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Branding Solutions for Commercial Real Estate Leasing Agents and Brokers

In commercial real estate leasing you want the tenants and landlords to remember you as a leasing specialist, and thereby use you at the times when they have a leasing challenge.  On that basis you really should know lots of people locally that own or occupy investment properties. Your database should be the lifeblood of leasing commissions and vacancy opportunities. Your brand and your image should feature in your professional leasing marketing plan.

 

You want the tenants and the landlords in the local area to remember you as the industry specialist at the right time and in the right way. The best agents and brokers have a reputation for resolving leasing challenges effectively and directly. The understand how to shape the lease and rental transactions for the best outcomes possible for their clients.

 

Whats happening?

 

Consider the leasing market over the last 12 months. Think about how the rents have changed and the enquiry rates similarly so for the different property types. Somewhere within that change and churn you will have the opportunities for tenant placement and vacancy resolve.

 

The local leasing market will always be under change and churn, and the commissions can be found when you tap into the changes in the property market.  Rents will alter, as will the vacancy factors throughout the year.  An active leasing market will have plenty of opportunities for commission growth. Look for the tenants that need help when it comes to occupancy and premises expansion or change. Ask the right questions, and comprehensively talk to all of the tenants through your business zone or precinct.

 

Know the tenants

 

So the message here is that you can and should talk to plenty of tenants each and every day. Understand what the tenants are thinking and doing when it comes to lease occupancy and rental intentions. Some of those tenants will need to expand or relocate their business operations. Other tenants will be coming to the end of lease occupancy and will be looking for better value from a rental and occupancy cost perspective.

 

The agent or the broker with a comprehensive tenant database will be of great value to the landlords that they serve. Market your leasing services accordingly, using your database as part of your lease listing pitch.

 

Your database rules

 

A good leasing agent will have several thousand local businesses in their database, and that database will be fresh and up-to-date. All of the tenants and business owners in the list will be contacted in an ongoing and complete way. Their leasing status will be changing in the database over time.  Track and measure the changes and the challenges of local tenants.

 

Here are some other ideas to help you build your brand awareness with the tenants in the landlords in your investment leasing market:

 

  1. Comprehensively canvass all of the local businesses within your territory – take an organized approach to buildings, streets, precincts, and property types.
  2. Connect with all of the landlords within the region – some landlords will have a valuable portfolio of prime properties to lease. Work with the landlords that have or offer the most opportunity for you over time.
  3. Offer specialized vacancy resolution services – develop some unique and valuable leasing services to help resolve vacancy challenges and local leasing requirements fast and efficiently. Tenant retention plans, tenant advocacy services, and lease negotiation services are all valuable services to offer to the local area and the people therein.
  4. Provide tenant mix strategies and clustering solutions – office buildings and retail shopping centers have unique challenges when it comes to tenant mix strategy and clustering. The mix of tenants in the building can make or break the growth in market rental over time. The types of tenants can also strengthen or weaken the occupancy within the building over time.
  5. Understand how to improve the value of a lease – a long-term occupancy can improve property cash flow and values over time. The rental structure can include variations in rent reviews, outgoings recoveries, and option periods. Think about how you can negotiate leases with due regard for your client and their investment circumstances.

So you have five ways here to help improve the leasing services that you offer locally.  As a direct result, your personal brand can grow in the local area with tenants and landlords.  That is the best way to build your leasing business.

 

(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 Amount to Something in Commercial Real Estate Brokerage in this Market

Motivation is something that can be considered as an essential ingredient to the success of any commercial real estate agent or broker.  Every day there needs to be a degree of personal motivation in each agent to do the difficult tasks and confront regular challenges in the industry.

Every day there will be issues with clients, listings, negotiations, and marketing activities.  Given that you may have plenty of listings on your books, you can easily get distracted and diverted from the things that really matter.

In saying that, it is preferable that every agent and broker focuses on exclusive listings rather than open listings.  In the open listing situation you cannot control the stock and you have very little control over the client.  You will never really know exactly what is going on with the property at any given point in time.  An open listing is only useful if you want to quote the property to people within your database.

The clients that prefer or demand the open listing process can waste a lot of your time.  Most top agents in the market today will refuse to take on open listing knowing that the real results that they create will come from exclusivity.  On that basis they improve their sales pitch and presentation around the logic and the processes of exclusive listings.  It would be wise for you to consider the same strategy.

Motivation

So let’s go back to the topic of motivation and the role that it has to play in the performance of a real estate agent or broker.  If you have a system to work to each day, it is quite easy to stay ‘on track’ when it comes to the essential real estate tasks such as prospecting, marketing, and negotiating.  In that way it is easy to recognize when a time wasting issue arises.

You can create a ‘victory log’ to help you see where results are being achieved and momentum is occurring.  In that way you can see how some more activity directed towards the right things will help you get further results.  Here are some factors to merge into your ‘victory log’ on a daily basis:

  1. Cold calling activities – Track the number of cold calls that you make every day to new people in your local area.  As part of that process you can track the number of calls that convert to meetings.  Make it a target to convert two new meetings every day from your calling activity.
  2. Meetings per day or per week – The commercial real estate industry centers very much on the personal approach and the number of people that you know.  On that basis the number of meetings that you create per day and per week will help you get traction and dominate the local property market.  As mentioned in the previous point, an achievable goal would be two new meetings per day with new people.
  3. The listings per week – The number of listings that you create each week will be important to growth of market share.  Some of those listings will be converted to a successful transaction.  Conversion rates are always higher when it comes to exclusive listings (as well as a shorter time on market), and on that basis ensure that your focus is always on exclusivity.  Open listings can waste a lot of your time given that you have no control the stock or the client.  So in tracking the number of listings that you create, give priority to exclusivity; it is questionable whether it is even worthwhile in tracking the numbers of open listings for the reasons mentioned.
  4. Successful transactions and commissions – Some deals take a long time to put together.  A continual focus on active transactions and the status of negotiations will help you lift your conversion rate and ratio of results.  So the message here is that you should monitor your transactions, your clients, your commissions, and your negotiations.  Practice and role playing will always help you develop your professional skills around the things that really matter and the high quality properties that you list.  Track the number of successful transactions that you close on a weekly and monthly basis.  Also track those numbers quarterly and relate them back to your business plan and business goals for the year.
  5. Growth of database – The database that you use should be updated each day so that all the current conversations, meetings, and listing quotations are accurately tracked.  Make sure that you fully understand the capabilities of the database software you are using, and how it is integrated into your marketing processes, social media, and listing activity.  Ideally, your database should be growing on a weekly basis and that should be as a direct result of a prospecting and cold calling plan.

Taking all of these things into account, you can see the benefit of creating a victory log as part of the goals and targets process.  In commercial real estate brokerage your motivation and your momentum will grow when you track the right numbers efficiently and directly.  Look for the incremental improvements in all of the five categories mentioned, so that you can see what is working for you when it comes to growing your property business.