Posted on

How to Be a Successful Target Marketer in Commercial Real Estate Brokerage

You can win more local property business if you are a ‘target marketer’ for a location.  The clients that we serve in commercial real estate like to have the best agent with the best market coverage working for them in every way possible.  Random actions and the generic approach to the real estate business no longer works.  A top agent needs to be specialised and targeted in the actions and marketing efforts.

 

A good agent has to have some special processes of driving the real estate listings out into the property market and to the tenants or buyers as the case may be; not just relying on advertising online and in the newspapers to do that.  Only the ‘open’ listings of the market dictate a generic approach to marketing and client contact.

 

Think about your property listings now.  Split your listings into the two groups of ‘open’ and ‘exclusive’.  Your ‘exclusive’ listings should take priority in just about everything that you do as a broker or agent.  Review your marketing efforts and your client contact processes between the two listing types.  Are you connecting your listings to the right ‘target audience’?  Can you improve those connections?

 

Marketing Strategies that Really Matter

 

Let’s get to the facts of how and why targeted property promotions really work.  Put your exclusive listings into the process.  Here are the most important skills of a target marketer in our industry today:

  1. Providing the deep and relevant facts – with every listing, take the time to explain to the client exactly how their property sits in the local area by way of price, marketing, and potential enquiry. Do a SWOT analysis so that the client can fully appreciate how you can help them resolve their property challenge in a timely and meaningful way.
  2. Understanding how to reach the right audience – every listing will have a target audience of tenants or buyers as the case may be. Show the client exactly how you will connect with that audience in a deep and meaningful way. Put yourself into the connection process so that you are the real point of difference when it comes to finding the right people to inspect and negotiate on the listing.
  3. Creating momentum with property listings – take every listing and create momentum across enquiries, inspections, and negotiations. Soon the people in the local property market will understand that you are the agent of choice when it comes to creating churn and activity with a listing.
  4. Understanding how to inspect a property to show all the features comprehensively and thoroughly – with all of your exclusive listings, develop a special inspection process to feature the property in both layout and improvements. Create an inspection strategy and explain to the client exactly how that will work in encouraging offers from the right people.
  5. Building and segmenting a database for comprehensive property enquiry – your database can and should be at the centre of your real estate business. Each and every day you should be creating conversations with the VIP clients within the database, and adding new people to the list. It is a special skill to be refined and developed over time. If you are looking for new clients and new listings now, then review your database activities and your client list. How regularly are you connecting with those people in a relevant way? The top agents of the market know how to drive enquiry and interest from their database and their client list. Put your client list at the centre of your business so that you can find the right listing activity and the right buyers or tenants at the time of change and opportunity.

 

So the message here is that you can be a target marketer covering the specialized segments of the commercial property industry. In your town or city, review the best segments of the industry and the property types that will offer you the ongoing opportunity that you are looking for.

 

Look at how the property market is changing in your location and position yourself into the zone as the industry specialist. Market yourself accordingly in comprehensive ways. Let the local business owners and property investors see that you are the industry specialist that they will need when the next property challenge evolves. Help them remember you through deliberate and direct marketing activities.

Posted on

Finding Robust Market Conditions in Commercial Real Estate

The commercial property market is always changing, and the shifts and swings each year will move from buying to selling, as well as owning to renting.  Property developments also come and go from the market based on expected growth in a location.

Somewhere in those changes you will find property opportunity to work with the right clients and prospects.  The foundation of your real estate business will come from your database and the people that you are connecting with on a regular 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)

Some clients are very active on property matters for the long term, whilst others are irregularly moving in and out of the industry.  Have you categorized your clients and prospects?  Who are the clients that will be doing things soon?  When you know the answers to these questions, you can take some direct action and move on some leads and property requirements.  Timing is everything in our industry ‘game’ so understand just where your clients and prospects sit in the timing cycle of change and activity.

Check your client list

So let’s look at your database and location now.  How well do you know your property market now?   Where are the next opportunities arising?  Have a think about these questions and answers:

 

  1. Where is the vacant land currently that could be the subject of a new development in the future? Whilst property development will come and go from the momentum of the market, future demand will eventually ignite a new building or property complex.  Watch for the zoning changes that could lead to a property release and new development.
  2. What are the classes of property that seem to be creating the most inquiry now and into the future? A regional assessment will help you pick a few property classes that seem to have most of the interest from the market.
  3. What can you do with investors to open up some buying and selling activity? Some investors are very aware of the need to grow or shift certain property holdings in their respective portfolios.  You can achieve some real momentum in knowing what these owners are thinking and planning for.
  4. What are the local businesses looking for when it comes to property occupation? There will be parts of your town or city where businesses like to occupy premises.  Look at the trends and pick those areas.

 

These 4 simple facts allow you to optimize market conditions in commercial property.  Stay close to the transaction momentum and the current listings in your territory.  Listen to what people are saying and identify what they are thinking; pay special attention to investors and local business people.  Within those groups you will find the future property deals that you are looking for.

(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)

Posted on

A Proactive Approach to Commercial Real Estate Brokerage Sales and Leasing

In commercial real estate brokerage you have one or two directions to take.  You can let the property market come to you with any leads or opportunities, or you can go out there and find the new business that is available.  The latter is preferable.

Get involved with connecting with new people every day.  Put prospecting at the top of the list when it comes to new business activities in your daily diary.  Don’t let any person or career pressure divert your activities away from new business prospecting.

A common problem

All too often you see brokers and agents avoid the requirements of new business generation.  They soon lose market share and fail to convert commissions.  Here are some facts to be remembered about commercial real estate brokerage:

  • MOMENTUM: It takes about 3 to 6 months of dedicated prospecting activity to generate some listing churn and commission flow. Many agents and brokers struggle to maintain the required prospecting momentum and organisation.  That can be an amazing opportunity for the small segment of people that can keep things under control.
  • KEEP THINGS MOVING: When the new business starts to evolve, don’t stop prospecting. It is very easy to slip back into a situation where commissions and listings are hard to achieve.  Avoid the peaks and troughs of the industry by continually prospecting regardless of the business that you are currently generating.  Understand the lead times between prospecting, client contact, listing conversion, and negotiating.  I go back to the point that a time frame of about 3 to 6 months exists in the industry as an average business cycle.
  • CONTACT LIST: The database that you create is perhaps the most important business tool that you will use. Protect your database and its information.  Keep in regular contact with all the people within the database so that you know when they move to a point of action or challenge when it comes to local property.
  • IMPORTANT CONTACTS AND PEOPLE: The relationships that you strike with clients should be nurtured and encouraged in a relevant way. Provide local property information freely and directly to the clients and prospects that you have identified.  Free local property information will always be of interest to property investors, business owners, and industry professionals.

So the secret here is to develop a proactive approach to commercial real estate brokerage.  There are always plenty of opportunities to be found, nurtured, and converted.

Local property investors and business leaders are always on the lookout for assistance when it comes to leasing, sales, and property management activity.  Get involved with the people in your property community and maintain ongoing relevant contact so that you can build your database and grow your market share.

You can get more proactive tips and ideas in commercial real estate brokerage right here in our eCourse.

Posted on

Commercial Real Estate Brokerage Tips – Things to do in Tracking Commercial Real Estate Sales

When you know what is going on in the commercial real estate market, you can adjust your business efforts into the things that show opportunity.  You can also avoid the parts of the property market that are slowing and time wasting.

The best property agents focus on the best parts of the market; that’s the rule.  By monitoring a few categories of activity you can see your place and efforts in the bigger picture.  If you are a sales agent, that process is really important.

Look for these things

Here are some property factors to chase and monitor in your local town or city:

  1. Signboard counts – It is a valuable process to add up all the signboards on properties locally on a monthly basis. Differentiate between ‘open’ and ‘exclusive’ listings when you do that as there is a real difference between each from a market share perspective.
  2. Internet listings – Go through the internet listings each month on the same basis as the signboards. Understand how many listings there are for each brokerage and agent.  Soon you will know exactly who the top agent is for the area from an ‘exclusivity’ perspective.
  3. Vacancy factors – The level of vacant property locally will be a good ‘barometer’ of business sentiment. Understand what is happening in the local business community as that will impact property ownership and occupancy.
  4. Time on market – How long does it take to shift a listing with a sale? Some listings are better than others so you will need to differentiate on quality of property as you assess these numbers.
  5. Prices per unit of area – When something sells, understand the price from the perspective of property type, location, and unit of area. From those numbers you can compare transactions across your region.  Soon you will see the active and popular locations for investment and business occupation.
  6. Enquiry rates – It is always good to know what people are looking for when it comes to local property. Are the levels of property enquiry going up or are they falling?  You can also relate that question to property types and locations.  When a person enquires about a property, find out how they located you and what they are looking for by way of property.
  7. Best marketing methods – Some marketing methods are more successful than others. When you do a monthly marketing assessment from inbound enquiry you can determine exactly how you should market new listings and for what reasons.
  8. Best methods of sale – Understand the best sale methods for attracting buyers and creating inspections. It is likely that any quality property should be directed to a time based sale method such as auction, or tender.  Put a bit of ‘urgency’ in the method of sale so that the buyers that are interested actually have to make a decision and take action by a close off date.

Do there are some good things that you can do here with tracking sales activity locally in commercial real estate.  When you know what is happening in the property market, you will be able to take action on the most rewarding parts of the property market.

Posted on

Commercial Real Estate Brokerage – A Fresh Approach to Time and Task Management in Listing and Marketing

When you list a commercial property today on an exclusive basis, you really do need to focus your efforts from the point of listing onwards to achieve the best results for the client.  Don’t waste time during the campaign and make sure that you optimise your efforts of promotion from the very start.

Know what has to be done with every exclusive listing when it comes to pulling in the target market and listing enquiry.  Ensure that the client has given you sufficient vendor paid marketing funds to achieve that level of promotional momentum.

Exclusivity Really Matters

When you have converted a property exclusively, the stages of promotion should be set out and actioned in a timely way.  Make every moment count when it comes to creating enquiry and converting inspections.

How can you do this?  You can split the campaign up into three distinct levels of momentum.  They are:

  • STAGE 1: The initial two weeks where you are releasing a property to the market and the target audience. During this time it is quite important to spread the word comprehensively across the local property zone or precinct applicable to your buyers and tenants.  You really do need a marketing campaign to understand how you will reach the right people in the right way from all of your promotional efforts.
  • STAGE 2: The next four weeks will be critical to lifting the levels of inspections and enquiry and encouraging any offers. Any potential negotiations should be occurring during this time.  If the offers are not coming in, then it is a matter of looking at pricing the property differently or changing the method of sale or lease.
  • STAGE 3: If the property has not sold or leased or during the previous two stages, then there are issues which need to be addressed. That is where a rethink or a different plan needs to be achieved in the marketing of the listing.  Don’t let the property become stale and stagnant on the market.  Stage 3 is the adjustment phase if the property is not creating real interest or inspections.  Changes have to be made to lift levels of enquiry.

As indicated, split the property campaign into a number of weeks and stages of promotion.  Change the campaign during that period of time based on the levels of enquiry that you are achieving.

Every exclusive listing should be placed on market and promoted to a strict time frame and task regime; in that way you can ensure the best outcomes are achieved.  That is why exclusivity is so important for each individual agent or broker if they want to grow market share and potential income.  Don’t waste your time on open listings unless you really need them.

Monitor the Property Campaign

Every moment of a property campaign should be monitored and optimised to achieve the best inbound levels of enquiry; refresh the listing appropriately based on feedback and inspection results.  Understand why exclusivity is so important when it comes to promoting commercial property for sale or for lease.  Exclusivity allows you to focus your efforts and commitment to the client and the property.  Over time that means better results.

Ultimately a successful property promotion allows you to achieve greater levels of inbound enquiry, inspections, negotiations, and closure.  Eventually that allows greater commissions and a growing level of market involvement for you at a personal level.

Posted on

Getting Better Marketing Results for Commercial Real Estate Clients

To a large degree, the marketing results that you get today in promoting commercial real estate will help you with negotiations and client conditioning.  The property market is forever changing.

Seasonal inquiry will reflect in both the time on market for the listing, and pricing strategies.  The impact of seasonal marketing should also help you with the correct decisions when it comes to the method of sale.

In receiving the inquiry from your marketing campaign, you will soon know whether you are achieving the necessary volume of inquiry and the type of inquiry.  Don’t let a marketing campaign continue for too long without appropriate assessment and marketing or media changes.

You only have a short period of time where you can generate the necessary inbound inquiries to achieve inspections.  Here are some further thoughts when it comes to assessing the campaign for your quality listing:

  • If the volume of inquiry is too low, it will be necessary to recommend modifying and increasing the marketing package to capture more people.
  • If the type of inquiry is incorrect as to its demographics, you will need to adjust the marketing so that it reaches the right people more successfully.

At the end of the first week of the campaign, you should have seen significant results and obtained buyer feedback which will allow you to understand if you are reaching your marketing objectives and targets.  Depending upon the outcome from inquiries, you will make the adjustments as mentioned earlier.

It is important not to allow the marketing campaign to proceed without monitoring and without adjustment.  In most cases, the optimized promotion of a property will be for a period of six to eight weeks at the very start of the campaign.  Beyond that time the property listing will soon become stale and unattractive.  If the property has not sold during that initial promotional period, it is better practice to remove the property from public promotion for one or two months and then start again using a different strategy or method of sale.

It is standard practice with commercial property to seek vendor paid advertising with any quality listing.  This then gives the agent some guarantee that the client is serious about selling the property; it also helps the agent when it comes to controlling inquiry, creating inspections, and negotiating directly with the client.

It is essential to seek payment from the client for the advertising campaign prior to its commencement.  Many a client has delayed or avoided payment at a later time when it comes to marketing funds.  Don’t start to advertise until such time as the promotional money has been paid by the client and is held in the bank account.

As a basic strategy, keep in contact with the client on almost a daily basis from the start of the campaign to keep them fully appraised of promotional activity.

Posted on

Advanced Formula for Leadership in Commercial Real Estate Brokerage Today

In commercial real estate, market leadership is a very important issue, and particularly so if you specialise in a property type within a location.  If you are like most agents you will have plenty of other competitive agents to work around and market against.  Through all of that ‘competitive noise’ your services must stand out as real and relevant to the market place.  That’s what the top agents of the market do.

When it comes to pitching and winning a listing, most of the clients that we serve want the best agent for the job; the marketing of any listing for sale or lease is not an experiment and the clients know that.  It is at that point where the ‘leadership equation’ becomes important.  Having spent many years in the property industry, I have seen and got to know many more agents than most people.  It is a fact that the truly great agents are few in number, whilst most other agents ‘ride the rollercoaster’ of the property market through many ups and downs.  Resilience is a good skill for an agent to have, but systemised action is far more important.

To develop true ‘market leadership’ an agent needs a ‘formula’ to work to that allows for factors of the market place, the property type, the location, and the current levels of enquiry.

Here are some facts and strategies that can help you reach your targets in the local area when it comes to listings and clients:

  1. Time – Be very conscious of your time and who you let take a ‘slice of it’ each day.  You cannot invent time so you must manage your own business day to get the best results from it; all your appointments, prospecting, marketing, client contact, negotiating and paperwork must fit into the working day.  Some things will be more important than others, and there will be plenty of daily pressures that can potentially shift your focus; be prepared for some real discipline in diary control and day management.
  2. Professional Services and Practice – If you want to be the best agent locally for the property type, then your marketing, property knowledge, and negotiation skills should be of the highest standards.  A top quality agent with a dominant market share stands out ‘head and shoulders’ above others due to a recognisable difference in listing quality and listing success rate.  To achieve that status, your can practice and refine your skills, improve your weaknesses and build on your strengths.  Practice is something that most agents forget about as soon as the market or the listings get a bit busy.  The opportunity is wide open for those agents that keep on practicing and improving their skills.
  3. Database – Your real estate database is the basis of creating personal new business and helping with commission growth.  It takes time to grow a good database and the daily updates are ongoing.  If you are struggling with new business now, it is time to look at your systems; the database should be at the centre of all of them.  Integrate and lift your prospecting efforts into your database.  Set the standards of daily prospecting that you should work to and start taking action.
  4. Marketing – Many agents would use only the most basic of marketing skills when it comes to property listings, and they do little beyond that when it comes to spreading the word about a new listing.  Today we have some very advanced marketing tools and systems at our disposal.  Every quality property and exclusive listing should be comprehensively marketed to produce the best outcome for the client and for the brokerage.  Pitch and sell your commercial real estate services on the basis of exclusive listings supported by a comprehensive marketing tools and systems.  In that way you will consistently create better results in sales and leasing activity, together with a shorter time on market.

Leadership in the commercial real estate market place is a strategic choice for top agents and top brokers.  You can build your systems using some of the skills above and others to take charge of the marketplace and become a real leader when it comes to property sales, leasing, and development.  Success comes to those who work hard to a plan and a process.

Posted on

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’.

Posted on

Time and Task Management in Commercial Real Estate Brokerage Today

It is difficult in commercial real estate brokerage today to stay on track in building your business at a personal level.  Many things occur every day that will divert your efforts and activities.  The only way to achieve results will be through consistent effort on dedicated and important tasks.  To achieve that, you should make a list.

You may see this as a fundamental fact of time management; however most agents and brokers really do not practice the process.  Many agents and brokers struggle with the disciplines to grow market share, attract more listings, and convert clients.  This is the ‘zone’ or the categories of activities where all the opportunities will occur.  The front end of the commercial real estate business is really important given that you will find fresh commission and listing opportunities in this way.

Here are some tips to help you with list management and task control as a commercial real estate broker:

  • Determine the three or four things that are most important to your real estate business.  Those things will need to occur every day and preferably first thing in the morning.  They should be merged into your diary.  Nothing should divert you from getting those things done.
  • It is a well-known fact of process control and time management that the written list process will help you get more focus and attention at a personal level on the things that really matter.  In these days of mobile phone technology and computerized diaries, the written list still remains the most effective time management tool in business.
  • The list process can also apply to business planning and also the goals and targets you have set for this year.  For a commercial real estate agent the goals and targets usually relate to growth of exclusive listings, growth of commission per transaction, shorter time on market, and improved results in both sales and leasing.

This strategy can be used in many different ways.  You can create a list of important tasks at the beginning of the day or at the beginning of the week.  Either way the list will help you focus on the things that really matter.

Luck does not have a role to play when it comes to the performance of top agents in the commercial real estate market today.  They have deliberately chosen to rise to the top of the industry based on their activities, market share, and results.  The planning process that they set for themselves will include many lists and task processes. Get our free tips and real estate course here.

Posted on

Congratulate and Involve Your New Commercial Real Estate Clients

When it comes to gaining new clients and listings within commercial real estate brokerage, every new client should receive a direct telephone call from the sales manager or the principal of the brokerage as soon as the listing is signed up.  In this way the client will understand the value that you place on them when it comes to providing professional service, feedback, and growing the client relationship for the long term.

In simple terms as the team leader of the business you can congratulate the client for using the services of your agency and to encourage them to connect if any problems develop.  This then allows for the differences in agent performance and gives real control when it comes to client service.  The team leader can monitor the client relationship so that the clients business is preserved and encouraged in a positive way.

Spending more time on the client relationship at the ‘front end’ reaps the rewards later when it comes to client conditioning and any negotiation that may be required when it comes to any sale or leasing situation.

Here are some ideas to help you connect with the client professionally at the start of and throughout the property marketing campaign:

  1. As soon as the listing has been agreed to and signed, the sales manager or agency principal should make the phone call direct to the client thanking them for the business and encouraging ongoing communication if required.
  2. Depending on the size of your team and your business it can be valuable for the team leader to meet the client in the first week of the property campaign.  The face to face connection is valuable when and if things become difficult in moving the property to a sale or a lease.
  3. At least once a month the team leader can communicate again with the client as part of the maintaining the connection process.  Some listings will stay on the books for a very long time for any number of reasons and on that basis this connection will help preserve the focus of the client and to encourage them to remain positive in the protracted marketing or negotiation process.
  4. Providing the client has given you an exclusive listing for the property then the levels of service to be provided should include regular reporting of campaign and negotiation progress by the telephone, in emails, and by summary at the end of each week.

Within larger agencies the client experience will vary from agent to agent for any number of reasons; make sure you know the agents that are not good with client service and communication and take steps to intervene where necessary.

The team leader can be a ‘standard’ to hold the client experience at a level of control and allow positive feedback.  If the individual agent ‘under performs’ then the team leader will soon know about it and take steps to fix it.