Friday, June 29, 2012

Commercial Real Estate Agents - Connecting and Presenting to Clients

Client communication tips in commercial .

When it comes to listing a commercial or retail property for sales or leasing or property management, a good strategy to help you win the listing is to focus on redefining the scope of the services required to match the client’s immediate needs.

In many respects the client will not totally understand the complexity of the property market and the solutions you can provide.  They simply know that they must achieve a sale, a lease, or get the property management activities under control.  You can provide a greater depth and scope to the solution process.  Your experience in the property market can help you do this.

How to Implement

To take this approach you can work from your immediate understanding of the client’s requirements.  They will be based around the sales, leasing, or management process.

You can then expand on the particular issues and move into a redefinition of scope and opportunity.  Your current market knowledge and personal experience will give confidence to the process.

The redefining process works initially from the base of the client’s current needs and understandings, and that then expands into the opportunities that you identify and explain.  As the property expert you can redefine the scope and improve on the alternatives available.  That is how you win a sales presentation or pitch.  Attract the client’s attention through creative solutions and strategies.

Here are some tips to the redefinition process:

  1. Provide some client testimonials and stories from the past.  Your client today will want to know that they are not alone in the listing process and property challenge.
  2. Understand what the client does know about the property market today, and use that as a basis of expansion into opportunities and strategies.  It is very important that you make the connection between what they know and what you can do.  Failure to do this will see them lose the connection or the relevance of your discussion.
  3. Most clients understand that you list, market, inspect, and negotiate on commercial property matters.  Unless you give them some clear reasons as to why you are better in each of the stages, you will not differentiate yourself from the other agencies.  Take each of the stages of the listing and marketing process, and then add your points of difference to the particular stages.
  4. As a central focus to your presentation, give information to the client that they would not normally know, expect, or even consider as relevant to their property promotion.  Think beyond the boundaries of generic marketing and come up with some very specific strategies that can improve their available overall solutions.

The top agents in this market are professionally different and very creative when it comes to helping clients resolve property challenges.  You also have this ability to refine and develop.  Experience will always take you there, but a deliberate focus will get you there faster.  In that case you will generate more market share and relevance to the clients that need you.

You can get some more free tips for commercial real estate agents right here.

Thursday, June 28, 2012

The Key Rules for Gaining Referrals in Commercial Real Estate Agency

business man and woman talking outside office building
Ask for referrals

In commercial and retail property agency, it is essential that you ask for referral business at the right time and with the right people.  A simple well directed question to a ‘happy’ client or prospect can open up into so many other issues and opportunities with fresh listings and commissions.

Referrals and leads from good clients and prospects are a very important way to expand your commercial real estate business and territory.  It is far easier to convert leads in this way than to go in ‘cold’.

Who do you ask?

So who do you ask and when?  The clients and prospects from a successful transaction are likely to be the ones that will share other leads and referrals.  

If you were professional and gave 110% in helping the deal move ahead, it is very likely that a referral will be possible in the end.

You will quite likely know just who the good clients and prospects are from every transaction that will open up with referral opportunity.  Importantly you take the lead and ask the questions at the right time.  It is surprising just how many agents and salespeople overlook the process.

Why does it work?

So why does a referral work?  When you move into a fresh referral situation, the new party that you have been introduced to will most likely give you a level of ‘deferred trust’ so you can connect and converse.   The relationship and successful first transaction with others ‘opened the door’.  You can now build on that now providing you do it professionally and with respect for all the parties.

The Key Referral Rule

There is one very important rule to asking about and entering into the referral process.  You cannot ask until the original deal is done and successfully so.   Let your client or prospect fully experience the benefit of your services and knowledge.  When you do this, the referral request is not seen as ‘offensive’ or ‘ill-timed’.   You will get better referrals when you ask at the very end of a great transaction that was successful in all respects.

A Big Referral Tip

When you open the door on a referral, keep the originating person up to date.  It is better that they hear the results from you rather than their friend or business acquaintance you were introduced to.

The process of referral can occur at any time across sales, leasing, and property management.  Be open to the variations of how you can help other people and why they could need your services in this property market.  Remember to ask the right questions.

Get more free tips for commercial and retail real estate agents right here.

Top Agents - 3 Keys to Personal Marketing Today

businessman outside office building
Market yourself to build market share

In commercial real estate agency today, the competition is fierce and relentless when it comes to others chasing your listings or pitching against your opportunities.  That is why is important to find a client or prospective client before the other agents do.  In that way you can avoid the competitive pitch and presentation process.

There are three very distinctive objectives in the marketing process for you personally as you develop your market share and territory dominance.  Ask yourself these three key questions:

  1. Do the key people and players in the market understand that you are out there and available to help them?
  2. Do your prospects understand the unique values and skills that you bring to the commercial property process?
  3. Are you regarded as the best local expert in your field and property type?
Three very simple questions, but some very big concepts that will have some major impact on your market share.
When you specialize as an agent, you become more relevant to the local business owners and property investors.  Here are some specific strategies to help you consolidate these three marketing factors above:

  • Get quality signs on as many listings as possible in your territory.  Your name should feature on all your property listing signs.  Further to this strategy, ensure that you get sold and leased stickers on all signboards as soon as possible when a transaction has been confirmed.
  • When a specific property is listed for sale or for lease, use it as an opportunity to talk to other property owners in the area and other business owners nearby.  This contact process should be on a personal basis and preferably face to face.  Getting your brand before others is all part of the strategy.
  • When you sell or lease a property locally, get success letters dispatched into the local business community.  The success letters are highly effective and perhaps more so than emails.  Your name and needs to be connected to the successfully sold or leased property.  Be known as the catalyst for the deal.
  • When other agents list properties locally, use their signboards as an excuse to talk to neighboring property owners and business proprietors.  There may be an opportunity of competition and another listing in the immediate area.
  • A database is a well-known business tool for commercial agents.  It is interesting to note that many agents and salespeople struggle with maintaining a database.  The database that you create should be accurate and up to date at all times.  As to how you do that is really a matter of your personal processes and business activities.  Top agents have great databases.

Develop a specialty in both property type and location.  Your choice here will help you refine your offering to clients and prospects.  Check out your competitors to identify who may be offering similar specialized services.  Review their relevance and experience in their chosen field.  You will need to be more relevant in every way.

If you need more ideas to help your commercial real estate career, join our community right here.

Wednesday, June 27, 2012

Commercial Property Agents - Top Prospecting Tips for You and Your Market Today

commercial property agent giving OK hand sign
Commercial Agent Prospecting Tips

In commercial real estate agency, you will find that the property market changes frequently throughout the year and over a cycle of a number of years (about 7 to 10 years).  That being said, the need for quality commercial property agents and specialized salespeople just changes and never really goes away.

Here are some prospecting tips from our commercial real estate agents bulletin.

The most important leverage to develop personally in the marketplace today is that of market share.  You need to develop your market share on a personal basis to dominate the territory with your chosen property specialty.  The quality properties and the best clients are attracted to the top agents with a dominant market share.  That is why the top agents specialize in locations and property types.

Here are some clear rules to help you build your share of commissions and quality listings.

  1. Define your territory into geographical boundaries.  Inside the zone, you should have sufficient quality properties to work with or prospect into over the longer term.  Business sentiment and activity inside the zone should be positive and active.
  2. Understand your competitors inside the defined geographical territory.  Some of those competitors will already have a dominant market share.  If that is the case, you will need to assess their impact on your potential commissions and listings.  Self-belief is a great thing; however you really do need to have a definite plan of approach to attract more business in your direction.  Look at your competitors and understand how they do their marketing, listings, and client connections.
  3. Track the listings in the marketplace to understand prices, rents, and time on market.  It is quite likely that some properties have been on the market for a long time therefore becoming immediate targets for personal contact.
  4. Look for properties being sold or leased by owners.  Rarely will the owners have sufficient skill or marketing expertise to create the necessary inquiry to convert their property to a transaction.  That being said, these owners can be unrealistic in price and rental requirements.  Make sure you list these properties in a realistic way because an overpriced listing can be a total waste of time.  Time is your most valuable resource; don’t waste time on unrealistic clients and their properties.
  5. Use your business card as part of your daily prospecting.  It is perhaps the most effective method of marketing known today; it will be more impacting than any flyer or brochures that you circulate.  Use your business card in connecting with all people and in every situation.
  6. Connect with the business community as part of a daily system.  Business activity underpins property performance and occupancy.  The more business people that you know, the greater the potential of serving them at some stage in the future.
  7. Talk to property Investors regularly.  Building trust does take some time with these people and you will find that most other agents are chasing the same people that you are chasing.  Trust will develop with these investors when they respect your persistence knowledge and experience.

Prospecting should feature as the most important part of your daily business activities.  Devote approximately 3 hours to prospecting each and every day.  Over time you will find that quality listings and good clients will be attracted to you.

You can get more tips on commercial and retail real estate prospecting in our bulletin for commercial and retail property agents.

Commercial Agents - Property Development Opportunity for Listings and Commissions

office building under construction with crane above
New commercial property developments today

Vacant commercial land will be a source of opportunity at some stage when property development becomes financially viable and feasible.  It is a matter of cost verses return.  Commercial and Retail Property Agents can do well if they incorporate developments into their business and prospecting strategy.

New Property Developments are Possible

Property developers will always look at developing a new property providing the requirement is there for future tenant occupancy, and that the land can be purchased at a price where the added costs of construction will still provide a reasonable profit or return.

This then says that the commercial real estate executive should be on the lookout for quality commercial property locally.  Here are some rules to help the process:

  1. Identify all vacant parcels of land throughout the local region.  Some of those land parcels may be allocated for future development and not yet categorized or zoned for development.  They are however a medium term project to keep an eye on.  
  2. There will also be some parcels of land ready for development currently that are not correctly priced for a developer involvement now.  Over time the property owner can be conditioned to the realistic levels of pricing required to make the future project work for a developer.  Property owners holding out for a high price usually wait a very long time and compromised in the end to a market price.
  3. Talk to the local property developers to understand the margins that they require for a suitable new project.  There will also be local council costs associated with approvals and establishing the property for new development.  The planning officers at the local council can brief you accordingly.  Architects and engineers can help you with estimates on the head works associated with new property developments.
  4. The construction costs for new buildings in today's market can be categorized into property types and or locations.  Talk to some local quantity surveyors to get an estimate of construction costs applicable to different building types.  The different building types and the size of buildings will have relevance to cost estimates.  Quantity surveyors will have a good idea of those costs in today's terms.  Generally speaking, and at the lower end of the development and construction scale, Industrial property is much more economical to develop.  Office property will be more expensive and Retail property will be at the high end of the cost scale based on the levels of finishes and complexities of retail construction.
  5. Check out redundant properties in the local area that have reached the end of their relevant lifecycle.  They are likely to be suitable for redevelopment or demolition and new construction.  There is always a timing issue associated with these projects given the changes to prices and the pressures of supply and demand in the local property market.  That's where the specialist commercial real estate agent can tap into the opportunity and match the needs of all parties concerned.  Timing is everything.
  6. Work with all large local businesses for design construct opportunity.  Some the larger local businesses will consider constructing their own premises elsewhere in the local area.  It is much more feasible and economic for them to locate into an adjacent or nearby new property development than it is to relocate out of the region.  Most of their customers are likely to come from the local area and on that basis a local property development is quite attractive.
  7. Review the plans of developments under consideration locally.  You can do this through the planning approvals process and the meeting minutes of the planning committee at the local council.  Each month spend some time at the offices of the local planning approvals board to understand the new projects that are under consideration for approval.  It is quite likely that details of the developments will be available for public scrutiny on commonly available meeting minutes.
  8. Get copies of the local planning regulations and maps that apply in your region.  When it comes to any vacant property or redevelopment of the local property you will need to understand all of these plans and regulations intimately.

So there will always be an opportunity for new property developments to occur.  It is simply a matter of c commercial and retail property agents identifying the developers who are prepared to act, finding the tenants who are prepared to occupy, or finding of the property owners who are prepared to purchase the finished product.  It is then a matter of negotiation to get the costs for the parties in balance to a feasible and viable project.

If you need more ideas to help your commercial or retail real estate agency activities you can join our community of real estate agents right here. 

Commercial and Retail Property Managers - How to Do a Building Audit

graphing and drawing tools on plans and charts
Experts help the property audit process

When it comes to managing commercial and retail property, it is important that a building audit is undertaken on a regular basis to ensure that the property is correctly performing for the tenants in occupancy and the landlord.  Property performance needs to take into account many things including the rules and regulations that apply to building usage and construction codes.

Here are some tips from our bulletin for Commercial and Retail Property Agents.

A building performance and audit can be many different things depending on property type, location, and tenants in situ.  Importantly the property manager for the property and the landlord should be working together on a regular basis as part of the building audit process.

Depending on the property type, its complexity, and its unique issues, the building audit can also involve the assistance of experts such as:

  1. Engineers to review the structure for safety and compliance to current building and construction codes
  2. Accountants to review income and expenditure performances of the property over the last 12 months and the expected results in the coming budget period.
  3. Solicitors to review lease documentation to ensure that the leases and licenses for all tenants in the property and the mix are up to date and accurately administered.
  4. Health and safety consultants to review occupancy safety and emergency evacuation procedures
  5. Risk management consultants reviewing the property on behalf of the landlord and insurers
  6. Mechanical engineers to review the performance of plant and machinery within the property
  7. Quantity surveyors to assess the costs of ongoing property usage given the existing plant and machinery, together with capital expenditure items.
  8. Maintenance contractors associated with particular parts of the building maintenance program to advise on maintenance systems and routines
  9. Security consultants to review the security and access factors of the property for the landlord and for the tenants

You can add to this list based on the needs of the property and the way in which it is currently used.  In addition to all of those items above, the property manager should be completely familiar with the building operation today and the associated operational costs.  Those costs should be regularly compared to other properties of similar type in the same location.  High levels of outgoings and building expenditure will impact the net income and the leasing opportunities for the property.

A building audit should happen regularly in conjunction with the analysis of income and expenditure for the coming financial year.  The audit itself can be part of the financial year business plan for the property.  Any identified concerns can be categorized into priorities and levels of response.  The building audit will also highlight any larger items of property renovation, refurbishment, redesigned, or capital expenditure.

If you need some more ideas to help your commercial or retail property management and leasing activities, you can get our bulletin here.

Saturday, June 23, 2012

Best Sales Pitch for Commercial Real Estate Agents

female giving a sales presentation in a boardroom
Sales pitch and presentation ideas for Agents

When it comes to selling and leasing commercial property as an agent you really do need a good sales pitch to convert quality listings and control your market.  The quality listings are those that will bring you good enquiry and dominant market share.  Here are some tips from our Commercial and Retail Agents Newsletter.

The sales pitch or presentation process that you use should always be refined and improved at every opportunity.  

Those improvements will occur based on the local property market, the client, and the types of enquiry that you currently are receiving.  Add that local ‘flavor’ to your pitch and presentation.

Key Parts

Here are some key parts of the sales pitch and presentation process for commercial and retail property.  You can take these factors and add in some of your local area expertise and knowledge.

  1. It is important that the needs of the client are clearly identified and understood from the outset.  The best way to do this is to walk through the property with the client as part of the information gathering process.  Asking questions will allow you to identify key concerns and problems in the clients mind.  At a later stage, those issues will be fed into your presentation or pitch with the appropriate answers.
  2. The facts about the property should be sourced and then checked.  It is not unusual for a client to hold back on key issues that will impact the marketing and promotional process.  It is best that the property is fully identified and reviewed before the final presentation or pitch process commences.  It is not wise to inspect the property and then do your presentation without due regard to all of the relevant facts.
  3. The local area will apply some pressure on the marketing process.  The pressure can be in the forms of competing properties, price or rental changes, levels of enquiry, environmental issues, or local business and demographics.  As the local property expert, you will need to talk through these issues and help the client understand the adjustments that should occur to their property marketing.
  4. Define the target market that will be relevant to the property.  Help the client understand the levels of enquiry that currently come from that target market and the types of property that are being sourced.  Tell the client about your database and its relevance to the target market currently.  It may be that you have some qualified prospects in the database now that can inspect the property as soon as the client signs the listing.  Tell the client about these qualified prospects as it will help your listing process.
  5. Offer some strategy regards specific marketing.  The days are well gone out of generic marketing in local papers and on the Internet.  We need to be more specific about the alternatives of marketing and the initiatives that we will pursue.  The client needs to see that we really do have a strategy relevant to their property and challenge.
  6. Tell the client about the competing properties in the local area.  Some marketing and price adjustments will need to occur with your listing if you are to successfully challenge the competing listings.  Give reasons for your recommendations and clearly supply the strategy to compete with these other properties.
  7. The inspections and negotiations relative to the listing should occur in an efficient and professional way.  Explain to the client how you will be undertaking inspections, negotiating with the qualified parties, and communicating the stages of the transaction.  The client wants to know that you really are very good at what you do, so tell them where you are going with the overall plan and solution for their property.  Make a point of explaining your professionalism and strategy through all stages of the transaction.
  8. There will be a timeline to the process of listing, marketing, inspecting, and closing on a contract or lease.  Give the client a form of timeline that they can see and appreciate visually.  You can use a Gantt graphing process to help you here; it’s quite powerful in a presentational situation.

These simple stages can help you significantly with your sales pitch or presentation.  Take time to establish the ideal system that works for you and then practice it on a regular basis.  You will find that your confidence will grow and your conversions of listings will rise.

Need help with your sales pitch or presentation?  Get free information in our Commercial Agents Newsletter right here.

Strategies for Renewing Leases in Commercial and Retail Property

man shopping in fruit shop
Renew good leases early

When it comes to managing and leasing commercial or retail property, you really do need to keep on top of the lease renewal situations coming up or expected.  Every lease document with an ‘option’ to renew will have strict time conditions that apply to the renewal process.  Here are some tips from our Leasing Newsletter for Agents.

There is nothing wrong with negotiating early when it comes to lease renewals.  It is simply a matter of negotiation and agreement.  The property manager can provide momentum to the situation.

Before you start, it is very wise to review all lease documents as they apply to the tenancy mix so that you can understand the critical dates as they apply to lease renewal.  There will be certain actions and requirements if the lease renewal is to be activated.  The landlord and the tenant will have a role to play in the implementation of those critical dates.  The property manager will be the facilitator of the necessary actions and responses.

The leases that are coming to an end will have no ability for renewal.  Either way, decisions need to be made regards the relative tenant and their placement in the property.  If you have a desirable tenant in occupancy in your property and their lease is coming to an end, it may be strategically wise to consider a new lease with the tenant.  Good tenants are hard to find and should be retained where they fit within the tenancy mix for the longer term.

Here are some other factors to consider in the lease renewal process:

  1. Always read the relative lease comprehensively before any action is taken towards the renewal.  As part of that process, take special note of the critical dates and the actions required of each party.  Look for special requirements of notices and agreements to be served between each party to the lease.
  2. Market rents may be the basis of the rental to be used in the lease renewal.  You will therefore need some good market rental evidence applicable to the type of property and the premises.  In gathering the information, be aware of the all comparable rental differences before you apply those rents to your negotiations.  
  3. Tenant mix considerations will come into the lease renewal.  Look at the overall property and the relationships between adjacent tenancies.  Given that the subject tenancy will be renewing in the same location, it is best to identify any challenges or weaknesses in the tenancy mix surrounding it as part of the renewal process.
  4. Rights of option will be detailed in the lease and on that basis should be understood.  It is wise to act early when it comes to lease renewal situations.  You then have time to deal with any disagreements or protracted negotiations.
  5. Anchor tenants may have some relevance to the lease renewal strategy within your property.  Some specialty tenants may not want to renew their lease until they know that the anchor tenant will be staying in the property for the longer term.
  6. Competition properties are a source of alternative tenants should you require new prospects to fill upcoming vacancies.  Always be on the lookout for new potential tenants.  Check out the competing properties frequently and talk to the tenants in those locations where possible.
  7. Renovations and relocation may be a sensible strategy as part of the lease renewal.  The terms and conditions of the particular leases will have relevance to both of the processes, but it is wise to ask questions about how the renewed tenancy will be upgraded or renovated for the ongoing new lease term.  When it comes to retail property this is quite important in maintaining property presentation.

The secret to successfully renewing leases is really based on early action and preparation.  Landlords, tenants, and property managers all have a role to play in successfully negotiating a renewal of the lease.  It is all a matter of strategy.

Need more tips for leasing commercial or retail real estate?  Join our community here.

Shopping Centre Managers - Maintenance Strategies for Property Performance

female with shopping bags
Better sales in retail shopping

When you manage or lease a retail shopping centre, the maintenance of the property can be a challenging issue.  The larger and more complex the property, the greater the volume of issues to consider and structure into your maintenance plans.  Here are some tips from our Retail Agents Newsletter.

So a shopping centre has to function efficiently and well to support the tenant occupancy and keep customers coming to the property.  A successful shopping centre is one that attracts people back for more visits and purchases.  

When a shopping centre is optimised, the tenants in the tenant mix tend to stay in the property for the long term and extend lease occupation; that being said, any lease negotiations in the tenant mix should be matched to the needs of the landlord and the prevailing property market rentals.

A top performing shopping centre attracts new tenant enquiry even in the toughest of retail shopping environments.  The lists of parties that have a link to the performance of a retail shopping centre are:

  • Tenants – You need to keep them in the property to minimise vacancy problems and build the rental cash flow.
  • Customers – They have to keep shopping and your property experience should encourage them to come back to your property.  Do you know what customers want from your property?
  • Landlord – Their needs and requirements should be understood.  The landlord will have certain pressures that apply to the income and cash flow required from the investment property.
  • Building regulators – They will set rules that apply to the use of the property and its configuration.  Make sure that your property complies as all times; the building regulators can shut your building down if occupancy is unsafe for any reason.
  • Contractors – They will support your property in function and efficiency.  Choose your contractors well; that selection process will include cost structures, experience, availability, response times, and relevance to your property.

To bring all of this together, the maintenance plans for a shopping centre should be well considered and set out from initial considerations of key factors such as the following:

  1. The current plant and machinery in the property should be considered for efficiency in operation and compliance to current machinery and building codes.  Get engineering experts to advise you here.
  2. Power consumption, energy efficiencies, and environmental compliance all feature in retail building operations and design today.  Understand how your building is impacted by these things and what challenges arise from operating the property.
  3. Regulatory systems and essential services requirements will apply to the plant and machinery in your property.  Other factors of health and safety will also add to the function of the building.  It is wise to have experienced assessors and contractors advise you on what the building requires here.
  4. Budgets for the property will be set each year.   The budgets for the property should be structured after careful consideration of historic costs, expected escalations, and known changes to the property.  Have your contractors advise you on planned maintenance factors and repairs and breakdowns procedures.

These simple steps will help you establish a maintenance budget and program for your retail property.  That will then allow you to control cash flows more efficiently for the landlord.

Do you need more help with Shopping Centre Management or Leasing?  Join our community here.

Friday, June 22, 2012

Essential Prospecting Strategies in Commercial Real Estate Agency Today

business man in coat with bag walking in street
Develop your prospecting plan as a commercial real estate agent

It is no secret that the commercial and retail property market is quite a challenge at the moment.  If you work as a real estate agent or salesperson in the industry, it is essential that you develop a clear strategy and system to support you with your prospecting and negotiation.  Here are some tips from our bulletin for Commercial and Retail Property Agents.

Systemised salespeople always build better businesses over time.  The consistency and persistence that they apply to prospecting will underpin their growth of quality listings and dominance into the local property area.
The best prospecting strategies take time to develop and on that basis should be seen as flexible and variable subject to the pressures of your local property market and your specialised property type.

You cannot be an expert in every property type, so on that basis you really do need to decide exactly what you do best and what you want to be known for when it comes to experience and expertise.  Top agents specialise; that's the rule.

Here are some clear prospecting strategies that should apply to your local area and business practices.

  1. Split your property market into primary and secondary zones.  The primary zone will be the area in which you will focus most of your efforts.  The secondary zone will be that area that will give you some extra business that you would normally accept.  It should be said that the secondary zone should not be too difficult to service or too far away from your office or primary territory.  
  2. Territory dominance doesn't come by spreading yourself thinly across a huge area.  In your primary zone of prospecting you should have at least 2000 properties and or businesses to work with and make contact.  It should be said that this number will vary based on size of property, your speciality, and potential transaction frequency.  For example, if you specialise in large shopping centres, you may only have 10 properties to focus your efforts into; if that is the case you should  ensure that the potential deals that you do can give you a sizeable income from the limited market.  In such limited market, be aware of the impact of other very specialised agents currently; do they already have the market under control and cornered?
  3. As a general rule, you should be seeking exclusive listings in all your presentations and sales pitches.  Open property listings are generally a waste of time given that you cannot control the property or the client.  Any marketing efforts that you devote to open listings could be totally wasted.  Now I know that some of you will say that open listings do sell and lease; yes, I know they do, but they happen more from luck than deliberate effort.  If you list something on an 'open' basis, make sure that you do not 'promise the world' to the owner of the property when it comes to results and your actions to be taken.
  4. Exclusive listings for selling and leasing property should be obtained for a reasonable length of time based on the property type and the levels of local enquiry.  You will know just how much enquiry is coming in currently and how long it takes to sell or lease a property in this market.  In most instances, it is wise to seek an exclusive listing for a period in excess of four months.  At the other end of the equation, there will be a time where an unsold or un-rented property will become stale and therefore not easy to market locally.  You don't want to keep stale listings on your books unnecessarily; it is time wasting.  Your image should be that of an agent that does the deals in a timely way.  Avoid listings that are not going to move.  If the owner of the property can be conditioned to adjust price or rent, then that is fine and the listing should then be kept for a further term of effort.
  5. The business telephone book will be a good source of leads and opportunities.  The telephone book is a convenient way for you to connect with tenants and business property owners.  It is remarkable just how many business owners will tell you who the property landlord is and how happy they are in current occupation.  This market intelligence will save you an enormous amount of time and research.  Every day you should spend some time walking the streets containing local businesses and talking to business leaders.
  6. One of the most successful marketing tools available for you today is the common business card.  You can leave your business card with any and all the people that you meet; in most cases it will reach the decision maker.  In many instances a common business card will be kept for future reference if the person or business has an interest in commercial property.  You should make it a goal of your personal marketing efforts to get your business card into the hands of at least ten new businesses every day.

If you need ideas and help with your commercial real estate prospecting, join our community of agents right here.

Commercial Leasing Agents - How to Market Commercial Property Today

side of office buildings looking down the street
Marketing commercial property today

When it comes to the commercial property market today, there are some real challenges for most salespeople that have an involvement with marketing any property for sale or for lease.  Here are some tips from out bulletin for Commercial Agents and Salespeople.

The reality of the current property market is that enquiry is less frequent, and more selective.  On that basis it takes time to find the right buyers or tenants as the case may be.

So the main rule of marketing today will be that the property should be focused on the target audience that could be considered the ideal buyers or tenants.  If you are working with a property that is reasonably ordinary and not unique, your task will be all that bit harder.

Here are some tips to help you find the right people to buy or lease your property:

  1. Review the property for issues and problems.  Be open to finding all of the hurdles that could or will frustrate the people expecting to be making the inquiries.  Some problems could be hidden in title or ownership structures, whilst others will be linked to the property physically.
  2. Take many photographs around the property so you can review all of the features a number of times before committing to the marketing campaign drafting.
  3. A good marketing campaign today is a fine balance of cost and effectiveness.  With most ordinary properties it will be necessary to spend at least 1% of the expected sale price in upfront advertising and marketing.  That will be split across a number of carefully selected channels of promotion.
  4. The first 4 weeks of your promotional campaign will be critical to getting your momentum on inquiries and inspections.  If you are working with a 6 or 8 week marketing campaign, a full 60% of the campaign money should be spent in the first 4 weeks.
  5. Always test and measure your results from all advertising efforts.  Adjustments should be made as you go to any marketing that is not working.  Your marketing should be a mixture of online, direct, and traditional media.   Each salesperson that is to market an exclusive listing today should be expected to do a large degree of cold calling and direct mail for any listing.
  6. The internet should be comprehensively covered in your marketing efforts.  Some internet portals will give your priority placement or listing if you pay more for an ‘elite’ or similar classification.  If you do not do this you will be relegated to the group of other unsold and un-leased properties.

With each property type and its general location there will be other factors raised that you can add to this list.  When the property market slows or becomes a challenge, there are many things that can be done to market and move a property, however direct effort is required.  Talking to the right people will be part of the process.

If you need more information about how to lease commercial property, check out our bulletin for commercial real estate agents right here.

Commercial Leasing Agents - Rent Strategies in a Commercial Property Today

office property foyer and reception area
Set rent strategies for commercial and retail property

When you have a commercial property to lease it is best to look at all the required or available rent strategies before you proceed with the marketing of the property to find a tenant.  The rent strategies will be impacted by:

  • The levels of enquiry currently from qualified tenants in the market today
  • The expectations of the market and the tenants that are looking around at the moment
  • The type of and location property to be offered for lease
  • The improvements in the property today and there relevance to the market
  • Services and amenities that apply to the vacant space
  • The existing tenant mix and the lease profiles of those tenants
  • Expansion and contraction needs of other tenants in the nearby area or in other parts of the property
  • The costs of outgoings in the property now and how they are expected to change over time
  • The permitted use of the existing premises considering the levels of improvements and quality of services and amenities available
  • The number of other vacant properties that are available in the same area at the moment to lease
  • The asking rentals and lease circumstances of competing properties in the same market

So what rent strategies do you have and how can they be handled?  Here are a few to look at:

  1. A gross rent is that rent which will include outgoings.  Tenants prefer this type of rent because there are no extra costs to allow for during the year.  That being said, the landlord choosing this type of rent really does need to offset the gross rent or escalate it to allow for the outgoings that cannot be recovered from the tenant directly.  In a lease on a gross rental basis, the rent reviews will be on the full gross rent.  From a landlords point of view that is fine as long as the rent review structure over the term of the lease can keep ahead of outgoings escalations.
  2. The outgoings for the property will vary from location to location, but it is the case that the outgoings should be similar to other properties of similar type in the same location.  A property that has high outgoings will not be attractive to potential tenants.
  3. If you choose a net rent type lease, be careful to ensure that the lease agreement picks up all the outgoings that the landlord can and should recover.  The lease terms and conditions should be carefully crafted by the landlord’s solicitor to do just that.
  4. Rent reviews for the tenancy should be carefully planned and mixed by type during the duration of the lease.  Tenants like a rent that is indexed to a consumer prices index; landlords not so.  Through negotiating more effectively the landlord and or the property manager should be able to get a better rent review structure for the lease and any options that may be given.  Cash flow is important when it comes to a lease over a number of years.  It’s not always a matter of the starting levels of rent that matters; it’s where you are headed over time that is really important.
  5. As to whether you want to give the tenant an option to extend the lease is really an important question for the tenant, the property, and the tenant at the very start.  The question of an option has to be handled at the start of lease negotiations.  An option may tie up your property to some tenant and their business for a number of years.  An option can also restrict any flexibility in changes to the property and renovation or redevelopment plans that the landlord may have.

Sunday, June 17, 2012

Shopping Center Managers - Trouble in the Tenant Mix

shopping center tenant mix tips and tools
Tenant mix tactics need planning.

Tenants will talk to each other as part of daily business in a shopping centre.  Now this is all just fine until the dialogue becomes detracting to the shopping centre and its function.  Uncontrolled tenants can be a real problem in retail property performance.

Here are some tips from our bulletin for Commercial and Retail Property Agents.

It’s a fact that you will always have good and bad tenants in a retail property; the point is that you need to control them.  Most retail tenants are small business owners and on that basis they put a lot of effort and emotion into their livelihood.  A good Retail Property Manager understands that fact and will do many things to help the relationship grow.

Shopping Center Managers and Leasing Managers should stay very close to all the tenants in the retail property so they can stop any unnecessary gossip and diversions.

They say that ‘one bad egg ruins the batch’, and in the case of a retail property with it tenancy mix that is certainly the case.

Here are some ideas to help you work with tenants in retail properties and shopping centers:

  • A newsletter is of high value to the function and feedback within the property.  Depending on the size of the property, a newsletter can be monthly or weekly.  It is easily created and should contain information that connects the tenants to the property and their shoppers.
  • A marketing strategy for the property is part of helping sales growth and gaining customer interest.  Get the tenants involved in your marketing.  Let the landlord have an involvement in the marketing program as well.  Design the marketing around the property and the community.  Be sensitive to the needs of the shopper and the tenants as part of the process.
  • Maintenance activities and responses in the property should always happen in a timely way.  Landlords and Retail Managers that do not get to a maintenance problem quickly and effectively, soon create a poor property image in the eyes of the tenants.  Over time a neglected property with poor maintenance response will usually see an escalation in vacancy rates.
  • Lease terms and conditions should be enforced in a timely way so that current negotiations and issues are business like and accurate.  When a property manager is overworked or under skilled, it is easy for lease related errors to occur.  The manager will soon lose the confidence of the tenants and the landlord if professionalism is lacking.
  • Customers to the property should be understood in so many ways including shopping patterns, time in shopping, product and service needs, spending patterns, and demographics.  The only way you will really get to know your customers is to survey them regularly (at least 6 monthly).
  • Regular meetings with your tenants will allow you to give them feedback on current property and tenancy issues.  In a shopping center you should be meeting will all your tenants at least monthly.  In the case of anchor tenants and larger tenants the meeting process will be weekly.

When you really get to know your tenants you can match their needs and business activities into the shopping centre.  Over time this will give you a better tenant mix.

Saturday, June 16, 2012

Tips to Start a Career in Commercial Real Estate

A career in Commercial Real Estate

When you are considering a career in commercial real estate, it is tempting to be influenced by the hype and grand scale of the industry.  A simple calculation of the deals that can be done gets many people excited with visions of commissions and big properties.

Whilst there is a lot of opportunity in the commercial real estate industry for top people, there is a learning curve and a knowledge base that needs understanding and respect.  Results happen for those that work hard and with the right focus.

Here are some tips for getting started and building the right tools around you.

  1. Market knowledge is a big part of the job.  When you know the deals that have happened and why they happened, you are of greater value to the people that need your help.  Prices, rents, marketing strategies, and competitive listings change frequently; get to know the variations of the local market and work them fully.
  2. Strategy is everything in the industry.  Show the people that you talk to, just how relevant you are to them in solving their issues and challenges with their property.  Show them the path of progress to get the results that they seek.
  3. Database tools and technologies will help you build your market share.  That being said, you really do need to be comfortable with using computers and entering data into your database.  Notice I said ‘you’?  The reality of a great database is that it is self-driven and used on a daily basis by top salespeople; you have to take ownership of your database and grow it on a daily basis.  Diligence brings success.
  4. Specialize in property types so you can really get to know the facts and activities of the market.  You cannot be something to everyone out in the market.  It is also really hard to specialize in everything.  Knowing rents, prices, incentives, lease strategies, and best methods of sale should be taken to a level of a property type that you can relate to and that which will give you a great future as an agent in the local area.
  5. Review your competitors so you know just who or what you are up against.  Your market may already have an abundance of good agents.  So the question will be ‘Why should someone use you to sell or lease their property?’   The answer has to be clear in your mind so you know how to market yourself.
  6. Current listings in the area should be reviewed for type, price, and time on market.  From these facts you will know just how good or bad the current property market is today.  
  7. Some agents will be better than others in the general area.  Get to know the top agents and review their marketing processes.  Are any of them standing out as ‘exceptional’ and if so why?
  8. Growth of area and the changes over recent years will be important to your career and market planning.  The location in which you operate as an agent should be offering opportunity over coming years and you should know where or what that opportunity is.  Service that opportunity with your skills and marketing efforts.

When you really know the market, you can plan your career and take the right steps.  Develop your market from your personal efforts.  Protect your client base and move ahead to greater opportunity.

Lead Generation Tips for Commercial Real Estate Agents

businessman driving car
Leads are there, you just need to look.

In commercial real estate today, there are many pressures on the clients that we work with, as well as us as industry professionals.  The pressure is relieved when we have a solid lead generation system personally working for us each and every day.  When you have more ‘leads’, you can have more opportunity to progress.

So what are leads?  They are:

  • Sellers and buyers of commercial property
  • Property investors seeking help or more property
  • Tenants seeking to rent, relocate, expand, or contract their operations
  • Businesses seeking to relocate
  • Developers needing land to build on
  • Solicitors and Accountants with clients that need property help

The only way you will consistently get to these groups is through a lead generation system.  You should have one for yourself that you implement every day.  When you do this, better listings and faster results are generally the outcome.

Here is a scary fact.  Most commercial salespeople do not have a consistent lead generation system!  They just do a few things when time permits and let the results happen; they have little order to the process and consequently get random results.  Isn’t that an amazing opportunity?

Do what does a ‘lead generation’ system look like and how can you create one?  I will give you an example here, but before I do I will say that this is going to need focus and effort!  Are you up to the challenge?  I hope you are.

A good lead generation system will be made up of the following:

  1. Research your market weekly for the listings that remain unsold or unleased.  They will become targets at the right time when the ‘exclusivity’ expires.
  2. Any properties that are being offered for sale or lease by owners are an immediate source of contact.  Rarely will owners of commercial property successfully generate their own transaction; they need a good agent to help them.
  3. Use the existing listings of other agents as triggers to talk to the adjacent property owners and tenants in the same street.  They make like to compete with the listing nearby.
  4. Go back into the sale records of about 3 years ago.  On average, these property owners will be the next to need help or want to acquire another property.  Commercial property cycles in most locations are about 5 years.  From 3 years onward, you should be building relationships with these people.
  5. Check out all the good properties locally and find out just who the owners are. Send them and letter of introduction (not an email), and follow it up with a call.  Get meetings where possible.
  6. Review all the businesses in the local area and talk to the business owners.  Some of them will need property help in the future in sale, renting, or buying.  Get to know the business owners personally.
  7. Methodically write letters to Accountants and Solicitors introducing yourself as a local commercial and retail property specialist.  Every letter will need a follow-up call, so only send a few at a time.  Ten letters a week is adequate for the purpose.

So this is a lead generation system.  You could add some of you own systems to this if you like.  The reality is that the system and the habit of regular action will produce results.  The rest is up to you.  Work hard and you will get there.

Marketing Tips for Commercial Property Agents

man reading newspaper
Target market every property

In commercial real estate today we all know that things are changing in many ways.  The prices and rents of a few years ago are history, and todays results in the property market are a new level of change.

The clients that we work with should (you would expect) be conditioned to the market today; not so they say!  At the time of listing and promoting their own property for sale or lease these clients seem to have ‘limits’ on reality and market evidence.  On that basis your skills in listing and conditioning the client are today more important than ever before.

So let’s assume you have listed a property for sale or for lease at a reasonable and fair price.  The next stage of the equation will be in the marketing of the property to the target audience that you have defined.  There are good ways and bad ways to market property today.  The bad way is the generic way and that wastes everyone’s time.  Every property listing has to be specifically marketed so you create enquiry from what is (we know) a limited enquiry base.

So every listing takes more effort.  If you want results with your property listings and for your clients (hence more commission for you), the best thing to do is to become a target marketer.  It should be said that this should only happen on exclusive listings given the time and effort required to make all of this happen.  If you can avoid ‘open listings’ then do so, as you really have limited if any control on what the client will do in the marketing of the property.

So here are some tips for property promotion today:

  1. The best method of sale or lease should be selected given the property market currently and the expectations of the buyers or tenants as the case may be.  For example, there is no point in auctioning a property if auctions are not happening or converting to deals.  Do what works and is relevant to the property type and local market.
  2. Get the price or rent right from the start.  If the client wants a high or unrealistic price or rent, then it is better to deal with it at the start.  Failure to do this will see a lower rate of enquiry and an extended time on market.
  3. Choose the right time to release the property into the local area.  Take care in choosing the start of your marketing efforts; seasonal changes to business and the local population can shift the rates of inquiry.
  4. Monitor your results so you can make marketing adjustments sooner rather than later.  If you are not getting inquiry from your marketing efforts, take a good look at what you are doing and make some changes.
  5. Don’t let a property get ‘stale’ through a long ‘time on market’.  It is better to promote a property for 2 or 3 months and then stop for a few months.  Let things freshen up and change before you go back into the property promotion phase.

As commercial real estate agents, we should be marketing experts for the property type and the changing market conditions.  If you get this equation right, you can build a better group of listings and convert more deals.  Be sensitive to what is going on locally and take steps to refine your marketing efforts.

Commercial Property Agents - Tips for Negotiating Commission

businessmen meeting for lunch
So they want to discount your commission?

From a commercial real estate agents point of view, the commission that you charge is the lifeblood of your business.  The process of discounting commission at the request of the clients we act for should be declined at every opportunity.  The real question is how can we do that and on what basis?

Discounting commission in the sale or lease of commercial property is a poor a business decision given the large degree of intense work required in this property market today to achieve a successful transaction on behalf of the client.  Specialist commercial agents work really hard and they know their property market very well.  That requires a fair and reasonable commission in keeping with the successful outcome that can be obtained.

The fact of the matter is that the commission is not paid until the transaction is completed.  Through the process there are some clear strategies and issues to be implemented on behalf of the client by the agent.  Try some of these as an example:

  1. Comprehensively listing the property so that all the details issues and hurdles are addressed prior to the marketing commencement
  2. Giving the client a substantial marketing strategy that addresses the property type, the prevailing market conditions, and the target audience.
  3. Promoting the property through the different media channels to attract enquiry during the campaign
  4. Qualifying prospects when they approach you for more property detail.
  5. Reviewing your database for any previously identified prospects that may now be considered candidates for the new listing.
  6. Directly promoting the property on a one on one basis to property investors and local business proprietors.
  7. Taking qualified prospects through the listing details and to the property and in doing so, showing them the features that are relevant to their needs.
  8. Negotiating the best outcome for the client based on the factors of the prospect, the attributes of the property, and the pressures of the surrounding competing listings.
  9. Documenting the sale or lease as the case may be so it can be facilitated and closed successfully by the clients solicitor in an effective way.
  10. Protecting the client's interests through closely monitoring the transaction and the terms and conditions of the deal
  11. Identifying any further changes and conditions that can have an impact on the clients best interests

It is very easy to use lists like this with your client so they can see that the discounted commission process is really counterproductive.  If they want a discount your fees or commissions, ask them what parts of the above points they would like removed from your services.  It's an interesting question.

Friday, June 15, 2012

Easy Steps to Kick Start Your Career in Commercial Real Estate

walkway to office buildings in city
Career tips in commercial real estate

A career in commercial real estate can be very rewarding and interesting.  That being said, it is like many other sales related jobs in that it is competitive, challenging and complex.  That should not put you off however; rather it should encourage you.  If you are prepared to learn and push yourself to do the hard and difficult sales tasks, the career can open up into great rewards.

At the moment the commercial property market is going through challenges of the global economy.  That brings about more challenges for those that do not have a good database of contacts and a system of prospecting.  

To a great degree your success in the industry is driven by your actions with the people that you know.  If you take better action with a larger list of prospects, you will find more opportunity to act on.
It should be said that the industry is very competitive and will always throw a ‘skewed ball’ for you to handle; but that is like all other sales related industries.

Your knowledge and skill will get you through if you work hard.  Expect the challenges and work through them.  Success in the industry is a personal thing.

So let’s look at what you can do to improve your career chances and commissions.  This list makes up the key processes and decisions that must be handled to build your personal business, listings, and commissions.

  • Property Market: The property market location that you are to work in should be assessed for opportunity and variation.  Look at just how many commercial properties do exist in the area and assess if any changes are occurring.  Look for the threat of market decline or contraction.  Be very careful with this if you are to potentially work in a small town with little growth of business types and population demographic.
  • Sales or Leasing:  Most top agents are very good at both the sales and leasing of property.  A leasing opportunity will one day lead to a sales opportunity (and vice versa).   It is best if you specialise in both and can comprehensively cover the challenges that each requires.
  • Agency to work for:  Now there are good agencies, ordinary ones, and poor ones.  Invariably the poor ones will not provide you with the support or the systems to build your business.  Ask questions about the support systems that you will get from your office administration.
  • Property Type:  Choose a property type to work on that you like and understand.  Over time the top agents will specialise like this in some respect.  That does not mean that they decline any other business that comes their way; they just prefer to work on a particular property type because they understand it and service it very well.  That being said, you should know that there are potentially many listings available over time for the property types that you have chosen.
  • Knowledge:  Your knowledge will always be important when it comes to the local area and the property activity.  This is a constant process requiring personal skills upgrade and monitoring of market changes and recent deals.
  • Sales skills:  As you would expect, sales skills are part of the job. Without the best sales skills you will find things a bit tough.  On that basis your sales skills can and should always be improved and expanded.  Many of your competitors will not be disciplined when it comes to this, so that is an opportunity in itself providing you can get yourself organised and start practicing your sales skills.  Get the right resources and start practicing.
  • Prospecting:  I hope someone has told you that you should prospect for new business in commercial real estate!  Without any doubt, this prospecting issue is the one single thing that can make a major difference in the results that you get from the industry.  Top agents prospect every day regardless of just how much other business they have currently.  When you develop a prospecting habit make sure you refine it and practice it; over time it will help you succeed well beyond your competitors.
  • Goals:  We all know that we have to define some clear goals in business and in life.  The problem is that many people do that without then setting the actions that are required to make the goals happen.  Goals without action are in effect a ‘wish list’.   Wishes are very nice to have, but action is required.  Are you a motivated person?  Can you drive yourself every day?  I hope so.


As you look at this list it is easy to add a few more things, and perhaps you should.  Importantly you should decide what you want and then take the action required to make it happen.  In this industry you can be either a participant or a spectator; you can’t be both.  Make your choice and take action.

Tips for Successful Shopping Center Leasing

woman with shopping bag
Tenant mix strategy in retail

The process of leasing premises in a Retail Shopping Centre is quite special.  That is because the shopping centre is a unique property type that relies heavily on the selection and performance of the tenants in the tenant mix.  

The choice of anchor tenants in the property will also have a big impact on the smaller tenants in the property and the mix.  This is where shopping centre leasing experts really do come into their own, and are high value to the landlords and property managers that they assist.

A well performing shopping centre will always require shaping and refining.  That will involve the factors of lease management, vacancy minimisation, refurbishment plans, income optimisation, and business planning.  The leasing process crosses over all of these issues.

Here are some tips for those of you that get involved with shopping centres and the leasing of them:

  • Knowing your tenants is always really important to the future of the property.  In retail property you have to get closer to your tenants than in any other property type.  You almost need to know their business as much as they do.  When they are succeeding you need to see it, and when they are failing you need to address it.
  • Competing properties will always put pressure on your property.  That being said, you can take the time to personally visit any competing properties on a regular basis.  They can be a source of tenants for you and the variations of tenant mix will give you some ideas to work with in your property.
  • Market rents will change in many ways.  Gross rentals and net rentals will change from property to property.  The variations will have a lot to do with the age of the property and the way in which it operates.  The operating costs should be monitored in your property so you know just how your property compares to others locally.  A shopping centre with higher operating costs can become unattractive to retail tenants considering a lease of vacant space.
  • Incentives involved in leasing any vacant space will come and go based on the sentiment of the business community and the supply and demand for property locally.  Are you across all the new retail property developments and when they will come into the market?  Do you know what incentives they will provide to tenants to attract them to their property?  How will that impact your property activity and tenant mix?
  • Local businesses are the lifeblood of a retail property.  You should get to know all relevant local business proprietors so you can tap into them when you need a new tenant for your property.  
  • Business types will vary in all shopping centers, but you should know what types of businesses are really attractive to your customers.  When you have vacant space in your property it is not just a matter of finding a business or tenant to ‘fill the hole’.   
It is a matter of finding the right business that will balance with the others in the property and help attract more customers to the property.  It does not matter how big or small your property may be; the same principle applies.  Get the right tenant every time; the landlord and the other tenants will appreciate your skill in doing so.

What Does it Take to Be a Top Commercial Real Estate Agent Today?

businessman straightening tie
Top commercial agents choose to be so.

In commercial property you see many different salespeople and agents.  Whilst many of them think that they are the ‘best at what they do’ and perhaps even a ‘top agent’, the reality is far from the truth in most cases.  Less that 5% of commercial real estate agents would be in the very ‘top’ of the industry and dominating their market.  They are the 'best of the best'.

The very best agents get to achieve far more that everyone else and that is because of personal effort.  They know what they have to do every day and they do it; they are masters of their own destiny.

We know that many good agents have times where they are earning good commissions and have quality listings, but the very best in the industry are always at the top of their industry because of their personal systems.  The ‘top agents’ have a group of prospects and clients that trust them and confide in them with complex property problems.

So what can you do to reach this level of the industry?  The simple answer is that you have to improve yourself in ways that make you stand out as the highest value person to take on the problem for the clients.  Your clients and prospects need to know you as the ‘expert’ that they need and in saying that, they should trust you.  If trust and ethics is a problem for you then solve that set of problems first before proceeding.

Is this for you?  If this sounds like where you want to head in your career, then here are a few ideas to help you on the path:

  1. Choose your property type that you know a lot about or you want to know a lot about.  You have to be seen as the ‘expert’ when it comes to a property type and or location.  When you have made your choice, the knowledge process begins.  Get to know everything about the property type and the variations and pressures that apply to it.  Understand the best solutions for all difficult challenges.
  2. From the start of your career you should be building a database of people that you can talk to easily and who know you as a quality agent.  When you open the door with a prospect or client, keep in regular contact with valuable content and information.  It is surprising just how many agents have large databases of people that they have never spoken to more than once or twice.
  3. Define your geographic market so you know exactly where you will be focusing your efforts.  There is no point in marketing or selling and leasing a property that is too far away from your office, because it will be too hard to service and you will not really understand the factors of that market.  It is better to conjunct with another agent if the listing is too far out of your territory.
  4. When you list a property, seek vendor paid marketing funds and an exclusive listing.  If you believe that you are a ‘top agent’, then preserve that quality be only taking on the listings that are yours to work on exclusively for a fixed time period.

So you can add to the list as you consider your local property market and the advantages it offers you.  Proceed into your career with focus and action.  Work to a system and stick to it until it becomes a habit.  Soon you will be a ‘top agent’.