Commercial Agents – Maintain Your Exclusive Listings for Better Results

When you work in commercial real estate sales or leasing, there is a lot of difference between listing a property and working your listing. Far too many real estate agents fail to recognise the process of working a real estate listing and how they can be bringing it to successful finality.

Your clients would be quite concerned if they knew that they were only achieving random focus and action from the agency marketing their property.

If you work your listing well, you will create reasonable enquiry from the local property market. This can be done in and around any economic circumstances and conditions. The quality of your database will be the factor that underpins your progress in the industry. Every quality listing will give you leads and opportunities that can be entered into your database. Keeping in constant contact with the qualified prospects is a factor of database dynamics.

When you list a property, there is a real difference between open listings and exclusive listings. Essentially you should be encouraging and taking the majority of exclusive listings. Open listings fail to give you a quality market share. Certainly a few of these open listings will sell or lease, however you have no real control over the client or the marketing of the property. Open listings are simply a factor of luck.

So let’s go back to the exclusive listing process and the focus that you can adopt. Here are some ideas to implement in your listing and marketing process.

  1. Take a look around the local area to understand the numbers of competition properties you are up against. Inspect those properties and identify their prices and marketing processes.
  2. The prices and rentals that have been achieved in local property transactions over the last two years should be tracked. In that way you can prove your pricing process and method of sale. It is very difficult for the client to overlook true market evidence.
  3. Take plenty of photographs to take with you on a laptop computer. You never know when you can show a property to a prospective buyer or tenant.
  4. Choose the right method of sale for the local area. Make sure that buyers would respond to that method of sale. If are you are using timed sale methods such as auction, or expressions of interest, or tenders, allow sufficient time to encourage enquiry from the target market.
  5. Develop an inspection strategy for each and every property. Talk to the client about that strategy and how you intend to sell the features of the property to prospective buyers. An inspection strategy involves the route that you will take in and around the building improvements.
  6. The marketing process in and for an exclusive listing should be dedicated and direct. Constant feedback to the client from each and every stage of marketing will be essential. As part of that process you should adjust and resolve any challenges or problems that you come across. The early stages of your marketing plan must create enquiry, otherwise you are losing time and wasting money. The critical period of marketing will usually be the first two or three weeks of advertising and promotion.

Exclusive listings are your road to success and market domination as a real estate agent. Experience and time will allow you to sell your services around exclusive listings; practice your sales pitch and presentation process to help in this regard. Any client that chooses not to market their property in this way has not completely committed to you as the agent of choice in resolving their property problem. That in itself is a worry and you may see the listing disappear when you least expect it.

Commercial Agents – Expand Your Sales Team Correctly

A successful commercial real estate sales team is built around committed salespeople undertaking the right tasks on a daily basis. This one single sentence summarises the industry and the ultimate golden rule. Unfortunately most sales teams and individual people struggle with doing the right things each and every day.

To work with this focus and turn it into opportunity here are some ideas:

  1. New salespeople should be taken through an induction process for the office and for the sales territory. This may take two or three weeks, but it does allow them to understand how things work and will minimize problems as time progresses. The induction program should cover administration, communication, personal performance, and marketing.
  2. In any property market there will always be challenges of market share, marketing, and negotiation. This says that each and every salesperson should be encouraged to be the best in what they do, what they say, and how they act. A degree of training should be ongoing regardless of how long someone has been in the industry. Any salesperson who thinks they know everything and refuses to be trained, is effectively redundant and should be removed from the group.
  3. When a salesperson joins the team, the time it takes to establish results in listings and sales will vary, however results should be seen within three or four months of employment at the outside of the acceptable timeframe. This assumes that the salesperson has been given a market or sales territory within the first three or four weeks of employment. The industry is built around successful individuals and disciplined performance. Any salesperson that does not show these attributes consistently will be a problem.
  4. In some parts of the industry it is common to use a salary plus commission formula of employment. Whilst this is suitable for the early stages of employment, it creates complacency for those salespeople that can live off the base salary. Any salesperson that has been in the industry for longer than two years should really be considered for a commission only type of remuneration package (if the industry allows it in your location). If a salesperson cannot move to this method of employment at that time, it is likely that they have not dominated their market and increased their levels of income. That is a problem to be addressed.
  5. It is wise for the office and the sales team to have an established marketing plan and system. Each and every salesperson should be marketing themselves into their territory through a cold calling and prospecting process that has been clearly set and nominated. Set some performance indicators to ensure that each salesperson has the correct level of momentum and focus. As part of that process they will require marketing support materials of high quality and relevance. These materials should be nominated and agreed in the marketing budget for the office each year. If the salesperson is not using the nominated marketing tools, you soon know about the problem and can take steps to resolve it.

When you expand the sales team correctly and monitor the progress of each individual, you can get better results across the board. Any underperforming salespeople that fail to respond to the correct training and guidance should be given appropriate warnings and eventually removed from the team, as they will be a hindrance to the performance of others and the group.

Commercial Agents – Strategies to Use in Listing Commercial Property Today

When it comes to listing commercial or retail property today, you need to be prepared and practiced in the finer art of pitching and presenting your services.

You will only have one opportunity to convert the client in a sales pitch; everything you say and do have to be orchestrated and relevant to the property type, the market, and the client’s needs.

Here are some specific strategies to use in the property listing presentation process.

  1. Make sure that you have comprehensively inspected the property beforehand. You need to know everything about the property and the location so that you can address any questions that the client may raise. It is a strategic advantage to undertake this inspection with the client a few days before the final sales pitch and listing presentation. You then have time to formulate your ideas and recommendations in a relevant way.
  2. There will be two or three specific concerns that the client has in marketing their property today. You need to find those concerns from your discussion with the client, and then deal with the answers through your sales pitch and presentation. The best way to do this is to incorporate a formal question and answer process in your property proposal document.
  3. The trends of the local property market are absolutely essential to the presentation that you make today. There is no doubt that the property market has changed significantly even in the last 12 months. The facts of that change should be conveyed to the client so they have no misconceptions regard their property and its promotion. You will need third party evidence to make this information relevant.
  4. Do not bind or indicate to your clients any specific results and dates. It may be that the property has a limited base of enquiry and target market. It could therefore be on the market for some months. Your listing presentation should reflect the fact that extended time on market maybe something that they should prepare for.
  5. In any property presentation it is evident that graphs and numbers more easily prove a point and attract attention. Merge these concepts into your otherwise written or verbal presentational material. Even though you may spend significant hours on a great proposal for the client, is well known that most clients to not read the document in any particular detail. You need to put photographs, figures, and graphs into your documents so that it attracts their interest and attention.

It is likely that the client has some preconceived ideas of price or rental. It is also likely that they have some preference regards the methods of sale or the methods of lease.

The client will usually choose the factors that do not really work in the local market today. They are seeking to avoid discomfort in the sale or lease process and want the best price or rental. Preparation and information are the only things that you can utilize to work through this challenge.

Through the entire presentation and listing process, make sure that the client understands that your principal and primary goal is to protect their interests and optimize their outcomes. They need to trust you with these two critical factors. If you can do that, you will be the agent of choice.