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

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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)

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)

3 Negotiation Strategies to Improve a Commercial Real Estate Brokerage Business Today

To be successful in commercial real estate brokerage you have to know how to negotiate through the challenges that you strike in prospecting, marketing, pitching, presenting, inspecting, and closing on your specialty property types.

It stands to reason that your negotiation skills are really important in what you do every day.  You have to ‘think on your feet’ as you hear about the other person’s concerns and perceptions in selling, leasing, or managing property.

Special Challenges

Some clients and prospects will present you with unique challenges as you move a property campaign or issue forward.  What you can do here to lift your conversions is prepare and practice your responses with the most common challenges.

Each week the entire sales or brokerage team can practice their responses to the common problems and issues that they find and strike each week.  They can share the issues that they find as part of client interaction and prospecting activity.  The team can learn from each other.  Through practice and sharing within the team, negotiation skills can improve.

Negotiation Skill Development

Here are some ideas to help you lift your negotiation skills as a team or as an individual:

  1. LOCAL PRESSURES: Be prepared to adjust your skills based on the pressures and the facts from today’s property market. Understand what’s happening with enquiry, current supply, and future occupancy predictions.  Look at the property and the local property market from the perspective of a tenant, an investor, and a landlord.  Assess the challenges in each case.  You can then do a swot analysis based on the challenges that you see today.  Share those challenges and your responses within the team.
  2. HOT TOPICS: There will be certain hot issues that are always rising to the top of a typical property negotiation. Those hot issues will be a negotiation practice priority when you are considering your skill development personally and within the team.  Issues can be specially considered such as the over pricing of a property, the failure to accept market conditions, or unrealistic expectations of the client or prospect from a negotiation.  When you look within the disciplines of commercial sales, leasing, and property management, there are always common issues that you strike in a regular and ongoing way.
  3. FEE SOLUTIONS: The fees that you learn and the commissions that you charge are also important factors of negotiation priority. Be prepared to pitch and sell your services in a comprehensive way and at a reasonable fee; that will involve negotiation practice and improvement.  Can you support and argue the value that you bring to a client from a fee perspective?  Ultimately the client just wants a good result in a timely way and they don’t want to pay too much for it.  Your fee argument and commitment should be built around an expectation of results.  As we all know, the cheaper services offered by less professional agents in the industry are ultimately counterproductive and time wasting for the client.

The message here is that you can do a lot for yourself and within the team when you practice your negotiation skills in a regular and ongoing way.  Take into account the existing factors of the property market and the pressures that you experience with your clients and prospects.  Practice your professional negotiation skills based on the challenges of the commercial property industry today.

You can get more negotiation tips for Commercial Real Estate Brokerage in our ‘Snapshot’ eCourse right here.

228 Commercial Real Estate Online

Here are 6 audio programs by John Highman for Commercial Real Estate Brokers around the World. 1. Robotic approaches to Brokerage, 2. What you must know about Prospecting, 3. Some rental structures in Leasing, 4. Vacancy as an opportunity, 5. Tenant Advocacy Blueprint, 6. Essential Cold Calling rules.
http://www.hipcast.com/playweb?audioid=Pb0185b893a08500fcaeab8b6fd33f00aZVh7QXpuY2F9VQ&buffer=5&fc=FFFFFF&pc=CCFF33&kc=FFCC33&bc=FFFFFF&brand=1&player=ap21

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Commercial Real Estate Brokerage – A Blueprint for Finding and Retaining Top Sales Agents

In commercial real estate brokerage there is always a degree of movement when it comes to sales agents.  Some don’t last in the role, some move to other brokerages for perceived better ‘deals’, and others stay for the long haul.  If you are managing a brokerage team, you will know what I mean.  Staff volatility can be quite high within the industry.  Unfortunately the success of a commercial real estate brokerage this largely geared to the balance between the sales activity, leasing, and property management.  You need good people in each of the rules to make the brokerage a success.

Strive for Stability

Ultimately you need some stability in the brokerage with agents; the property market will change in many ways, and the agents working for you have to adjust and work through those changes whilst bringing in the new business.  It is a fine balance to work with.  The very character of a sales agent is sometimes a real challenge to manage at the best of times, and even more so within the team.

Successful sales agents are usually a mixture of egos, knowledge, skills, and motivations.  In a large sales team, the individual agents must be balanced, encouraged, and rewarded.  Without those three particular attributes being active within the brokerage, an agent will usually leave for ‘greener pastures’ when the time is right.  That can then expose the brokerage to a significant loss or shift in income. Volatility within the team can also be a problem.

The Facts to Remember

So you want your brokerage business to be successful.  Here are the basic facts to remember and work with in any commercial real estate team:

  • You will lose agents for reasons that you cannot control, so prepare to find others. You can do that through a number of different strategies including personal contact, career nights, advertising, and team development.
  • Education and training will help your retained agents grow their skill base and performance. Understand the difference skill needs of the people within your team.  Assess their strengths and weaknesses on a regular basis.
  • The management of a sales team is totally different to that of a property management team. Each team should work autonomously but the business opportunities should feed between each.
  • Other competing brokerages in your location will be looking to attract your good people away from your business. Be aware of the competitive commission packages and salary opportunities offered to top performing agents.  Adjust your commission and marketing packages to retain your best people.
  • The changes within the property market throughout the year will present challenges and different requirements in property skills and knowledge. Be prepared to train your people in an ongoing way.

Given all of these facts, you will need an ongoing plan of staff attraction and staff retention.  The success of the commercial property business will generally hinge on the performance of the team and also that of the individual agents or brokers.  Individuals will be motivated in different ways.

You can get more tips in commercial real estate brokerage sales right here in our Snapshot eCourse.

227 Commercial Real Estate Online

Today’s program is largely about personal performance in commercial property sales. The audio topics are 1. How to create your own mastermind group, 2. How you can directly approach Investment Property Sales, 3. Some essential sales skills for brokers today, 4. Setting forecasts and goals, 5. Motivating yourself in property brokerage. These are commercial real estate coaching programs by John Highman.
http://www.hipcast.com/playweb?audioid=P792e4c9123bb38ed5ca8bdbea55b05adZVh7QXpuY2F9Vg&buffer=5&fc=FFFFFF&pc=CCFF33&kc=FFCC33&bc=FFFFFF&brand=1&player=ap21

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