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Commercial Real Estate Agents – Get Focused to Create a Better Market Share and Grow Your Commissions

In commercial real estate agency today, we all know that the property market is a bit of a challenge. That being said, there is still a lot of listing and commission opportunity to be had by the real estate agents that get organised and focused on the right tasks relative to their market and location.  It is a daily process.  Top agents do it all the time.

You could say that the whole process involves being ‘mentally prepared’ for each and every day that you step up to the ‘plate’ and strive for a ‘home run’.  When the personal thought processes support your action, many more results are possible.

There is a cycle in this commercial real estate industry and it goes something like this:

  1. Start the day with prospecting for 3 hours
  2. From your prospecting effort you will create new meetings
  3. From new meetings with new prospects you will find business opportunity
  4. New business opportunity leads to quality listings
  5. Quality listings produce better enquiry than average
  6. Quality enquiries are what we need for a top database and property sale or leasing conversions
  7. Keep in touch with the businesses locally.  They will tell you so much about the local area and what is going on.

So the mental preparation process is critical to the ‘chain of events’ and the outcomes that you seek in the commercial real estate industry.  You could say that sales, leasing, and property management is a bit like a sport and you are the team captain, coach, and player.  Your mindset has to suit each role and keep you on track to top performance and new business generation.

Have you ever watched a person play a sport and in doing so you can see that something is wrong with them?  They seem to have a down attitude and it gets worse as the game progresses.  That is a prime example of ‘mindset and focus’.  For those of us that work on commission, the mind has to support your efforts.  A good dose of focus is required before you get to the office or start your commercial real estate prospecting.  A great attitude will help you greatly.  Align your thinking to the task at hand; rise to the top of the market.

  • Understand what has to be done
  • Set your priorities
  • Take action every day
  • Know what your market is and where it is located
  • Build strong relationships and keep connecting

The commercial property market will change throughout the year and sometimes for a few years at a time.  Importantly you should be focused with all of your actions, prospecting, and marketing.  Over time that will help you rise to the top of your commercial real estate market.

If you want more tips on commercial real estate prospecting, you can get them at our main website http://commercial-realestate-training.com/

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Commercial Real Estate Agents – Sources for Mailing Lists and Direct Marketing

When you start your career in commercial real estate, you need a mailing list and a database to build the opportunity that you require.  From day one, you should be compiling and growing those lists at every opportunity.

The top agents in our industry are successful principally because of personal relationships and networking.  Most top agents have a comprehensive and accurate database that they work with the every day.  That is why you should start the process as early as possible in your career.

Given that you have nothing to start with when you commence your commercial real estate career, here are some tips to allow you to grow your lists and improve your networking.

  1. The easiest place to start is with the local business telephone book.  Commercial real estate is centered on the business community in many different ways.  Changes to occupancy, property usage, property location, and customer growth will always create flux and opportunity within the business community.  On a daily basis, you should be connecting with at least 20 business people from the business telephone book.  As to how you choose to do that is really up to you, however the cold calling process or the drop in meeting approach will work.
  2. Get some plans and drawings associated with property ownership through your territory.  Over time you can systematically work through those plans to identify the property owners in each case.  That being said, this process takes time and there is a significant amount of research associated with identifying the property owner.  Set yourself a target of two property owners a day to be researched as part of this process.
  3. Drive through the local streets containing the active business community.  Write down all of the business names and telephone numbers that you can see on a street by street basis.  Record those details into a spreadsheet on a street by street basis.  Over time you can work through this list of contacts and business identities.
  4. Visit the larger properties in your area that will contain a number of tenants.  Check out the directory boards in each of the properties to make a list of tenants to contact.  The easiest way to do this is through taking a simple digital photograph with your cell phone.
  5. Business groups, community groups, universities and colleges, and business seminars are all opportunities for you to network and gather business cards.  The advantage of the business card is that it will usually be retained rather than discarded.  It is perhaps the single most powerful tool that you have to assist your marketing efforts.
  6. Your website will give you an opportunity to grow your database.  On your website you should have some offer of free information in exchange for contact details.  You could have a special report available to assist commercial property owners to understand the strategies behind property purchase.  The report will be of interest and therefore drive some greater enquiry from your website.
  7. Previous clients and contacts will allow you to expand your communication opportunities with referrals.  Get back in contact with these people to open the door on referral opportunity.

Building a contact mailing list today is not hard.  It just takes consistent effort and a system to keep you organized.  There are other things that you can add to this list over time.  Importantly the system should drive new opportunity your way at the right time.  Establish your mailing list and start to build a relationship through it.

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How to Pitch for a Commercial Real Estate Listing Today

When it comes to pitching for the commercial real estate listing, you really do need to have up to date information about the prevailing market conditions.  In only this way can you shape the thinking of the client to create a marketable property.

Most commercial real estate listing opportunities today are quite competitive.  Other agents will be attempting to influence the thinking and decision facilities of the client.  Enticements such as marketing and commission discounts are quite common.  The fact of the matter is that any discount provided to the client is a false economy.  They really want results, and discounts do not generally provide the right results.  You need to show them that fact.

Agents that provide discounts are driven from a different motivation, and are less likely to have the client as a high priority in their business and marketing effort.

What’s Your Value and Commitment?

One of the targets in your sales pitch or presentation for the listing should be to show the client real value and commitment when it comes to shortening their time on market, and achieving a positive outcome.

Top agents do not discount their services given that they are property experts, and they sell their expertise effectively and directly.  Most clients do not want to be an ‘experiment’ in property marketing.  They want the best people with the best strategy and the right level of confidence to take the listing forward.  That is how you sell yourself.

So how can you put all of this information together?  Here are some tips that can be applied to your presentation or pitch for the listing.

  1. Give the client some solid information about the local area when it comes to time on market, prices, and competing properties.  These facts will be quite specific to the property type and the subject listing.  Given that the existing property market can be quite difficult at the moment, show the trends and shifts in the market through some form of graphical display.  The last two or three years will provide some industry trends that the client cannot refute.  Evidence is everything when it comes to listing the property.
  2. Show the client that you really understand the property type in every respect.  Give them some history of other properties that you have worked on that are similar.  Tell them of the strategies that were adopted when it came to marketing, inspections, and negotiations.
  3. The improvements in the existing property listing will attract a particular target audience.  Defining the target audience to the client will help the listing process.  Tell the client how you will be attracting the enquiry from the recommended marketing processes.
  4. Feedback is everything in this property market today.  Most listings will only generate a small amount of enquiry and the agents will have to convert the enquiry as quickly and effectively as possible.  This means that the client should be conditioned and prepared for true market conditions as you see them today.  If the property market is slower or difficult, then the client needs to understand that fact.
  5. When you look at your local property area and territory, there will be some properties that sell or lease more effectively than others.  Determine the criteria that will create that positive result.  Show the client how their property will need to fit inside the criteria.
  6. Every property will have a preferred method of marketing and a preferred method of sale.  The same principle applies when it comes to leasing.  Solid recommendations need to be made to the client so that they do not make any mistakes when it comes to those factors.
  7. Make sure that the method of marketing is correct for the property type and the location.  You should get vendor paid marketing funds as part of the process.  Also focus on the exclusive listing process so that you have the commitment of the client to a lengthy period of time on the agency appointment, and your preferred marketing campaign.
  8. If you are the best agent in the local area, they will not hesitate in giving you an exclusive listing.  Sell your expertise and relevance to the property and to the client at every opportunity.  That will be key part of your sales pitch and presentation.
  9. Tell the client how you will be inspecting the property with any enquiring parties.  Give the client a distinct strategy relating to the inspection and the improvements on the property.  Tell the client how you will be featuring certain aspects of the property to influence the inspecting party.
  10. Lastly it should be said that every client should be prepared for the potential negotiation that should follow as a direct result of the right property marketing.  Give them the complete facts relating to the local area and the local market so that the future negotiation will be supported by that conditioning process.

Pitching and presenting for a commercial or retail property listing does not have to be hard or difficult; it just needs to be based on facts.  Sell your services based on facts.

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Commercial Property Agents – Listing Systems that Help You Win New Business

When you systemise the listing process in commercial real estate today, you can improve the quality of the listing, the marketing, and the future negotiation.  The best listing process involves a checklist procedure.  Commercial real estate agents should optimise the listing process in this way.

Today we find that most listings are competitively tendered between several agencies.  This means that your sales pitch for the listing may be the only opportunity for you to convert the business.  Everything has to be prepared and aligned for the sales pitch and presentation process.

A good listings system will involve questions, checklists, and a gathering of the relative facts.  When this is professionally done, the client cannot help but be impressed with your thorough and detailed approach.

Clients like to choose the agent of skill and experience.  The only way you can help them do this is through displaying your comprehensive property procedures as part of the sales pitch and listing presentation.

Here are some ideas to help you establish the listing process and improve on your listing conversions.  This can be the start of your listing system.

  1. The gathering of property facts will be the start of the entire process.  That will be the information relating to the property itself, improvements, the property owner, the general precinct, and any leases or tenants in occupancy.
  2. Inspect the property prior to the meeting with the client.  If you can meet the client on site, this will be even more productive and help the eventual sales pitch or presentation process.
  3. Get the history of the property and ask the client about their reasons for sale or lease today as the case may be.  They will have specific needs in taking the property to the market today, and you need to know what they are.  This will then help your final listing pitch and negotiation.
  4. Most properties today will be impacted by encumbrances, property interests, rights of way, leases, adjoining properties, tenants, risk, permitted use, and other things such as property improvements, design, and building compliances.  Many of these facts will be influenced by the property type and the property location.
  5. Some precinct or geographical issues such as flooding, services and amenities, highways, transport, car parking, and raw materials may also have an impact on the property occupant for the property owner.  It is important that you observe and question everything relating to the property.
  6. When a client takes their property to the market they will have an ultimate goal or target to satisfy.  That fact will influence the listing process, the marketing, and the negotiation when it occurs.  Work through these issues with the client so you can get to the real facts of the property as it is today and their needs.

The listing process should be highly professional.  This will then help your ongoing business opportunities.

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Key Factors to a Commercial Real Estate Agent Presentation

In commercial property today, just about every listing will go to some form of competitive pitch or sales presentation process.  This then says that you will be up against a number of other agents in the process.  You will only have a short period of time to convince the client that you are the best agent of choice and relevant to their property needs.

There are some key factors to incorporate into your sales presentation to ensure that the client really appreciates the value that you bring to the process.  Here are some of those key factors to help you structure your next sales pitch or presentation.

  1. At the early stages of the presentation, ensure that the client can see that you totally understand the property and or their current situation.  Go through the elements of the property as you see them today, and restate to the client the focus or the requirement that they currently have.
  2. Every property will have distinct features and improvements that are relevant to a target market.  Be quite specific in establishing that target market to the client, and give them some solid recommendations relating to how you will attract the enquiry from the market.
  3. It directly follows from the previous point that the property marketing campaign should be quite specific to the listing and the prevailing market conditions.  Give the client some distinct recommendations and alternatives when it comes to property marketing.  Get away from the generic advertising and promotional campaign.  Give them something specific that they can see that is different and unique to your approach.
  4. Every client likes to be ‘special’ when it comes to engaging your agency and services.  They like to know that you are committed to them in the listing, marketing, and negotiation process.  They are three distinct stages that all have elements of engagement and specialty.
  5. You cannot achieve the levels of commitment to the client without having an exclusive listing.  Make sure the client understands how an exclusive listing works and the types of feedback and interaction they will receive.  If they still choose an open listing, then it is really just a matter of whether you really want the listing.  Open listings will detract your focus from other exclusively listed properties.  The client needs to understand that.  If they are genuine in the listing process, they will choose an exclusive listing.
  6. Any strategy involving an open listing is really a waste of time for both the client and for you.  Top agents will walk away from open listings.  You cannot control your market, the enquiry, and the property promotion when it comes to an open listing.  It is no secret that today most properties take time to sell or lease.  The commitment and the marketing effort can only be directed through an exclusive listing.
  7. When it comes to connecting with the client as part of the presentation, some elements are not negotiable.  Most particularly they are your market knowledge, confidence, and enthusiasm for the property situation.  All three of these factors need to be correctly conveyed to the client so that they know that they will be making the correct choice when it comes to signing off on the listing with you and your agency.

At the end of any presentation, it is critical that you ask for the business.  Top agents always ask for the commitment from the client as part of the close of the sales pitch.  Don’t give the client an opportunity to avoid the process and seek further time to call and connect with other agents.  Ask for the business.

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Tips to Focus Your Commercial Real Estate Marketing Efforts

When it comes to the marketing of commercial property today, the focus that you create through the campaign will help you build the enquiry rate and the inspection profile.  It directly follows that a well-constructed campaign will give you a lot of leads and opportunities, regardless of the current and existing property market.

The fact of the matter is that far too many commercial properties are generically promoted and advertised.  The features of each and every property should be identified and optimized in each marketing campaign.  Those features should consistently flow through all elements of the marketing campaign.

Here are some tips to help the strategy behind your next marketing effort and property listing.

  1. What are the best days of the week to advertise commercial property locally?  To some degree, the answer will depend on the attributes of the property and the target market.  Commonly it is found that property marketing is more effective between the days of Wednesday to Saturday on a weekly basis.  The fact of the matter is that you should know what days are better for your property promotion activity.
  2. Defining the target market will help you with the layout of the advertising campaign, the features to be promoted, and the channels of media that you want to use.  In most cases, the Internet will be high on the list of marketing alternatives.  It is both convenient and economical to use the Internet as part of the campaign; to gain maximum penetration on Internet based adverts use keywords associated with the property type and location.  You can get these keywords from search engine research on a weekly or monthly basis.  In that way you will stay ahead of the enquiry trends to the search engines and utilise the correct words as part of your advertising format.  Most people enquiring regards properties for sale or for lease will go to the Internet first before they lift the telephone and talk to local property agent.  Keyword optimization will help you with your enquiry rates from each property listed on the Internet.
  3. Professional photographs are critical when it comes to property promotion.  If you want your advertisement to stand out efficiently and effectively, devote part of the vendor paid advertising campaign to professional photographs.  Professional photographers know when to take the photographs, and how to make the property features stand out.
  4. Inspection feedback to the property owner should occur after every property inspection.  This is both a conditioning process and also a communication advantage when it comes to helping the client see the trends of the local property market today, and how they will need to adjust their thoughts on price or rent as the case may be.  This naturally assumes that you are getting inspections from your advertising.  If this is not the case, have a serious look at your property promotional strategy and revisit the plan for any modifications that can occur.  There are reasons why enquiries do not come to you.  Resolve those reasons quickly and effectively at the earliest possible time in any property promotion.
  5. Test and measure every marketing campaign on a twice weekly basis.  This will normally be on a Wednesday and a Friday.  Observe the results that you get from every media channel and property advertisement.  Test and measure the layouts together with the placement of media.  In your location, some promotional processes will be more effective than others when it comes to commercial and retail property.  Make the right choices, and the enquiry will come to you regularly and directly.

When the property market is slow and tough, the marketing process becomes even more critical.  Every property listing that is exclusively promoted should be subjected to scrutiny and strategy throughout the entire campaign.  In this way you will be a top agent producing the best results from every listing on your books.

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Commercial Real Estate Agents – Lease Renegotiations are Fee Opportunities

In commercial real estate today, there are some significant opportunities for lease renegotiation.  Some tenants would seize the opportunity for a rental reduction or lease adjustment in exchange for some benefits back to the landlord.  This then says that you can through this process stabilise the tenancy mix, and rebalance the property for the longer lease term.

When the business community is under some pressure in regards to trade or occupancy, the lowering of the rental over the short term is a satisfactory exchange for other lease terms and conditions that will have benefit for the landlord.  The pressures on tenants and businesses today will not remain so forever.  A lower rental for 12 months can give you tenant stability through difficult times, whilst preparing the property for greater capital gain or future sale.  This is what lease strategy is all about and these are the ideas that we can give our clients to help them with tenant and lease optimisation.

Lease renegotiation opportunities are normally structured into a tenant retention plan.  That tenant retention plan would identify the tenants that are critical to the future of the property, and then seek to retain these tenants for the long term.  Things should be done to assist them to remain in occupancy conveniently and economically.  The landlord therefore benefits by tenant and rental stability.  There is however the need to achieve a tradeoff and benefit for the landlord if you are to give the tenant a benefit today.

Here are some ideas that can apply to the landlord benefit process.  This is assuming that you achieve or provide an adjusted lower rental for the tenants in occupancy.

  1. Get the tenant to exercise their option in the property early.  By exercising the option, the landlord knows that the tenant will remain in occupancy for the longer term.  That is the base benefit.
  2. You can adjust the terms of the existing lease so that the prevailing make good conditions are more beneficial to the landlord at the end of the lease term.  You can obligate the tenant to undertake further renovation works if they choose to leave the premises at the end of lease.  This then prepares the premises for alternative occupancy with a new tenant, at a lower cost to the landlord.
  3. Any lower rental today, can prepare the tenant for a higher rental at some stage in the future.  This assumes that the business can be seen to be successful in coming years and months.  The lower rental today provides the tenant with breathing space for generating income and repositioning their business. Over time they can likely achieve a better ability to pay the rent.
  4. Any longer lease term provided to the tenant today should include a renovation requirement.  They can be obligated to renovate the premises in a particular way at a certain time.  Normally leased premises require renovation every five years.  That renovation can include painting, carpeting, and cosmetic upgrades.  A suitable agreement can be struck with the tenant and appropriately documented as part of an agreement for a lower rental today.

It is in property markets like this where we can be assisting the landlords to reposition their property and stabilize the tenancy mix.  That is the high value of experience and knowledge in commercial and retail real estate that we can apply to help our clients at this time.

 

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Ironclad Ideas to Help Your Property Listings in Commercial Real Estate

In commercial real estate, the listings of other agencies will always be an opportunity for you for future business.  Whilst it is always nice to create fresh new listing business yourself as part of your prospecting model, the other agents listings should be watched for the opportunity that they create.

Those other listings will give you not only local knowledge relating to market conditions, but also real opportunity to convert other listings around them.

Where are you today?

Before discussing this matter further, it should be said that your market share today should be identified and quantified.  This will mean a regular ongoing tally of listings on an agency and salesperson basis through the local area both in property sales, and property leasing.

The best way to achieve these numbers will be through monitoring signboard counts, Internet listings, and newspaper advertisements.  It is fundamentally important to understand where you are today before you can determine how to improve your market share.  Is also important to understand who those competing agents are that may dominate the market today and why they do so.

The other listings

The other agents listings locally will offer some leverage and opportunity to you as part of market churn, and new business.  Here are some ideas to help with that:

  1. Expired property listings that have been neglected by other agencies over the marketing time, will be listing opportunities for you today.  In many cases, the property owners of expired property listings will be frustrated and therefore highly motivated to choose another agency and fresh marketing strategy.  That being said, any new listing achieved with these property owners should be taken on a basis of modified price, modified rental, or changed marketing.  There is no point in repeating any marketing errors that were unsuccessful with the earlier appointed agent.
  2. Every existing a property listing with another agency is an excuse for you to talk to the surrounding property owners near the particular listed property.  A property that is available for sale or for lease is usually a catalyst for change in any other properties nearby.  If any local business owners or property investors are thinking of selling or leasing, the best time to do so would be coinciding with nearby properties marketed with other agencies.  The process of competition will help you convince those business owners or property investors to list and market their property today.
  3. Time on market will be a factor that relates to both sales and leasing.  Some properties will take longer to shift than others.  There will be reasons behind the delay in achieving a successful transaction with any property.  In some cases, the reasons may be regional, or maybe even attributable to the particular listing agent.  Interpretation and observation is really important to help you get on top of the market trends.  You can talk about time on market and levels of enquiry locally to help convert more listings your way.
  4. Methods of marketing will vary from property to property and location to location.  Importantly, the best method of marketing should be chosen for the particular property type and the prevailing market conditions.  When you observe the other agents listings, you can see what works and what doesn’t when it comes to marketing.  This information can be leverage for you when it comes to your sales presentations and pitching for further listings.
  5. There is a distinct cycle of property change that relates to commercial property sales and leasing.  Whilst this may vary on a location basis, you can usually pick the cycle averages from previous sales and previous leasing regionally.  For this reason, you should go back in history looking at all the property sales and property leasing activity with all the other agencies.  Commercial and retail property sales usually happen about every 5 to 7 years.  At around about that time the property owner is either looking for property change or expansion of their property portfolio.  Over that period of 5 to 7 years, there will usually be sufficient capital gain for a successful property change or property acquisition.  The same timing factor can be said regards leasing activity although for different reasons.  Many commercial and retail leases are timed to initial terms of 3 to 7 years.  The tenant and or the landlord in any lease are likely to be looking for property assistance as part of that lease cycle timing.

There is no doubt that significant opportunity exists for you today in monitoring the activities and listings of your competing agents.  That being said, it is not the only thing that you should do as part of your prospecting model, although it will help you significantly if approached in the correct way.

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Handling the Sales Pitch and Presentation in Commercial Real Estate Agency

When it comes to building your business as a commercial real estate agent, you will frequently be pitching and presenting for property listings against other agents in your local area.  Most property owners will seek presentations from four or five agencies as part of the preparation for listing their property.  In most cases, you will only have a short opportunity to connect with the property owner and present your strategies of marketing, selling and or leasing.

This then says that the presentation and pitch process that you utilize with your listings is really important.  Many agents tend to provide discounts as part of the enticement process for attracting the new listing.  Whilst this may seem somewhat sensible to attract the business, the reality is that any short cuts and discounts will have an impact on your marketing program and your income.  It should also be said that discounting commission is not a sensible idea in this property market when hard work it required to convert the average deal and get it across the line.

Here are some tips to help your sales pitch and presentation process in commercial real estate agency.

  1. Be prepared to show the client some real and valuable points of difference in your service.  Most agents use only generic comments such as good staff, knowledge, market share, and duration in the market.  When it comes to pitching and presenting, these generic comments have little value in converting the listing.  Your points of difference need to be real and specific to the needs of the client.  This then says that any presentational process should be well planned and optimized for the property and client in question.
  2. Visit the property before hand, and take approximately 50 photographs of the property and the surrounding area.  These photographs can be used digitally on a laptop computer or iPad as part of the property presentation.  It is surprising how powerful a simple running photo-slide show of random photographs can be in a property presentation.  The client will always show interest in their property and that is what the photographs relate to.  Forget about using anything else on the computer, the client will only relate to their property and that is why you use property photographs.
  3. The best property presentation is a conversation or connection with the client on a number of levels.  It is best to bring together all of the senses as part of the property presentation.  That will mean visual, sound, and touch.  To achieve this, you have your laptop computer loaded with property images, you have your verbal presentation with points of difference, and you have a property proposal to provide to the client for review (keep it short and to the point).
  4. Engagement is really important when it comes to the sales pitch or presentation.  Engagement means connection and conversation.  The top agents of the industry know how to engage and converse in a meaningful way.  Local property knowledge and market trends will help you do this.  Tell the client what the inquiry is doing, and what people are looking for.  Demand an exclusive listing; do not take an open listing on the clients terms.
  5. Every property listing will involve both a strategy, and a marketing campaign.  Both of these should be specifically designed for the subject property and quite unique given the trends of the local property market.  In this way you can help the client see how you will attract the correct levels of inquiry from the selected target market.  When the client believes that you are the best solution for their property challenge, it will be easier to convert the listing on an exclusive basis.

Over time you can improve your presentational processes through practice and the development of specific marketing tools.  On average, the top agents of the industry tend to win more listings per property presentation.  They do it because they can connect to the client more professionally than the competitors.  It is a simple process, however it does require practice.

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Technology Tips for Commercial Real Estate Agents Today

Technology in commercial real estate today can be an advantage but also a weakness.  There are so many tools for us to use and yet so many of them are poorly used.  Any real estate agency can then be improved if technology is correctly applied across the business.  Gone are the days of the commercial real estate salesperson keeping their records and contacts in the back of their diary.

Typically the technology systems and tools available to us today will include:

  • Mobile telephones
  • SMS Technology
  • Cloud based database systems
  • Email auto responders
  • Electronic newsletters
  • Social media
  • Websites

So the list can go on and will change from time to time as new technology is developed and implemented.  It is important that the tools we use are not a cheap substitute for a face to face connection and meeting.

Commercial real estate sales and leasing is really built around personal relationships and ongoing contact with sellers, buyers, tenants, and landlords.  Rarely will you win a new business opportunity with someone that you have not met before.

So how do you find these prospects in your local area?  Diligent hard work and good research tools will get you there.  That being said, there is no easy shortcut when it comes to building your list of prospects and clients.  Identify the key people in your marketplace and the important properties of good quality.  When you list and sell and lease quality listings, the enquiry will come to you in a major way.  That is how top agents build their market share and consistently maintain that level over time; they start from a base of quality listings on an exclusive basis.

So let’s go back to the issue of technology.  It is remarkable how so many salespeople overlook the diligence and accuracy required for the maintenance of a database.  There is no point in having a database unless the information is up to date and well maintained.  Consider the following questions:

  1. Who will be entering the data into the database at the end of each day?
  2. How will the data be reviewed and upgraded?
  3. Who will be extracting the leads and opportunities from the database over time?
  4. Who will get the benefit of the lead or the opportunity from the database?
  5. Who are owns the information inside the database?  This is particularly relevant when it comes to the termination of employment of particular salespeople.

A good database system that is accurate and up to date will allow you to record the necessary telephone numbers and E mail contacts for all qualified prospects.  Someone in your office will need to check the integrity of that information over time and keep it up to date.  It is very common to come across a real estate agency with a huge number of contacts that are really so old that they are irrelevant.  It is quite effective to have one central person placed in charge of the database implementation system.  Salespeople should be filling the system at the end of each day with the results from each and every telephone call and meeting.  In this way the customer base for the business will grow and the potential market year similarly.

When a CRM System or database is well maintained, you can integrate into it layers of different contact including e-mail, newsletters, auto responders, social media, and website feeds.  That being said, shortcuts should not be taken when it comes to making the ordinary telephone calls, prospecting, and face to face meetings.  Nothing will replace the advantage of getting together with the client and building a relationship over time.

If you want more tips on commercial real estate agency practice, you can get them in our free Newsletter.