Commercial Agents – Market Intelligence Tips to Win New Business

The commercial property market today is changing frequently. Prices and rentals are shifting based on the supply and demand for commercial and retail premises. Whilst every city and town may have different pressures, it is essential to understand and track trends of the property market.

A commercial real estate agent can provide an exceptional service in property markets like this. They have the information from recent enquiry, and they can analyse the trends so that any property that is taken to the market for lease or for sale can be directed at the right target opportunity.

So the tracking of property trends becomes a point of difference in the agency marketing itself to property owners and landlords. Comprehensively understanding the following issues will help any agency attract new business. Here are some ideas to help with that:

Understand the supply and demand for property locally. As part of that process, you should identify where any new property developments are likely to be built and when they will occur. Keep in touch with the local building approvals office on a regular basis to identify this activity.

  • The zoning of property locally will offer opportunities of development and redevelopment. Understand where the changes to zoning will next occur. It is wise to carry a copy of the local development plan with you or within your computer for quick and easy access.
  • There is usually a lot of difference between the asking prices for properties vs. the achieved final prices or rentals. Having access to the final prices is really quite important when it comes to monitoring market trends. Given that commercial and retail property is rather specialized, the sharing of this information between agencies and Property Valuer’s is quite common.
  • In most locations, the amount of enquiry coming off of each advertisement or Internet listing is limited; you may have only a few genuine enquiries from each property marketing campaign. On that basis you need to track the sources of enquiry so you can optimise the marketing campaigns for each particular property as part of the listing process. Any old enquiry on a property that has now been sold or leased, can now be reactivated through networking and contact.
  • Even in today’s property market we still find that the majority of enquiry comes from local property investors and business proprietors. On this basis, it pays to target market every property comprehensively into the local area using direct mail, direct flyers, and a well-designed signboard. Each single listing has to be taken into the local market on a personalised basis. This is why the salespeople that know the local area are of high value to the clients that come to the agency.

So the key advantage that the local agency brings to the clients that they act for is centred on local property knowledge. Comprehensively understanding the local area and tapping into the opportunity that it presents will help you win new business and become the real estate agency of choice.

Commercial Agents – What If You Have No Prospects?

Many people start off their career in commercial real estate with little or no list of prospects to call and establish business relationships from. As a first priority new salespeople should start to focus their efforts around prospecting and cold calling. The sooner the process starts, the faster they will move ahead in the industry with quality listings and better commissions.

The reality of the commercial property market is that you should have some form of market share within three or four months; that means some listings. Over time the market share can grow and you can even reach the levels of a top agent through persistent and accurate prospecting activities.

So to kick start your career or perhaps to resolve current problems that you may be having with your market share, the following model of prospecting and contact will be useful.

  1. Devote 2 or 3 hours per day to making cold calls from your office using the telephone. This is a distinct discipline and will be initially difficult until such time as you create that habit in your diary. It should be said that this prospecting process is likely to radically change your levels of opportunity quite quickly. Establish a habit for the task and then keep it under way into the future. Regardless of how much business you have currently, keep the levels of prospecting up and accurate.
  2. Find some form of database software to assist you with the collation of market and prospect information. This is a personal process on a daily basis and will allow you to take ownership of your market share. Look at a database each evening so that you can track and plan your telephone calls for the next day.
  3. As mentioned earlier, when you first start your career in the industry, you will likely have no clients to ring. Every call you make will be to someone new that you have not spoken to before. Practicing the call process and your dialogue will help you convert more calls to meetings where there is a genuine need or interest in your offering. Exactly what do you have to offer? Make sure you know that before you start prospecting.
  4. Check out your competitors and most particularly the top agents in the local area. Find out what they’re doing on a daily basis and see what prospecting efforts they are implementing.

Your habits are the key factors that will drive your personal business forward. New habits have to be developed and that takes intense focus and consistent process. Many people enter the industry without understanding this requirement and believe that they will be successful with little or no change to their actions and activities.

Commercial real estate is totally different than any other sales industry, in that you are working with some very experienced and challenging property investors and business proprietors. Some of those people connect to a number of agencies at the same time. Any listing opportunity or potential transaction could be competitive and pressured from the activities and actions of other agents.

Top agents refine their knowledge relating to the property market and the best methods of sale or lease that work currently. Clients like to work with top agents understanding that success is more possible and real. If you aspire to this high level of performance, take time each and every day to practice your processes.

Commercial Agents – Tips to Increase the Sales of Commercial Property Today

When it comes to the sale of any commercial property today, there is plenty of competition to contend with. In most cities and towns, there are many good properties listed and being actively marketed. The biggest frustration in selling commercial property today is in finding the right buyers who can act with appropriate finance. In simple terms there are fewer buyers around; the experience and expertise of the real estate agent is more important than ever before in the sale process.

From the outset of the property marketing campaign, the specific target market should be the focus. All of the advertising should be written with a view to the targeted buyer. Clarity is important here.

All of the advertising for the property should be structured around the target and what they are looking for today; the advertisements, promotional material, Internet listings, and direct mail campaigns should all be similarly structured.

To understand this target market ask yourself these questions.

  • Where is the buyer for the property coming from?
  • What is the buyer looking for in selecting a property?
  • How much can they spend and on what terms?
  • What are the real features of the property that the advertising should be built around?
  • What is the best time of year to attract a buyer to the property?
  • What is the best method of sale that will attract the buyer to enquire and then to purchase?
  • What are the negative issues relating to the property that should be addressed prior to the campaign commencing?
  • What are the comparable properties nearby that frustrate the marketing process?

So these questions are critical to the property promotion strategy. The buyers in today’s property market are selective and fickle. There are fewer buyers around and negotiations take longer. That being said, the experience and skills of the real estate agent in the promotion, inspection, and closing of a property transaction is now more important than ever before. Knowledge and practice will help the process.

Every marketing campaign has to address the target market and promote the individual property. The days of generic marketing are gone. Specific target marketing with dedicated advertising that really encourages enquiry should be the main focus of every campaign.

The best ways to increase the levels of enquiry in every commercial property campaign include the following:

  1. The buyers of commercial property typically come from the local area. This means that your campaign should be directed to the local property owners and the local business owners. To achieve this focus, it is best to direct mail and telephone the owners and the businesses that own or occupy local property. Every piece of direct mail should be followed up to optimise the enquiry and the information.
  2. When any property comes on the market, within the first 24 hours ensure that flyers and information brochures are personally delivered to the neighboring properties and businesses within a radius of 500 metres.
  3. Place a prominent signboard on the property at the start of the campaign. This is perhaps the best and most cost efficient way of promoting any property. If possible ensure that the signboard has specifically been created with property information and sale details.
  4. When you draft your advertisements for the property promotion, use the keywords that apply today to the property type and location. These keywords will help the Internet Marketing and Internet listing. You can research the keywords from the larger search engines on the Internet. These keywords will be the words that the buyers of property are entering into the search engines when looking for properties to purchase.
  5. When the promotion of property commences, make personal contact with the database within your office. This means telephone calls and meetings with the appropriate people. The information and leads that you gather from the campaign will be helpful in other property promotions at a later time. All the information should be entered into your database.
  6. E-mail marketing will be a useful tool for every property promotion. Most agents are selectively sending out e-mail marketing each week. Any property promotion can be merged into this process.
  7. To sell a property today, the best method of sale should be selected. That will be the method that buyers respond to and act within. Do not choose a method of sale that can frustrate the potential purchasers. The
  8. Vendor paid marketing remains the normal and sensible alternative in every marketing campaign. Any serious property vendor will commit marketing funds to the promotion of their own property. Always ask for vendor paid advertising to comprehensively cover the target market.
  9. Create an inspection process and strategy that covers the property and its features. Understand exactly how you will take people to and around the property. Identify the right things to talk about with buyers, and get market information to support your presentations or inspections.

Even in this tougher property environment, good properties will sell. It is a matter of the agency working hard to locate the buyers and then promote the property effectively. This is a personal process when it comes to each and every property.

Open listings are generally a waste of time today as they always take longer to sell. Every serious vendor that needs to sell their property should commit to an exclusive listing and marketing campaign with one specialist commercial agency for a period of at least three or four months. If the property is unique then that time line will be longer.