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No Brainer Top Marketing Tips in Commercial Real Estate Agency

In this commercial property market, you really do need to market yourself comprehensively and consistently to the clients and prospects that you deal with.  Your competitors will be doing everything possible to undermine your listings, attract your clients, and interfere with your leads and opportunities.  It’s a tough industry, but it is also very rewarding for those agents that can systemize their actions and keep up their focus.

What’s New?

There is nothing new here of course when I say that it’s a tough business world today; our industry is competitive.  Before everything else in commercial real estate, you must be a good marketer of your skills and services.  Every day you should be reaching into your database of contacts to consolidate your brand even further.

Here are some tips to help you consolidate your personal marketing plan as a top commercial real estate agent.

  1. From a marketing perspective, you will always get more leads and opportunities from quality listings.  This then says that most of your listing efforts should be directed towards properties of quality and desirability.  If you list low grade properties, you will attract low grade enquiry.  Get to know the right people with the best properties locally, and network them regularly.
  2. Each listing that you take on should be a controlled listing.  This means that your listings should be ‘exclusive’ by nature.  You should have control of those listings for a reasonable period of time.  Avoid open listings unless you really believe you can find the right person to take the property on.  Open listings are generally a waste of time given that you have no control over the stock.  In the open listing scenario, the clients are always listening to many agents at the same time and are therefore quite untrustworthy.
  3. Every quality controlled listing should be supported by a dedicated marketing program and vendor paid marketing funds.  This then goes back to the point and the importance of exclusive listings.  The equation is quite simple.  When you control the stock, you control the enquiry, and therefore you can close on more successful transactions.
  4. A successful sales or lease transaction should be communicated into the local business community and the surrounding property owners.  Any success that you have with a listed property is an excuse to spread the word of the positive result.  Be known as the local real estate agent of success and results.  Spread the message of your success locally.  Most of your leads and opportunities will come from the local property market exclusively.
  5. Every quality listing and exclusive listing should be personally marketed into the surrounding property owners and business community.  This means lifting the telephone to talk to the right people, and door knocking the streets surrounding the listed property.  Use every listing as an excuse to talk to more people.

In this property market today, there is an abundance of stock and a shortfall of qualified enquiries.  Some buyers and tenants cannot act in a market like this today.  For this very reason, every listing that you bring into your books should be optimized for maximum enquiry and market penetration.  Use that quality listing to get the message to the market.

You can get more tips like this in our Newsletter right here.

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Top Commercial Real Estate Agents Need a Top Prospecting Model and Here is Why

When it comes to commercial real estate sales and leasing, you really do need to consolidate your territory around you as the agent of choice.  In most cases you will have many other agents in the same patch chasing the same listings.  This then says that you should have total focus on your marketing and prospecting efforts.

Given the law of averages that applies to sales people today, most of your competitors will be fairly ordinary and underperforming when it comes to prospecting and territory building.  Most commercial real estate agents lack a consistent and relevant plan of attack when it comes to building the local territory and market penetration.  I guess they would say that they have too many other things to do.

This then says that systemized agents can consolidate their market faster and more effectively than their competitors.  Whilst it is easy to say, is difficult to do; difficult in the sense that personal commitment is required on a daily basis to a plan of self-promotion and client contact.

You cannot list a property if the decision makers do not know who you are.

If the next year is important to you when it comes to quality of listings and growth of commissions, it is really important for you to now formulate your plan of attack when it comes to the listing territory that you control.

Here are some ideas to help you consolidate your market share and grow your listing opportunities.

  1. When one of your competing agents puts a signboard on a property, talk to all the adjacent property owners and business proprietors.  It is quite likely that those adjacent property owners or business people may like to compete with the existing listing nearby.  Whilst the competing agent should have already spoken to those groups, it is quite likely that they have not.  With a little bit of effort, you can open the door of opportunity around all of the other agent’s listings in your area.
  2. Check out the history of property sales in the area over the last 7 to 10 years.  The people that purchased property approximately four years ago and beyond are those people that are likely to again soon act when it comes to property sales and or leasing.  Determine that group of people and establish contact in an ongoing and relevant way.  Consistent regular contact will help you brand yourself as a relevant agent in the local property market.
  3. When you take a property or listing to the market, contact all of the local business proprietors personally together with all of the property investors.  This personal marketing process will open the door on many other opportunities and leads.  You need to get your name and face in front of more people to grow your market share.
  4. Every successful sale or lease transaction should be communicated into the local area personally and directly.  This means placing telephone calls and letters to the right people and the business owners.  When you create a successful transaction, it can help you consolidate your brand as a top agent.

Most of the business people that purchase and lease property today are locally based.  They know the local area, and they also know what their clients require as to access and property type.

Keep your personal marketing program specific to a defined territory and property type.  This will help consolidate your database and your local market knowledge.

You can get a lot more tips and ideas in our Agents Newsletter right here.

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High Quality Lead Generation Systems for Commercial Real Estate Agents Today

In commercial real estate the prospects and clients that we serve are quick to judge you.  They will judge you by what you do and what you say.  They will also judge you on what you do not do.  For this reason it pays for you to be absolutely focused on positive connection and communication with all the people in your database and your client records.  Systems and relevance will help you with all your connections and leads.  Here are some tips from our Newsletter.

Relationships Are the Key

The main reason we win listings is through relationships.  Those relationships are with the right people locally.  Commercial real estate agency is built around the trust that you establish with landlords, tenants, business leaders, and property investors.

I was recently talking with a fellow agent that was just moving from residential property into commercial property.  The question he raised was ‘How do you establish your database and client base?’   The fact of the matter is that a system is required to take you forward as an agent in your local territory.  Without a system of client contact your career will go up and down like a roller coaster.

Massive Opportunity

Don’t make things hard on yourself with listings and commissions.  You have chosen a career of massive opportunity; you just need to the required focus and momentum.  Start today to deal with the contacts and database that you require.  Expect that the process will take time, but the results will come.

Here are some ideas to help you deal with the leads and prospect list that you require.

  1. Business leaders will be a good source of business in one form or another.  They may own or lease the premises that they are in; either way you can help them.  Business owners and leaders are easy to find given that you can use the telephone book and door knock on a few business doors.  These people are the easiest to network with and make contact.  You should be talking to 20 business people per day.  Ask the right questions and you will get some valuable information that you can do something with.
  2. Property investors will come to you from other marketing efforts, or perhaps the branding and marketing of your office or agency.  Get to know these people and the type of help that they require.  As a local investor they like to work with agents that really know the local area and how to tap into the deals.  Even in the toughest of property markets there will always be property investors looking for good quality property or tenants.
  3. Property developers come and go from the market based on the supply and demand for leased space and property ownership.  You can get good property business from them, however they require understanding and they should not be trusted until you have their name on a valid appointment to act.  Property developers are very good at using agents without paying fees.  Don’t fall into the trap of service without fees.

With these three groups of people you can develop your lead generation system and market share.  Prospect into these groups every day; soon you will see your leads grow and the listing opportunity open up.

You can get more tips for commercial real estate agents in our Newsletter.

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Two Words That Can Change Cold Calling Results Forever

In commercial real estate agency today so many salespeople and leasing executives struggle with cold calling.  They find it frustrating and quite soon they will find something else to do.  Unfortunately cold call prospecting is then avoided for the future; they incorrectly move away from the one thing that can change their lead conversions forever.

So what stops you from making the calls?  Here is a good list:

  1. Poor organisation
  2. Call reluctance
  3. No dialogue
  4. Distractions
  5. No momentum
  6. No database
  7. Lack of a prospect list
  8. Meetings
  9. Clients, etc

Make no mistake, cold calling is hard but it does produce volumes of results when you improve your call contact systems.  It takes a mindset and a process that should be practiced.

All of this being said, there are some very simple things that you can do that will help you radically with the call contact process; one of the most effective is based on two simple words.  The words are ‘stand up’.

When I say ‘stand up’ I am referring to you standing up when you make your contact and cold calls.  So many top real estate agents do it; you probably do it now when you are making a mobile telephone call as you walk!

The fact of the matter is that your call quality and conversational ability is a lot higher when you stand up and talk on the telephone.  There is something in moving and talking at the same time that goes well together.  Whatever the secret is, you should try it and use it.

The benefits here are quite clear:

  • More call confidence
  • Better conversational ability
  • Better tonality in the call voice
  • ‘Right brain’ thinking as you talk

If you put all of these factors together you will find that those hard to make cold calls will be a lot easier for you.  It really doesn’t really matter if you have clients and prospects in commercial or retail property sales, leasing, or property management, the fact of the issue is that you should be making lots of cold calls each week to people that you have not spoken to before.  That’s how you build market share.

Start to work on you mindset and use the ‘stand up’ process to improve you call conversations and dialogue.  Quite soon you will see some new confidence in the calling process; when that happens you will convert more meetings.  A good result, don’t you think?

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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 – Leverage Your Lists and Make More Commission

In commercial real estate agency today, we tend to overlook the value of the lists that we have in our office or in out possession.  Lists can help focus our efforts when it comes to new business and commission.

When talking about lists, it is interesting to note that many commercial real estate agencies have a database that is well out of date.  The results of any marketing into the database are therefore quite sporadic at best.

If you want results in our industry, take a look at the lists that you are working with and the accuracy of the information contained therein.  Develop a good list process yourself, and work it on a daily basis.  It is essential that you develop a habit when it comes to maintaining your lists and your client relationships.

The problem with databases and lists is that they need to be maintained.  Many salespeople prefer not to do this work themselves.  The result is that no one person then takes ownership of the database and the value of the process falls away.

Whilst I may be generalising, I would say that at least 75% of the commercial real estate salespeople that I have made contact with over time have databases that are sporadic at best, and in most cases quite random.  You cannot build your commercial real estate business around a sporadic database.

Top agents tend to have lists that are completely up to date and worked on a daily basis.  They know the people in the list and make sure that regular contact is maintained.  After each contact process, the list is updated with accurate information.

Here are some ideas to help you build momentum and accuracy in your list process:

  1. In most cases, your personal list of contacts should be no more than 1000 people.  Beyond that point it is very hard to keep contact with the right people at the right time.  It is the quality of the 1000 people that makes all the difference in your career and industry.  When you focus your connections into a group of this size, you will generate commercial real estate business.  The key point is to focus your efforts of connection and communication on a regular basis to the right people.  They need to know you as the expert that you want to be.  In this way you can build your top agent profile over time.  Regular contact sends the right message.
  2. You do not need to have a complex software program to support your cold call prospecting or client networking.  You simply need something that works for you.  Certainly there are some great software programs out there that can help you build very productive customer relationship models.  When it comes to choosing the right program, I would prefer something that is simple to use and convenient.  Access to the database anywhere by the mobile telephone and or a laptop computer would be an essential part of the list building process.
  3. It has been proven that a regular contact process to the right people will produce significant new business opportunity.  That contact cycle should be at least once every 90 days.  After that time people tend to forget you.  When you make contact with clients and prospects, have some simple connection process and information that you can send on to them as part of the connection follow-up.  You are the property expert, and they need to see that.

Leverage is one of the most important things to work with in commercial property and investment real estate.  It is a people based industry and your success will be based on the size of your network, and the relevance of your skills.  That is why your list is so important.  If you are struggling in the property market now, take a serious look at your database and its relevance to today’s market.  Start working on your database and the industry will open up for you.

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Build an Empire with Commercial Real Estate Prospecting

When it comes to your career in commercial real estate, nothing will fast track your results faster than a good prospecting model.  This then says that a prospecting model should be established into your daily business activities.

Prospecting for new business is quite a specific task and very specialized.  It should be regarded as something that requires practice and directed effort.  It takes about 2 or 3 hours each and every day to develop a good solid prospecting model.

This should also say that prospecting should be undertaken before anything else is done within the commercial real estate office.  If all salespeople within a commercial real estate agency did this, the volume of listings and the quality of enquiry would be far higher in just about all cases.  That will make the market share for the office more significant.

Quality listings and quality properties produce good enquiry.  It’s in tougher markets like this that we have today that we need a solid enquiry base coming from qualified prospects.  This is where your database will become highly important as part of your business activities.

Here are some ideas to help you with your prospecting activities and system.

  1. Determine a specific territory of prospecting.  That will contain the necessary numbers of properties and businesses that will produce the required commission that you want.  Make sure that the historic activity in the area has been significant and will remain so into the known future.
  2. Get to know all the local property owners of significant and important properties in your territory.  It does take time to identify property ownership structures and particular property owners; that being said, it still needs to be done and should be merged into your prospecting model.  Tackling property owner at a time is a good strategy to adopt in growing this market share as part of your prospecting system.
  3. The local businesses and business community will provide a significant volume of enquiry for you.  They will tell you so much about the local area and also of their property requirements.  In many cases they may own the property in which they are located.  They could also be tenants and on that basis they will require further leasing assistance at a later time.  Currently they may provide you with details of the landlord for any direct enquiry and networking.
  4. Go through the old sales records in your local region.  On average, most commercial and retail property will change hands in every 5 to 7 years.  That being said, the cycle can be a good source of future listing opportunity.  You simply need to identify the right people who have purchased or sold commercial real estate about four or five years ago.  They will again be entering the property industry in some way or form quite soon.
  5. Older lease transactions may still be current with business tenants.  They will however soon be reaching the end of the lease and require assistance in locating another property.  Every business in your local area should be entered into your database for the opportunity that it provides.  That being said, the tenants of today are also requiring local property market information.  You can be the expert to provide that.

To make your prospecting model work, a process of constant contact should occur.  The commercial real estate industry is built around trust and personal connection.

The first approach to a prospect, property investor, or business proprietor should be the simple beginning of a long-term relationship.  Over time you should be establishing meetings with those people and opening the door with property assistance at the right time.  Those being said do not forget about property referrals and referral relationships that exist with people that you already know.  Top agents do this all the time.

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Best Shot Commercial Real Estate Market Intelligence – Talk to Local Businesses

In today’s commercial property market, the tenants in your local area will tell you a lot if you ask the right questions.  For that very reason you should merge local tenants and businesses into your prospecting activities.

Any local building with multiple tenants should be merged into your call canvassing program.   Providing the owner of the building is not a client of your agency through some other business relationship, there is great advantage to be had by calling down all the tenants on a regular basis.

You can ask the business owners and managers questions such as:

  • Do they own the property?  Property ownership may be an opportunity for a sale and lease back at some stage in the future.
  • Do they lease the property?  If that is the case they will have lease change over issues and lease expiry dates coming up.  Most tenants have no idea about the availability of leased premises in the local area or the current market rentals.
  • When will their lease expire?  If you know this date you can provide market information to them in the year leading up to the lease expiry.  They may be prime tenants for relocating.
  • Do they have local storage needs?  Existing businesses can sometimes be under some pressure to expand storage or relocate staff into nearby local properties.  Ask the questions to see what pressures of occupancy may exist.
  • What type of business are they?  This will have bearing on the type of property and the improvements required in leased occupation.
  • Some businesses have a significant lead time to relocate given the way in which they operate and the plant and equipment that they may use in that business process.
  • What labour force requirements do they have?  The location of the business should be convenient for labour sourcing and access.
  • Some businesses need to be near public transport or have a significant onsite car park for staff and customers as part of business operations.  Find out what the business requires in case a special property in the local area could come onto the market one day.
  • Ask the business owner about the landlord of the property (if they are a tenant).  If you can identify the landlord, you can approach them at a later time regards leasing and property requirements.

In addition to all of the above, the tenants know a lot more about the local area than you do, and the right questions about other businesses in the street may very well turn up a property opportunity.

The best way to gather this information is to call by local businesses on a daily basis.  It takes time, but if you do between 5 and 10 a day, you will get valuable leads to work on.

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Beneficial Local Leads and Opportuntities for Commercial Property Agents

If you keep in contact with the local businesses in your area, you can uncover some significant property opportunity for your commercial real estate agency.  The process of contacting businesses is far easier than chasing down the property owners in your region.  A good prospecting model should involve both processes in balance.

It is the local businesses and the decision makers behind those businesses that can tell you what is going on in their region and their street; they can also tell you what they may be looking for in regard to future property activity.  It is easy to find local businesses, and it is easy to make contact with them.  The business telephone book is a valuable asset to grow your database.

Given that the local businesses are essentially the backbone of property occupancy, part of your database should be deliberately constructed for local business networking and the market intelligence that you gather.  Some of those businesses will be tenants, whilst other businesses will be owner occupiers.  Either way, there are property needs and challenges from time to time that they will need help with.

You can approach local business proprietors in two different ways.

  1. You can cold call them as part of your prospecting model on a daily basis.  This process is quite successful and worthwhile merging into your networking program.  Contacting 40 businesses a day is quite easy when you use the business telephone book.
  2. You can personally canvass the business streets and business locations as part of a ‘drop-in’ prospecting activity.  Getting your face in front of business proprietors in this way will help you gather significant market intelligence.

It should also be said that any significant property with multiple tenants will be a good opportunity for new business prospecting.  Many top commercial real estate agents will pick a large CBD building with multiple tenants and work through the list of tenants until they know what every tenant requires by way of occupancy and when their lease expires.  The direct approach works just about every time.

Many business owners and corporations do not have the experience or the expertise when it comes to commercial or retail property investigation and relocation.  For this very reason, they require local market assistance; you can be the source of this very valuable market intelligence.  Special property services may also be required such as tenant advocacy, or buyer’s agent.

Businesses and larger corporations will generally utilize these specialized services with the right agency.  They then become your client and will be paying your commission.  It is perhaps the reverse process to the normal sale or lease transaction, however it is quite productive and rewarding from an agency perspective.  You simply need to change your perspective on the transaction to help the business owner or corporation find the right property locally with the correct improvements.

The way to make this process work is to establish an initial base of contact with the right decision makers in every local business.  Over time, you can reconnect with these people and encourage a meeting at the right time.  Trust and information will help you open the door on future property requirements.  It may take three or four telephone calls every couple of months before you get to the right decision maker with a face to face meeting.

These business owners and business managers will appreciate local market intelligence and feedback when it comes to property rentals, property availability, and property prices.  As a strategy in connecting with these people, you can create a single page brochure that you can leave with them detailing the recent property activity and results.

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How Commercial Agents Can Market Commercial Property Today

The marketing of a commercial property today needs to be quite specific and unique.  The attributes of the property, the prevailing market conditions, and the requirements of the property owner will all have some bearing on the marketing campaign to be created.

Gone are the days of a generic marketing campaign.  To be fair to every commercial property taken to the market today, the exclusive listing process is highly important together with vendor paid marketing.  In this way you will attract the right levels of enquiry to convert inspections and eventually negotiate on a closed transaction.

Here are some tips that can be applied to the marketing process so that you can achieve a high level of well qualified enquiry.

  1. Inspect and review the subject property in a comprehensive way.  Do so with due regard to the existing levels of improvements and the attraction factors that the property provides.  If you were a buyer or a tenant for the property, what would attract you to make the property enquiry that is required?  What would trigger you to lift the telephone and contact the agent?
  2. When you completely understand the subject property, you can look through the local area for any competing properties that may still be on the market.  You can also look for any existing properties that may have been recently sold or leased.  Get details of any recent sales or rentals that have impact on your subject property.  This local information will be invaluable when it comes to client conditioning, and future negotiation.  The buyers and tenants that are in the market today will understand the availability of other nearby property and the prices or rentals as the case may be.
  3. Given the two previous points, you can now consider the ideal target market that will apply to the subject property.  From that target market, you can construct an ideal and comprehensive marketing plan.  I go back to the point made earlier, where the landlord or property owner should be required to give vendor paid marketing funds to you as part of the marketing effort.  It is quite normal for one per cent of the expected sale price to be the contribution required of the property owner towards the marketing campaign.  It is very wise to get these funds paid in advance into your trust account or client advertising account as part of the preparation for marketing.
  4. Determine the duration of the marketing campaign given the known target audience and the complexity of the property.  How long will it take you to reach the target audience and activate the right level of enquiry?  In most circumstances, this can be achieved in a period of eight weeks.  For this reason, most marketing campaigns can be focused on an eight week time frame, with suitable adjustments during that time frame as enquiry comes in.  You will know during that period if the right messages are being conveyed to the local business community and target market.
  5. If the local property market is saturated with similar properties of similar type, then you will need to adjust the marketing campaign after the initial eight week period.  If the property is to remain on market for an extended period then a secondary strategy will be required.  That being said, the initial eight week marketing focus should have created some form of substantial enquiry for you to establish market feedback and potentially some offers.
  6. Mix your marketing efforts across a number of media types and media strategies.  We all know that the Internet has a major role to play when it comes to the marketing of commercial and retail property today.  In your local area, you should know the strategies that work best when it comes to marketing property and generating enquiry.

From the earlier comments made above, you will have noted that the exclusive listing strategy is a key component of marketing commercial and retail property today.  A good exclusive listing marketing campaign will always create more enquiries and hence give you a better chance of converting a lease or a sale as the case may be.

When you work with and on exclusive listings you will be building a database of well qualified buyers and tenants in your location and industry.  Over time this will lift your conversion factors and potential commissions.  If the property owner wants to list their property openly across a number of agencies, it can be a complete waste of time from your perspective.  Some top agents will not normally work with open listings for this very reason.