|Gather your commercial market intelligence in sales and leasing|
When it comes to your career in commercial real estate, product knowledge will always help you work with clients and prospects. Product knowledge in itself is highly geared to the property type and the area or location. If you want to improve your market share, you should seek to improve your product knowledge. This will help you in interacting with clients, prospects, business owners, and industry professionals.
So what is product knowledge in commercial real estate? Here are some of the main factors:
- Understand the property type or types that you specialize on. That will include the most suitable levels of improvements, services, and amenities. There are major differences to identify between industrial properties, office properties, and retail properties.
- Understand the activities of other listings in the local area with all other agents and property owners. Those listings will have factors of price, rental, improvements, and time on market. You will need to regularly inspect these properties to understand the pressures that they can apply on your listings nearby.
- When a sale or lease situation has occurred, you will need to get details of the final price or rent as the case may be. That will allow you to stay ahead of the market when it comes to local industry trends.
- The property market will be impacted by levels of enquiry and types of enquiry. When you have quality listings on your books in your agency you will create more enquiry, and then you can understand what people require today when it comes to the property type. This feedback is critical when it comes to conditioning the client at the time of any new listing.
- The shifts in prices and rentals over the last few years should be studied and tracked. Many clients believe they have the best property in the area and will ask unrealistic rentals or prices as a consequence. Your awareness of the history of sales and leases will help you condition the client to the correct and current market conditions.
You can never have too much product knowledge when it comes to commercial real estate. The knowledge will give you confidence when it comes to the sales pitch and presentation process. It will show the client that you really have what it takes to tap into the right levels of enquiry and solve their property pain effectively and quickly.
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