In todays program we cover 1. Ways to focus your prospecting and marketing, 2. Essential prospecting guidelines, 3. Priorities for a commercial broker or agent, 4. Great ways to use your spare time in brokerage. Commercial real estate training by John Highman.
https://www.hipcast.com/playweb?audioid=P81f502a2ea03d2fc7c48d0e3c041a24eZVh7QXpuY2B3VQ&buffer=5&fc=FFFFFF&pc=CCFF33&kc=FFCC33&bc=FFFFFF&brand=1&player=ap21

MP3 File

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Major Change Initiatives for Commercial Real Estate Brokers

Most years in commercial real estate will dish up a variety of market conditions.  You have to be versatile and driven as an agent or broker.  If something is not working for you, look for the signs and then implement change.  There are plenty of people to watch and use as role models.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

What are the signs?

Top agents leave a trail of skills and information that you can replicate.  Watch what they are doing with their listings and marketing, and then pick the best activities for your own implementation.  Apply your own twists to a property initiative; there is no point in being ordinary in commercial real estate today.  Learn how to stand out as the person that commands the market and the enquiry.

Don’t struggle

If you are struggling in the market place, then create some major changes in your business and marketing efforts.  So how do you do that?  Try some of these for starters:

  1. When you take a property type and specialize in it.  You can monitor key performance indicators and weave those indicators into your client presentations and marketing recommendations. Real facts will help you connect with the client.  Show that you are a critical part of the marketing process.  Tell the client exactly what you will do if the client appoints you as the agent to resolve their property issue.
  2. Look deeply into your client relationships. Some of those clients will be well placed to take action on a quality listing.  Keep your VIP clients fully briefed on the best listings as they come to market.  There is nothing wrong with holding an inspection early in the campaign with your preferred and qualified clients.
  3. The email marketing process today is something that is part of the business. That being said, you can do it generically, or you can do it with relevance.  Why not send your campaigns with some focus or property type in mind?  Don’t send out too many properties of different types to everyone that you know.  Be more specific in segmenting your Email marketing efforts to business owners, tenants, landlords, and investors.
  4. Don’t just market your listings online; market yourself. In saying that I mean creating some valuable online property based information in a regular way that can help people.  The best way to do that is through a blog and a series of resources and articles shared on that blog.  You can then link your social media back to the blog, in that way showing your clients that you are significantly better than the other agents locally.

So there are some good things that you can do here in creating major change in your property and marketing efforts.  Don’t be ordinary in commercial real estate brokerage; strive to be different and relevant.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

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Commercial Real Estate Leasing Agents – Taking Effective Tenant Enquiry is Easy to Do

In commercial real estate brokerage, the tenant prospecting process is a good part of the leasing business where you can create plenty of leads and listing ‘churn’.  Tenants will tell you so much about their property occupation, the landlord, and the neighbouring properties and businesses.  Talk to tenants every day and you will find lots of new business leads and listing potential just waiting to be acted upon.

Local Source of Information

So it is a fact that tenants are very valuable to the commissions that you earn and attract as a broker or agent.  They are a huge source of market intelligence and business opportunity.  You can track them in your database.

As part of connecting with those tenants you really should have a thorough and complete questioning process that gets to all the key facts of their property occupation and any upcoming change requirements.  You can do that directly and effectively.  It’s easy when you know what to say and do.  You can develop a checklist to the process.

Get to all the tenant facts

Here are some of the main rules to the process:

  1. WHO ARE THEY?: Understand who they are from the outset of the initial approach or enquiry. Ask plenty of questions so that you know who you’re talking to and how to contact them again in the future.  If they will not provide you with the appropriate contact information, then limit what you tell them about the listing and or the property market.  Your information is valuable, and they should trust you from the outset of any conversation.  A tenant that does not trust you is likely to be concealing a few problems and or issues.  They are also likely to be talking to a number of agents in the location.  Spend time with the tenants that are open and honest in their conversations and communications.
  2. WHAT’S UP?: What do they have now? Understand where they are located currently as a business and what they may be looking for in the future.  Drill down on the facts of occupation including occupied area, business function, staffing needs, customer profile, lease terms and conditions, and landlord problems.  From some very simple questions you can understand where you can take the leasing enquiry and create the conversion that you need.
  3. TIMING?: When do they need to make the change? There will be some critical time frames that apply to the leasing and property occupation process.  Some businesses have a timeline to property change.  That timeline can be impacted by annual business cycles, industry trends, and financial cycles.
  4. SHOW ME THE MONEY!: Understand the budgetary constraints applying to the tenant and within the property type that they are targeting. Some tenants have very little idea about recent rental activity and lease occupancy within a location.  They may have high expectations when it comes to changing premises, but little understanding about the rental budgets applying to occupancy in the particular precinct or location.  Don’t forget to include in your review the appropriate levels of outgoings that apply to lease occupancy in addition to any rental strategy or budget.  The total amount of money will be something that the tenant should fully understand and comprehend before they start looking at properties.  Make sure they can afford the property that they are seeking.
  5. THE IMPORTANT THINGS?: Question the tenant about any specific property needs and conditions. Certain businesses have particular requirements relating to property use, security, communications, staffing, and customer interaction.  When you fully understand those specific and special needs, you can match the property more effectively.
  6. WHERE HAVE THEY BEEN?: Appreciate what property the tenant has looked at previously and currently. It is quite likely that they have been working with or talking to other agents and brokers in your town or city.  They will have seen other property listings and developed an opinion of the property market from that process.  Depending on what they have seen and when, you will need to adjust your property short list and inspection processes.

From these simple and yet valuable rules, you can take any tenant enquiry directly and effectively.  It is easy to do and when successfully undertaken will help you shortlist the required properties in the required locations.

You can get more tips for taking tenant enquiries in our eCourse Snapshot right here.

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Using Property Features to Market Your Commercial Property Comprehensively

When it comes to selling or leasing a commercial property, the features of the property will have a lot to do with designing the marketing campaign and building upon the factors of attraction to pull in more prospective tenants or buyers.  Those factors of attraction are to be used strategically and the marketing process.

As part of establishing the listing and marketing timeline, you should completely inspect the property beforehand so that you can build on the strengths and weaknesses of the asset directly and appropriately.  Identify the strengths and weaknesses of the asset, and then determine where the property sits in the market today from a quality and pricing perspective.  How relevant will this listing be to the target market that you define?

Look for the strengths

The strengths of the property should be merged into the promotional campaign and may even feature in the advertising layout as dot points.  In that way you can attract and improve on the levels of enquiry.  Any weaknesses in the property should be removed prior to the commencement of the campaign.

Look at the property from the perspective of a buyer or a tenant.  The visual aspects of the property will be of the greatest impact to the momentum of the inspection.  Are there any factors that should be addressed to help the property visually?  The client may need to spend some money to solve the weaknesses in the presentation of the property prior to the commencement of the marketing campaign.  The dollars spent by the property owner in preparing the property can be compounded when it comes to the final price or rent negotiation.

Look for the features

The features of the property will help you understand the target market; you can then build your marketing campaign and strategy to attract the target market effectively and directly.  From that target market you can also define the current levels of enquiry coming to your office and what those buyers or tenants may be looking for.

Here are some of the more common factors to understand and control in your listing and marketing processes:

  1. The location of the property will have a lot to do with the levels and the volume of enquiry.  Inspect the property completely and thoroughly in preparing for the listing to go to the market.  After completing the inspection, review the local area for competing listings, evidence of prices and rents, and the most successful methods of selling or leasing as the case may be.  Look for the matters of change, opportunity, and threat that could derail your marketing efforts.
  2. The marketing campaign for any property listing is most effective in the first few weeks of momentum.  Choose the right media channels and promotional strategies to attract the highest levels of enquiry.  If you are already tracking enquiries on other listings, you should know what is working when it comes to promotional activity and inspection conversions.
  3. Every quality property should be listed exclusively.  Your priority should be to achieve that.  The marketing campaign for every exclusive listing should be heavily tracked and monitored.  Each week the results of the marketing to date should be reported to the client and adjusted appropriately to optimise further enquiry.  I go back to the point that the first few weeks of the campaign are the most important.  A listing today can become very stale and stagnant on the market in a short period of time.  If you are not getting the enquiry that you need, it is the time to seriously look at the marketing strategy and make adjustments where necessary.
  4. Help the client understand the conditions of the property market today.  Take them around the local area to see other listings and the results of successful transactions.  Most clients will take some time to accept the prevailing market conditions and understand how they will impact the listing activity.  It is your job to help them see that and accept that.
  5. When you clearly define the target market for the client and for yourself, you can comprehensively direct the marketing campaign to achieve the best levels of enquiry.  Have a pro forma checklist relating to the definition of the target market and how you will tap into that group of tenants or buyers.  From that pro forma checklist, you can show the client exactly how you will direct the marketing process and optimise enquiry.

The marketing of any commercial, industrial or retail property does not need to be a complex process although it should be professionally explored and implemented.  Top agents know how to help the client see the factors of promotional strategy and timing; those factors will help significantly when it comes to achieving a positive result with the listing process.  Develop a strategy or a checklist to help you improve every client interaction and marketing activity.

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The Perks of Commercial Real Estate Brokerage

A successful commercial real estate agent has the ability to tap into a few perks that come with the job.  That being said, the perks only apply to those good agents that are successful in their business activities.  Hard work is required to break through a few ‘barriers’ of sales performance.

Any agent that doesn’t put in the required hours and the focus to their career will find the industry very unkind; the new business doesn’t just walk in the door, you have to go out and find it.  The perks and the results only come to those that work to a definite plan and improve their skills as part of the process.  I guess it’s the same in any sales related career; however the commissions in commercial real estate can be very large per transaction, and on that basis it can be a very rewarding career choice.

So when you focus on the right property types and sizes, the commissions per transaction are very good.  Also if you focus on the high quality properties and get known as the ‘go to’ industry specialist in that property segment, then your real estate business starts to get some traction.  That being said, personal improvement and skill development are really important factors in career development in commercial real estate brokerage; you will never really know too much or have all the skills you need to be a top agent.  Constant improvement is required.  Practice is a good business process.

So what can be the perks of the job?  Try some of these for starters:

  • Flexibility in working hours
  • Autonomy in activities
  • Good commissions or earnings
  • Technology toys
  • Upmarket motor vehicle
  • Overseas trips or holidays
  • Lifestyle and living
  • Early retirement (?)

So all of this is quite attractive, correct?  I go back to the point that hard work is required to get anywhere in our industry; but you would expect that wouldn’t you?

The good things in commercial real estate brokerage only come to those that really push themselves on a daily basis and improve their core skills.  What are some of those core skills that help things come together?  Try these:

  1. Communication and conversation – it is just so important to be able to talk to lots of people every day in a relevant way; that’s how you grow your market share.  As part of that you should have your database of contacts, VIP clients, prospecting programs, and marketing systems all active at the same time.
  2. Local property knowledge – the property market is always changing, so keep up to date with property prices, rents, yields, returns, supply and demand, and redevelopment needs or property redundancy.
  3. Negotiation – some of the people that we get involved with in a sale or a lease will present very challenging situations of sale or lease.  Good negotiation skills underpin most property deals, be they in sale or leasing.  The only way you can negotiate with confidence is to understand the property market in all respects.  Practice your negotiation skills regularly.  Be prepared for the common problems of the industry today and how to negotiate through them.
  4. Marketing – the processes of promoting a property and for that matter yourself are quite special.  Technology today helps us with the marketing process.  Newsletters, emails, direct mail, telephone calls, social media, plus signboards, websites, print media, brochures, and blogs are all part of the marketing process. Good agents know how to use all of these tools and do so regularly to a particular system.  When it comes to marketing it is really important to track the things that work and repeat the process as often as possible.

So, the message here is that the perks of a career in commercial real estate brokerage come to those that work with real focus and consistency, whilst improving their skills and market knowledge.  Are you ready?  They say that ‘the sky is the limit’.

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Creating More Customer Inquiry In Commercial Real Estate Brokerage

One very important part of the commercial real estate process is to do everything possible to get the telephone to ring with fresh and valuable property enquiry.  Quality properties create more customer enquiry, as an agent you should be focusing on identifying and creating good quality listings within your brokerage.

It is a fact that a few good listing campaigns comprehensively marketed into your local area will create many leads and opportunities into the future.  That being said, it is necessary to track and measure the entire enquiry coming to you across all of the listings; you will see the strengths and weaknesses of every campaign.  That is where your database will be valuable and integral to tracking the marketing processes you adopt.

When you track and measure the inbound enquiry coming to you or your office, you can understand the factors of marketing that are working in today’s property conditions.  Some methods of sale and methods of lease are far more effective than others when it comes to the local area and the property type.

Here are some ideas to help you with strengthening the customer enquiry for your brokerage:

  1. Refresh the listing – During the average promotional campaign you will find that the levels of enquiry will improve when you refresh the listing and or adjust the price and the marketing campaign.  On that basis every listing should be reviewed every 14 days for both refreshing and rewording.  Condition your clients to accept price adjustments on a monthly basis.
  2. Attract inbound enquiry – You will see that particular methods of marketing are far more effective than others in your town or city; adopt the marketing methods that work and drop those that are low in converting enquiry.
  3. How did they reach you? – Find out how a person has reached you and what triggered that connection.  It could be a particular listing or your market share that attracts the enquiry.  Over the longer term you should see a lift in personal profile and inbound enquiry based on that.
  4. Use professional photographs – Every exclusive listing should be enhanced with quality photographs.  There is a cost to the process and that cost should be vendor paid.  You can see and reap the benefits of quality photographs in your property marketing campaigns.
  5. Use 3 different advertising formats – When promoting a single property, have 3 different versions of advertising that can be placed on different industry portals and brokerage websites.  Different advertising copy and different layouts will be valuable in broadening the enquiries that you get from the target market.
  6. Use success letters – When you have listed or sold a local property, use the success letter process to spread the word to local businesses and property owners.  The success letter process is most effective when you cover the properties in the immediate vicinity of the subject listing.
  7. Write Property Editorials – Whilst newspapers have limited promotional value today in property marketing (given the impact of the internet), the newspapers still need good quality editorial to support and drive readership.  With every exclusive listing write and submit editorials to the local newspapers. Support the editorials with high quality photographs.

So there are plenty of things to do here with building customer interaction.  Effort should be applied to exclusively listed properties where you can see results and enquiry growth potential.

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Doing Your Market Research in Commercial Real Estate Brokerage

Relevant market data in commercial real estate can help you with property presentations, prospecting activities, and negotiations.  As the real estate agent or broker in your local area property knowledge and information will help you close more listings and facilitate more transactions.

Whilst most clients think that they own a high quality property commanding a good price or rental, the facts of the matter can be far from the truth.  Local property market information will help you position the client’s property for better levels of enquiry and negotiation.

Here are some facts that will help you stay ahead of local property market activity:

  1. Track the number of sales occurring in the local area by property type.  Focus on the local area and your property specialty.  Determine the averages that apply to sale prices per square metre or per square foot.  That information will be helpful when it comes to pricing other listings.
  2. Watch the trends that apply to leasing and renting commercial and retail property.  Industrial property may also feature as part of that analysis.  Leasing strategies and rental levels provide the basis for property investment today.  The ratios between net rent and property value provide a yield or capitalization factor.  That number will change throughout the year based on the supply and demand locally and within property types.  Oversupply will typically see prices fall against rental income.  That will improve the yield ratio to encourage any sale.  In undersupply situation, prices typically rise against passing income and rental.  That then produces a lower yield for the property investor.  It directly follows that you should track supply and demand factors that exist within your property type and within your town or city.
  3. Market rentals will shift and change throughout the year.  Over an extended period of time you will soon see patterns to any rental growth and leasing incentives.  In any oversupply of vacant space you will see that the incentive levels will grow to attract more tenants to a property.  The levels of incentive will conversely fall away as the vacancy levels decrease in the local area.  Look at the patterns that apply to market rent within the property type and your specialty.  Understand the reasons why tenants lease a property today locally.
  4. There will be changes to the business community regionally and locally.  Those changes will have impact on business sentiment and occupancy costs.  Some segments of the business community will be more active and successful when it comes to levels of trade and sales.  When you can identify a successful business segment, focus your prospecting efforts within that segment and with those businesses.  Any successful business over time will require relocation or expansion to other property.  Get to know the local business owners for this very reason.
  5. New property developments come and go from the market.  The ratio between supply and demand, together with the availability of vacant land locally will activate some property developers to consider new projects.  A property developer will only consider a new project or building construction when they can see that the demand exceeds future supply.  They will also look for reasonable levels of profit from the project based on expectations of rental and price.

So you can see the reason why it is necessary to stay ahead of market activity in commercial and retail real estate.  Property trends in rentals and prices will help you see new business leads and clients to serve.  One other key factor to remember in gathering property information is that of specialization.  As an individual agent you cannot serve every market and every type of client.  Specialize personally within a segment of property and within a location so that you can become a top agent.

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Staging a Sales Pitch for a Top Commercial Property

When it comes to pitching for a high quality commercial real estate listing, the whole process has to be well considered and staged.  There are plenty of competitors that are likely to be chasing the same property.  Only the top agent that shows property market relevance will win.

  1. Define the property and its strengths in today’s market.  Help the client see that you really understand the facts of the property and how to sell it.  Many properties will have advantages that can be integrated into the marketing campaign.
  2. State your understanding of the client’s requirements and points of focus.  Many clients have specific outcomes that they require; that may be in price, timing, and investment results, method of sale, or inspection and marketing strategies.  Help the client see that you fully understand what they need to achieve in the property market today.
  3. Talk about the current property market and the competing listings.  Many clients don’t really understand what is going on locally with property.  When they can see the competing listings and the prices that are being set, your job gets a bit easier.
  4. Link the property to a segment of the market as you see it.  The target market that you focus on will have an impact on the marketing campaign.  It may also have an impact on the timing a method of sale. Choose your facts wisely.
  5. Provide a definite method of sale for the property and the reasons behind your recommendations.  Some properties are only suited to a particular method of sale.  Understand what works for the property type and make recommendations accordingly.
  6. Match your marketing recommendations to the method of sale and the target market.
  7. Show the client some successful samples of marketing for properties in the same category and location.  Many clients like to hear stories of others that have worked through property problems and challenges.  Keep a set of stories and supporting marketing material for that very reason.
  8. Ask for the business and provide a time line of action so the client can see exactly what will be done for them.  As strange as it may seem, many clients do not know what is required to market and sell their property.  Your timeline can show them the process and the parts that are really important to momentum.

The sales pitch process for a listing in commercial real estate does not need to be difficult.  Set some rules and systems similar to those above.  Your conversions will then get a lot easier.