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Opportunities with Commercial Real Estate Property Investors

In commercial real estate agency, the property investors that you know well and connect with regularly will provide you with lots of opportunists in sales and leasing activity.  That being said you really do need to know their focus and priorities when it comes to property ownership and overall performance.

The property market changes frequently and so will the plans of the people and clients that you serve.  A lease transaction today can be a sales transaction tomorrow.  The same extended business opportunity can occur from a lease deal to a property management appointment.  Understanding the client will help you find the right opportunities and leads.

Here are some questions to ask your clients and prospects.  Adjust the questions and concepts to suit the property type and local market that you control.

  1. What type of property do they prefer to own and in what location?  They may relate more to industrial, office or retail property.  Their preference will have an impact on your prospecting activity.
  2. What do they own now and how long do they intend to hold that investment property?  There are strategic differences between holding a property for the short term (5 years) versus longer.  Any leases that are negotiated in a property will be established with due regard for the investment holding period, the cash flow required from the investment, and any renovation or relocation needs.
  3. The income that you set for a property will be relative to the market rental in the property type.  What do they know about gross and net rent today?  What impact will incentives and vacancy factors have in the leasing process and returns over coming months and years?
  4. Will the property need renovation soon?  Some older properties will reach the end of their useful life as tenants look for better property improvements and locations.  A repositioning or renovation process will need to occur with older properties. Many property investors do not know how to position current lease negotiations for that.  Renovation and relocation clauses can be inserted into current lease negotiations with due regard for the upcoming property changes.  In such cases, the strategy of leasing really becomes very important.
  5. How are outgoings and expenses running for the property?  Are they comparable to the other properties locally of similar type?  Keep your clients property suitably positioned in a competitive way so that any lease can be attractive and viable for new tenants considering occupation.

Simple concepts like these will help you serve your clients professionally when it comes to tenant mix and leasing.  When you get the balance right, the income for the property can grow and the vacancy rates can fall.

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How to Create a CRM Database in Commercial Property Agency Today

In today’s marketplace the Real Estate  Agent needs to be technologically supported as both an individual and an  office.  Good database software is the  only way to support ongoing customer relationship management and control your  accounting processes.

Whether your office is focusing on property  Sales, Leasing, or Property Management, you will need database software to  support your activities.  If you  diversify further into the disciplines of business sales or commercial, the  needs of your database software will need to be further enhanced to satisfy the  unique conditions and activities of those transaction types.

Before we go further with this topic, we  will say that you need to be very comfortable with using computers as regular  business tools for your business today.   The more that you do this and the more effective you are at it will be  critical to your future real estate success.

So what Database is Best?

Essentially there is an array of database  software alternatives available.  These  can be generally acquired through retail outlets or by purchasing online.  Most of these generically available products  are very good software packages but have not been specially shaped for the Real  Estate industry.

This then means that you must spend some  time on the software to shape it to your particular needs.  In most cases this will not be a problem for  the person familiar with software technology and computers.  If however this is an issue for you, then  you’ll need to seek expert assistance from a consultant to install and shape  the software for you.

A good choice of software for your database  will save you time and help you keep on top of the opportunities.  This means more clients and commission.

You will need software that tracks the  prospect and the series of interactions that you have had with them.  The software will, at the most basic end of  the usage spectrum, also need to:

  • Mail merge to letters and  emails
  • Integrate with ‘Microsoft  Outlook’ or your email client
  • Integrate with your mobile  phone synchronization
  • Create diary recalls of  critical issues and the next contact event
  • Contact detail
  • Property detail
  • Recording of all correspondence
  • Allow you to classify the  prospect to the type of property they want or have, and their capabilities and  needs in that regard
  • Allow you to make notes of  conversations and meetings with the person
  • Flag urgent and critical issues  of response or opportunity