|Prospect to a plan|
When it comes to commercial real estate sales and leasing, there are various categories of prospects that will provide different levels of opportunity. Importantly, you should get to know the categories that are successful and active in your local area.
Here are some tips from our Newsletter this week.
The following categories are the most active in most areas. They just require specific contact and ongoing relationship building.
- Property investors will always be on the lookout for quality properties. If you focus on and list quality properties in the local area you will find the property investors will make themselves known to you. Even in the times of tougher property markets, some property investors have held their portfolio for many years and are under no pressure. They are sufficiently cashed up to purchase other quality properties at distressed prices. In other words they are looking for a bargain.
- The activities of property developers come and go from the market based on the supply and demand of new premises, and the expected returns from the property development. It does pay you to keep in touch with property developers for the times that they require land for a new project. The margins and costs associated with every project will change based on land acquisition cost and construction costs for the development. Get in touch with the local property developers to understand their priorities and processes when it comes to potential new opportunities.
- Look for properties that are going through change. They can be redundant properties or those that are largely vacant. Change can be a number of things including refurbishment, leasing programs, redevelopment, and rezoning. Top agents tend to look at the opportunities that change presents and put together many deals off market and away from the prying eyes of other agents.
- Business proprietors throughout your region will be a significant opportunity when it comes to property change and occupation. Business proprietors tend to look at change on average about every 5 to 7 years. They could be leasing new premises, expanding or contracting premises, selling premises, or looking to purchase. On that basis the business community and the business leaders should be networked on a regular basis. Most of them will need market information and market help at some stage in the future. Establish a 90 day contact program with all business leaders in the local area.
Look around your local property market and understand the segments that are active. Also look for the weaknesses and the elements of change that are currently producing volatility. Assess the supply and demand of future property and also look at the vacancy factors that apply to business premises locally.
Top agents are those that look for the factors of change and then tap into the available opportunities.
If you need more prospecting ideas you can get those at our website http://www.commercial-realestate-training.com/