Commercial Agents – How to Capture and Convert Enquiries for Property Today

In this property market it is very important to generate the appropriate levels of enquiry for each and every property you have listed. Given that the commercial and retail property market is generally tougher to achieve a sale or lease, the levels of enquiry become more selective and restricted. Every marketing campaign has to be carefully planned.

It can be said that a quality property will always create enquiry. The assumption is generally correct although the volume of enquiry has lessened given the tightening of finance and loan activity.

A good database program is today more important than ever before, and it is the tool of choice for expert commercial real estate salespeople. Your attention to detail in any database maintenance will help you build significant market share in this challenging property market.

Here are some strategies for capturing and converting enquiries in every property marketing campaign.

  1. In most locations you will find that property enquiry is higher towards the end of each week. That is the period between Wednesday and Saturday each week. On that basis you should focus most of your advertising for each property into this window of time.
  2. Internet advertising of commercial and retail property remains one of the most effective and cost efficient ways of communicating property availability. To optimise the process there are some strategies and feature placements that can be applied to internet website advertising to place a feature of the property above others in the same location or suburb. This is sometimes called premium marketing or elite marketing, and is highly effective to gain a better position in the search engines when a person is looking for a property to buy or lease in a particular location. It should be said that there is a cost for this placement above that which applies to ordinary property listings on the internet.
  3. As a general rule, you should not give out any property information to a person enquiring over the telephone until such time as they have given you the appropriate personal contact details. It is not uncommon for other agents to masquerade as a property purchaser or tenant seeking listing information for their own purpose. If real doubts exist, arrange to meet with the enquiring part at your office.
  4. All inspections of commercial and retail property should be undertaken personally. In that way you can really understand what the property offers to the potential buyer or tenant from their perspective. You can also identify any other properties that are worthwhile bringing into the inspection process. Relationships are really important in property marketing today.
  5. Every property enquiry should be carefully collated into the database for any future opportunity or reference. As part of that process, details of mobile telephone numbers, email detail, and websites allow you to comprehensively contact and review the needs of the prospective purchaser or tenant. Asking the right questions and having a checklist for the process will improve your connection here.

Sometimes a busy and buoyant property market will influence us to forget the good business practices and prospecting models that should be occurring each and every day.

The agents and salespeople that keep their prospecting model running through all market conditions achieve long-term success and commission stability.

Commercial Agents – Get to Know Your Clients Leases Before You Find a Tenant

When you are appointed to lease a client’s property, the tendency is to find out what rent the client wants, look at the premises for size and quality, and then market the property. The entire leasing process is much more effective when you get to know the property and the lease in great detail; and that is before you start the marketing process.

So why does a commercial real estate agent lease a property? There are many ways to answer the question however the right answer should be a combination of some or all of the following:

  1. To solve an outstanding vacancy issue for the landlord
  2. To build on the net income result for the landlord over time
  3. To strengthen the tenant mix for the landlord so they can improve the profile of the property for any future sale or refinance
  4. To achieve a balance in the tenant mix so that the other tenants also benefit from a new tenant entering a property
  5. To lessen the threat of vacancy and loss of rent across the property in any major way in the future.
  6. To achieve a commission for the agent for quality professional services offered

The only way to solve these problems is to fully understand the landlords lease and rental needs. That will mean setting some rules regards the critical issues of occupancy including:

  • Rent start dates given the existing market conditions
  • Rental type (gross or net) and availability
  • Rent incentive availability
  • Incentive type to be offered to tenants
  • New tenant targets and types of tenants that best suit the property
  • A tenant retention plan to help retain those good tenants in the property that you really want for the long term
  • Allow for the pressures of refurbishment and relocation of tenants when and if the property needs to be improved or expanded
  • The permitted use of the premises and the property with due regard to the prevailing development plan in your location
  • The make good requirements of the lease at the end of the lease term
  • The availability of a lease option for a further term if and when it should be offered
  • The types of guarantees or bonds that should be sought from the tenant as part of the new lease to be established.

These things are very important to the lease requirement and the lease to be created. Get to know the clients standard lease before you take the property or premises to the market. If necessary ask to meet with the client’s legal advisor so you can get a copy of the standard lease and review it before the marketing starts.

Commercial Agents – Keys to Dominating Market Share and Sales Territory

As a commercial or retail property agent today, you have to dominate your local property market. The levels of enquiries and the types of enquiries coming from each and every listing need to be optimised. Any genuine enquiry should be converted clearly and effectively into the correct property.

So why is all this pressure applying today? The simple fact of the matter is that there are fewer enquiries around for every property that you take to market. The buyers of commercial property are still frustrated by the availability of finance. Any genuine enquiry you receive should be qualified and then converted as quickly as possible into the correct listing.

This also says that any overpriced listings are generally a waste of time unless the owner of the property is somewhat flexible to a price reduction down to the levels of current market activity. It should also be said that any price reduction should occur quickly at the commencement of the campaign as most enquiries only come in within the first three or four weeks of marketing commencement. After that time the property progressively becomes less interesting and attractive to the existing buyers.

So the marketing of commercial property today is more important than ever before. The experienced commercial agent has a high value in that process.

For the agent to dominate the commercial property market today, there are some rules to be followed and implemented. Here are some other main ones:

  1. Every listed property should have a signboard placed on it. Perception of market share is highly important in your local area. The more signboards you can have in your area, the better for your agency in market perception. Signboards still generate a lot of enquiry and have real impact in your local area.
  2. Quality marketing campaigns are the rule and not the exception today. Every exclusively listed property should be taken to the market through a comprehensive and selectively targeted process. This would normally involve the Internet, local businesses, local Property Investors, newspaper advertising, e-mail marketing, and direct contact or direct calls. This type of marketing campaign takes a serious amount of effort. On that basis, the campaign should only apply to exclusive listings over which you have full control for a reasonable amount of time.
  3. A vendor paid marketing campaign is essential. Every exclusive listing should have some form of vendor marketing. To assist you in selling this process to the client, you can have three marketing alternatives for the client to consider. Invariably most clients choose the middle level cost and recommendation.
  4. Keeping in contact with all the business owners locally is just so important today. Business owners and proprietors are the backbone of commercial property activity. Knowing their intentions to move, sell, buy, or rent are some critical parts of your market intelligence gathering.
  5. Identifying, locating, and contacting the owners of quality property in the local area will always be important. This process can take time given that the ownership identity and structure for a property is sometimes conveniently hidden inside a Property Trust or a Company ownership. Nevertheless, you still need to be implementing a process of contact with all the local property owners and investors.

The best agents know their market and constantly tap into it in a variety of ways and then record their findings. The agent with the largest database that is accurately maintained and up to date is usually the agent doing the deals today. They are the agent of choice. Is that you?