Thursday, May 31, 2012

Top Agents in Commercial Property - Methods of Sale

It's no secret that the commercial property market is under some pressure in many locations.  This then says that any method of sale used in promoting a property for disposal needs to be carefully planned relative to the local property market, the property, and the types of enquiries available currently.  

Here are some tips from our Newsletter for you.

Property buyers are in short supply in most locations.  Therefore the chosen method of sale should be something that attracts the buyers to the advertising and to facilitate a decision to go to contract or make an offer.

There are various methods of sale available however in this market some are much more effective than others.

Here are some alternatives to consider:
·         Selling a property at a price may seem sensible to the property owner and reduce the risk factor to them.  The reality of the situation is that buyers will judge the property price prior to making any enquiry.  If the price is too high, they may not make themselves known to the agent concerned and any offers may not be forthcoming.  When it comes to selling commercial, retail, or industrial property, marketing and selling a property at a particular price should be regarded as the choice of last resort.
·         Offering a property for sale at auction in this market can be a wise choice providing the property is of quality and suitably packaged for the target market.  The auction method will usually flush out the buyers and encourage them to make offers or bids (as the case may be) as part of the auction system.  The auction process should be supported by vendor paid marketing funds up to a value of approximately 1% of the expected sale price.  In very large properties this budget can be trimmed backwards below 1%.
·         Offering a property for sale by the tender process is also quite successful in this market providing the property is ready for sale and of a type that attracts a wide variety of purchasers.  The tender process is a timed method of sale similar to that of the auction process.  The timing of the sale tends to flush out the buyers and encourage the compliance to the established tender documentation.  The advantage with the tender process is that the other tenderers do not know who they are bidding against and on that basis the property owner can achieve a better price than that which they would get through the open public auction process with public bidding.
·         You will see some commercial properties offered for sale by expressions of interest.  This is an alternative to use when you believe there are some limitations or uncertainties in regard to the successful sale from the property owner point of view.  The property owner may have no idea as to the price that they should sell the property for and may be willing to consider alternative contracts and conditions of sale subject to the offers made by the relative buyers.
·         Lastly, something should be said regards the method of sale involving exchange of property or exchange of goods.  Invariably you find that the owners of each particular property or valuable asset involved in the exchange have great differences of opinion regards price and value.  This is resolvable, although this method of sale is fraught with frustration and extended negotiation problems.

So these are some alternatives that can be implemented when it comes to selling commercial property today.  The property owner and a specialist commercial agent can implement strategies that best suit the asset and the local market conditions.  

Make the right choices with regards to the successful outcome that you require.  Understand the local market and the pressures that currently apply; choose the right method of sale.

Need more ideas?  You can join our Newsletter here or visit our website here.

Commercial Leasing Agents - Systems to Follow in Leasing Premises Today

It is no secret that the commercial property market is under some pressure when it comes to leasing and finding tenants for vacant premises.  On that basis the potential tenants that make an enquiry regards a particular property should be optimized for conversion, negotiation, and best achievable rental outcomes.

Market knowledge will always help you with any lease negotiation.  On that basis you should study the market with regards to the following information:

·         The location of comparable properties nearby that will have an impact on the marketing of your vacancy space
·         The rents that are currently available for similar properties in the local area
·         The incentives that are being offered to other tenants looking to lease property locally
·         The supply of new lettable space to come into the market over the next two years from other new property developments
·         The volume of enquiry currently coming in regards other properties and vacant space to lease and the types of tenants making the enquiry

So this information is foundational for the preparation of marketing of vacant space to lease.  You must have all of these facts readily available to understand the pressures and alternatives available to the landlord and the tenant.

Here are some stages to the leasing process that can be merged into the conditions that apply in leasing property locally in your area:
1.       Take comprehensive photographs of the property prior to any tenancy inspection.  These photographs will be a record of current conditions within the tenancy space.  They will also be useful when it comes to discussing tenancy modifications and fitout.
2.       Walk around the premises yourself as the leasing agent or landlord to understand how you may take a potential tenant through the property.  Preparation is the key to a successful property inspection.  When you take potential tenants through the premises you need to know the direction of the tour and the features that you will highlight as part of the process.  Have a list of services and amenities for the property prepared.
3.       Any tenant making enquiry regards the premises should be qualified first with due regard for property size, property type, rental, and business stability.  There is no point taking an inspection until such time as you know the tenant has the stability and relevance for the premises.
4.       If the tenant shows any interest in making an offer for the lease of the premises, get that offer on paper so that you have something to show the landlord and negotiate.  Invariably you will find that ‘letters of offer’ and ‘heads of agreement’ that can apply to the leasing process are generally not enforceable, given that they do not attach or contain the final lease document and associated forms and disclosures.  When in doubt see a good property solicitor to get your lease documentation ready for use.
5.       The acceptances of the ‘letter of offer’ or ‘heads of agreement’, will action the landlord’s solicitor to prepare correct final documentation.  This in itself removes control of the transaction away from the real estate agent that did the negotiating.  That being said, the agent still needs to push the transaction as best possible together with the compliance of all the parties to the terms and conditions of the offer.  You should not expect that the solicitors will move things to finality in any particular fast manner.  They do not have the same priority with the transaction that you would have as agent or landlord.
6.       The tenant should not get access or keys to the premises until all lease documentation has been correctly signed and fully supported by rental payments and bonds.

Any lease transaction today should be supported by appropriate guarantees and or financial bonds.  That will give the landlord some security in the case of potential lease default.  The size and type of guarantee or bond needs to be clarified with the landlord in conjunction with advice from their solicitor.  The requirements can be merged into the lease documentation completion and signature process.

Need more ideas?  Get our Newsletter here or visit our website here.

Commercial Realtors - Tips for Sending Prospecting Letters

In commercial real estate agency sales and leasing, the process of sending prospecting letters will build your market share faster if you follow up all the letters sent to prospects.  Not enough agents do this.  Follow us on our Newsletter.

Today, it is remarkable how many agents and salespeople will send letters about listings and market place issues, and then not follow them up.  Not only is it a waste of money but also a waste of everyone’s time in letter creation and dispatch.

Be Effective

The traditional prospecting letter is today more effective than ever before given that many salespeople send emails.  Most emails are deleted by 9 am in the morning; we even do that ourselves when it comes to turning the computer on first thing in the morning.

Every bit of prospecting that we do today must be relevant and remembered by the person that we send it to.  It has to stand out as something of importance.  That is how you market yourself.  That is why letters work in commercial real estate agency.

So to reach the people that matter to you, send a prospecting letter and then book in a return phone call to the person a few days later.  They will remember your letter and will at least have read part of it.  A conversation when you call will then be much more effective and possible.

A letter shows much more respect than an email.  In the letter, ensure that you introduce the fact that you will be making a call to the person named.  Tell them the reason for your follow up telephone call.

Who are the People?

So who do you send these letters to and why?  Here are some ideas from our Newsletter:
  1. Send success letters to property owners and businesses near your listings when you have made a sale or a lease.
  2. Send prospecting letters to the owners of vacant commercial land so you can see if any development is possible.
  3. When you put a signboard on a property, send letters to all nearby businesses and property owners to see if they want information about the property listed.
  4. When other agents put signboards on properties for sale or lease, you can send letters to the owners and businesses nearby to see if they want to compete with the listing near to them.
  5. When a person or business has been unsuccessful in making an offer on a particular property for sale or lease, send a letter to them to continue the relationship and extend the discussion on other properties in the area.
  6. When a property listed with another agent has been taken off the market, send a letter to the property owner to see if they would like alternative marketing assistance with your agency.
  7. When a property has been put on the market for sale or lease with another agency, send a letter to the property owner congratulating them for listing their property and wishing them well in the marketing campaign.  Offer your name and telephone number if they would like to talk about the property market place in the future.

So the letter process works well and can be incorporated into your business model as the local property agent of choice.  Build your personal brand at every opportunity in your market place.

Check out our website for more free tips for commercial agents.

Wednesday, May 30, 2012

Networking & Negotiating with Commercial Real Estate Clients Today

When it comes to commercial real estate sales, leasing, and property management, we deal with all sorts of clients and situations.  Here are some tips from our Newsletter for Commercial Agents.

Given that just about every part of the property contact process involves decisions relating to money, price, and rental, the emotion of circumstances and the bargaining’s of the parties involved can be difficult and challenging.  That is why we as agents need to improve our negotiation skills at every opportunity.  

Here are some tips that can apply to the client connection and negotiation process.  The same rules will apply to prospects leasing or buyers purchasing property.
  1. Recognise that you can talk too much when it comes to client interaction.  Most of the conversation should come from the other party, and you should be the instigator of appropriate questions to gain information.  This process is called a ‘Freudian Slip’, and is used by many top agents as a specific strategy in negotiation.
  2. We all will likely recognise the difference between open and closed questions.  They all serve a purpose and are used relative to the challenges and issues we are dealing with.  It is wise to spend some time in role play within your sales team to develop strategies of questioning with different types of situations.  Those situations can be the listing of property, selling the marketing packages to the client, inspecting property types in different ways, and closing on transactions.
  3. If the party to the negotiation presents some problems or hurdles that can threaten the deal, asking specific questions about the issue to get more information.  Invariably you will probably hear the answer in the details that they give you.  I like to encourage a two or three layer or level of questioning.  In such case, you go down two or three levels specific to the problem of the client is raised.  In other words you get a lot more information than you would normally get from a single response.  Good negotiators do this well.
  4. Sometimes it is necessary to transition the deal forward to the next stage.  In such circumstances you can ask a leading question relating to the next stage of discussion.  It is a soft approach to moving the mindset of the other party forward into some momentum and acceptance of current transaction circumstances.
  5. Information and market knowledge will always underpin your negotiations with clients and prospects.  When you can provide specific information regards the marketplace it is very hard for the client or prospect to refute your argument or direction of discussion. 
  6. Always take notes from discussions, negotiations, property inspections and any third parties that you deal with.  There feedback will allow you to condition the client into understanding the property market further.
  7. Rarely will you find that aggression and forceful tactics will close a deal.  If anything they will slow the deal down.  Remain calm under all circumstances and preserve your professionalism at all times.  Some clients can be extremely difficult, but you must not lower your presentation and negotiation skills to their aggressive level.  Remain cool calm and collected at all times.

The process of negotiating involves listening with your whole body and mindset.  The other party needs to see that you are totally connected and understanding of their position.  When you show them respect, they will do likewise in the negotiation.

As mentioned earlier, take notes during negotiations and discussions so that you can support or clarify any potential future disagreements.  It is remarkable how many transactions become difficult for the most unusual of reasons.

When you work with clients and prospects, there is a distinct difference between agreement and understanding.  Both have a place when it comes to negotiating, and both will be used as appropriate.
Top agents are controlled negotiators and have usually gained that experience with different property types and people over the years.  You can do the same and even fast track the process through deliberate effort and practice.

If you want more tips for commercial real estate agents, visit our website at 

Monday, May 28, 2012

Commercial Property Agents - Tips for Motivation and Drive

Real Estate Agency is a challenging career at the best of times. Today is a good case in point. Here are some tips to help agents create more focus and drive on the things that matter. Build more market share even when the property market is tough.

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Commercial Real Estate Prospecting Tips

As a real estate agent specialising on commercial property, you need leads to work on and to get them you will need to prospect and cold call. Here are some tips for agents to improve their prospecting and cold calling.

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Commercial Real Estate Agents - Offers and How to Negotiate Them

In commercial real estate sales and leasing, it is common to have offers being made for property transactions.  The offers will be made by tenants or buyers of property as the case may be and you as a salesperson working on behalf of the client will be involved.   Here are some tips from our Newsletter.

As we all know, verbal offers are not worth the paper they are ‘written on’ (excuse the pun).  So the rule is that every offer should be in writing.  As to how that ‘written offer’ is created, you will need to prepare standard documentary forms that legally and correctly capture the intentions of the parties.  It is recommended that your draft templates for this purpose are referred to a solicitor to ensure that the documents comply with local legislation and laws.

Many agents have templates in one form or another for that ‘offer’ process.  Importantly the templates should be structured for the property type, the transaction, and the laws that apply to property sales and or leasing in your area.

Sales Offer

When making or taking an offer to purchase a parcel of land or a commercial property, the offer can be made in the form of a contract, and in that case the salesperson may construct a contract document where the laws of offer and acceptance apply.   When the parties accept the offer on the contract, the contract stands.  That is a good way to negotiate.

When it comes to a very complex commercial property, the contract may still be prepared by a solicitor if circumstances show that it is wise.  In such case the offer that is made and negotiated by the agent could be in the form of a ‘heads of agreement’ from which the client’s solicitor will then be involved with the final contract preparation.   A ‘heads of agreement’ is not typically legally binding, but you can talk to your local solicitors about that if you need something that is enforceable.

The message for salespeople here is that they should not prepare the contract of sale if they do not have the knowledge to do so.   Sound and strong legally binding contracts are always required when it comes to commercial property.  Errors and omissions can be costly mistakes for all concerned.

Lease Offer

Offers to lease commercial, industrial, or retail property are not as easy to construct and enforce as those that apply in the basic sale process.  A lease is a very complex document, and some agents and salespeople will only negotiate basic lease terms, and then get a ‘letter of offer’ or ‘heads of agreement’ signed to move things to the next stage.  That is a wise move to take matter forward.

The structure of an ‘offer to lease’ or ‘heads of agreement to lease’ allows us to get the basic facts of the lease deal down on paper so we have something to negotiate with between the parties.  In many cases this form of lease offer is not legally binding because the full terms of the ‘offer’ and final lease are quite complex; they are put together later with the help of the clients solicitor. 

In other words a complete lease is required to create the best legally binding agreement for the client; some agents are not allowed to do this at law, or do not want to create such a document.  That view is sensible, and many of us in the industry prefer a solicitor to put the final documents together; that is what solicitors are good at, and many a commercial property is overly complex in many different ways.  Solicitors know how to handle that.

Agents are Negotiators

It should be said that real estate agents are ‘negotiators’, and we are there to find the right people for the transaction and then put the basics of the deal together.  We are marketers of property, and on that basis we are specialists to help the property owner sell or lease as the case may be.  That is where and why the offer process works. 

It is a wise practice to involve solicitors in any final contract and lease documentation, and certainly so if the property transaction is complex in any way.  Know your legal and documentary laws and limitations and work within them.  Set some process rules for yourself.
You can get more ideas for commercial real estate agency at our website at   or you can join our Newsletter here.

Sunday, May 27, 2012

Things to Learn in Commercial Real Estate Agency

In commercial real estate agency today, things are changing quickly. You have to set your rules and stick to them. Here are some tips for that.

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Friday, May 25, 2012

Things I Have Learnt About Commercial Real Estate Agency

I have learnt many things regards commercial property agency over the years.  Having been involved in the larger projects and the bigger property types, I have come across all types of situations and people.
In the first instance I will say that there is nothing new today in the industry that hasn’t happened before.  Here is an article from our Newsletter

The industry works in cycles.  Some of the cycles are deeper or longer, but we always come out of them.  That is because business and commerce goes on and evolves; it adjusts.  As commercial real estate agents we also need to adjust to the current business conditions.  When we do that, we find more opportunity.  That is the rule.

The key to success in the industry is in the systems and actions that you take every day.  When you get into the right actions and repeat them daily, you can’t lose.  Over time the market will open up for you.

In any difficult market there are many people that need the help of commercial property experts.  On that basis we should be constantly marketing ourselves to many people in the local area.  The system really works, but you need a good database to get you through.

Here are some observations regards the property market as I know it:
  1. Every day you will see new situations and challenges.  Learn from the events and establish yourself as a problem solver.  With 30 plus years in the industry I am still ‘learning’, and you should too.
  2. The most important task in your day is prospecting.  If you start to slow down your prospecting efforts or avoid prospecting, your market share and deals will fall away in about 3 months.  After that point you will become very poor.
  3. Most of the salespeople working in the industry are average in performance, knowledge, and focus.  That is a great opportunity for those that get organised and really lift their personal performance in the market place.  The key to the process is consistency.
  4. The difference between a top agent and everyone else is in the database.  The top agents have developed a deep and diverse set of top clients and they work them professionally and frequently.  You need a database to do that.
  5. The property market evolves on a cycle of time.  Now this time frame is an ‘average’ and is relevant to each local area, but the principle is the same.  Most property activity will occur after year 4 of property ownership.  That is because the property owner has achieved the next level of change.  If you want to find more property opportunities, find the property that was bought about 4 years ago, and then get to know the property owners.
  6. Every deal done and listing made, be it in sales or leasing, is an opportunity to talk to other people.  Every listing is an opportunity to talk to buyers and tenants.  When you build your list of contacts every day, you will find new opportunity and new property to list.
The commercial real estate industry is a dynamic and diverse part of the property market.  You can do so much and build a great business with the right mindset and focus.

Need more tips?  You can get more free information for commercial real estate agents at our website 

You can join our free Newsletter right here.

Thursday, May 24, 2012

Tips to Make Cold Calling Work in Commercial Real Estate

Cold call prospecting is a big part of being successful in Commercial Real Estate Agency today. Salespeople need to make more calls and contacts on a daily basis. Here are some tips for agents to deal with call reluctance and fear of making the calls.

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Wednesday, May 23, 2012

Find Quality Clients in Commercial Real Estate Today

In a commercial real estate agency, what does a high quality client look like to you?  When you know what they are, who they are, and where they come from you can focus your marketing efforts to build a better business and dominate your market.   Here are some tips from our Newsletter for Commercial Property Agents.

Be selective with the clients that you act for.  This process starts with the prospecting that you do every day, and continues right through to the listing and marketing process.  Be known as the agent that attracts the best clients with the best properties, and services them well.  Over time this profile will build you a great market share and potentially good referral business.

A good client will usually fit some or all of the following criteria:

  1. They pay a fair fee and or commission for the services offered
  2. They can and will give you and your agency repeat business in sales, leasing, and property management
  3. They own quality property in the local area and have done so for some time
  4. They are known as successful property owners and or developers (if that is what they do)
  5. They are realistic when it comes to listening to your recommendations regards the property market and the listings that you assist with
  6. They are open and honest with you when it comes to property negotiations with buyers and tenants.
  7. They will listen to your recommendations in any negotiation and openly discuss the best position and outcome so you have something to negotiate with
  8. They pay for marketing when it comes to promotion of a property for sale or lease
  9. They give you an exclusive agency for a reasonable period of time so you can work on the property with focus and effort
  10. They sign the agency appointment so you can act correctly on the property in a legally correct way.

Clients like this do actually exist!  They just take effort to find and nurture.  Top agents know that the process of building such a client list is a deliberate strategy centred on trust and great communication.  Top agents also service these clients exceptionally well so the levels of referral business continue and grow.

When you find potential clients that cover some or all of these requirements, it is time to work on a strategy of connection that can move you closer to them.  It is likely that other agents are already there and working with the prospect.  Take whatever steps are necessary to meet with these high value clients and open the doors for more connection on a professional level.

Get some more tips for Agents in our Newsletter or at our website 

Monday, May 21, 2012

Tips for Lease Incentives in Commercial Property Today

When it comes to leasing commercial property today, lease incentives play a significant part of the strategy to be adopted by the landlord and agent. Here are some tips on using lease incentives to attract tenants to your vacant property.

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Lease Incentives In Commercial Property Today

When the property market slows, lease incentives come back into the strategy of leasing vacant space in office, industrial, and retail property.  The agent and the client should decide what types of lease incentive suit the property type and the cash flow of the landlord.  This can all be done at the time of listing the property.  Here are some tips from our Newsletter for Commercial Agents.

Supply and demand for vacant space will always impact the property market and on that basis, landlords need to be flexible regards marketing costs and strategies, and the lease incentives offered to tenants.  That being said, strategy and preparation are all part of the process.

Here are some more tips that can apply to incentives and leasing commercial property today:
  • Research the local property market to understand just how many other comparable properties exist nearby.
  • The local business sentiment will have major impact on the levels of inquiry that apply to commercial retail and industrial property leasing.  Understand the momentum and sentiment of the local business community.
  • Get some detail of the other rentals that are on offer in the existing comparable properties.  It will be necessary for you to inspect those properties to understand the levels of improvements therein.
  • Monitor the new developments coming into the property market locally.  They will have impact on the asking rentals and lease incentives.  You can monitor the new developments by keeping in close contact with the planning approvals division of the local council.
  • Any lease incentive to be offered to the tenant should be structured into the landlords cash flow.  That could mean rental reduction, rent free period, landlord funded fit out, and the provisions of cash to the tenant.
  • The lease incentive should not be provided until all lease documents have been successfully and legally signed by all parties.  Further to that, any guarantees should be made available to the landlord to protect against any tenant default during the lease period.  The value of the lease incentive should be added to the guarantee to be provided by the tenant.  That will ensure that the landlord gets back the initial outlay of the incentive if the tenant defaults.
  • The existence of lease incentives creates a process of face rental.  Many property valuers will discount the value of the property given the existence of the incentive.  On that basis all provided incentives need to be fully and correct be documented.  Withholding of information is not a good strategy when it comes to owning commercial property.
  • The implementation of the lease incentive should be decided prior to the commencement of marketing.  The landlord solicitor should be consulted regards the appropriate documentation to use with the relative chosen incentive type.  When a tenant is located, the incentive can then be made available if it is appropriate to close the deal.
You can get more tips for Commercial Real Estate Agents in our Newsletter right here.

Sunday, May 20, 2012

6 Habits of Top Commercial Real Estate Agents

When it comes to this tough commercial real estate market, you really do need some top habits to get you through and help build your market share. Here are some tips for commercial agents today.

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Commercial Agents - Tips to Build Your Prospecting Network

When you work in commercial real estate today, it is essential that you have a significant network of people around you that can bring you new business opportunities.  The industry and your successes are built around knowing the local people involved in property investment and ownership.  Here are some tips from our Commercial Real Estate Agents Newsletter.

When you first start your career in the industry, this can be a slow process and without some system of prospecting, you will find that your market and network will grow very slowly.  Make the decision today to drive your market share growth forward; take the consistent steps to do this every day.

On that basis you need to know and contact more of the right people.  Typically the lists of people to work with or network around are:

  • Property investors that own local property
  • Property landlords that lease property to tenants
  • Solicitors and Accountants that have clients who need property help
  • People associated with property development
  • The owners of vacant land in the local area
  • Business owners and proprietors that require a property to operate their business from

One of the most difficult tasks for many salespeople is in establishing their network.  The longer that it takes to establish your network, the slower the income and listings will be.  So a key recommendation is that you establish your prospecting and networking system as early as possible in your career.

Commercial real estate agency is based around property knowledge and property contacts.  When you put the two together, you create listing opportunity and the potential for negotiations.

Within the lists of people previously mentioned, you can drill down into subsets of special property ownership.  They can be community groups or types of property owners that have special property needs.
Many salespeople have made significant opportunity for themselves through understanding the property needs of special groups such as charities and church groups.  These special groups have requirements of location, improvements, price, and rental.  When it comes to selling or leasing, the decisions that they make are handled differently than normal property owners; this is where an agent with understanding and knowledge can make a real difference.

This then suggests that you can build a niche market for yourself within a networking process.  Many salespeople do not do this and on that basis the opportunity awaits.  Look around your property market to find those groups that are special from a property requirement point of view.  Here are some ideas:

  • Church groups
  • Charities
  • Government connected groups
  • Cultural groups
  • Community organisations
  • Franchise groups

When you delve into these subsets of property owners, you will find specific needs that can be tapped.  Get to know the decision makers and set up the ongoing networking processes.  They are likely to need property help at some stage in the future; make sure that you are at the ‘top of mind’ when they look for that agent assistance.

Join our online community of Commercial Real Estate Agents right here.

Saturday, May 19, 2012

Commercial Real Estate Agents - Technology Tips Today

When you work in commercial real estate as an agent, there are many technology tools to use such as PDA's, Smartphones, CRM programs, SMS messaging, plus much more on the internet. Here are some tips for agents to use in their career today.

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Social Media Marketing in Commercial Real Estate

When you work as an agent in commercial real estate agency, there are different ways to approach and utilise social media and internet marketing. One of the most effective is blogging, so here are some ideas to help you with your marketing processes as a local specialist commercial agent.

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Commercial Real Estate Contact Management Software

The use of contact management software in commercial real estate is today more important than ever before.  We have the technology to interact with clients and prospects easily and effectively and new contact management software programs have given us great versatility in the process.  Here is a tip from our Commercial Real Estate Agents Newsletter.

It is remarkable how difficult the discipline of data capture it is for many salespeople.  All too often I hear that the right questions were never asked of the prospect, or even worse, the information was not captured into the database at the end of the day.  That becomes a wasted opportunity and will have impact across your business for the long term.

So the message here is that you should track every piece of information that you can get from the prospects and clients that you interact with.  Diligence and thoroughness in the process are obligatory requirements and will help you proceed to the ultimate goal of better deals and more commissions.

So what type of information do you require and do you have the correct database program to enter the detail?  There are many alternatives to consider when it comes to contact management software.  It is a matter of what works for you as far as accessibility, accuracy, stability, and versatility.

You are the one who has to use the program and the software.  Unless you accept that fact and merge it into your daily diary process, the purchase and use of a contact management system can be a total waste of time and money.  You are the administrator of your database.  The benefits you achieve from it, will derive from the information that you put into it.  Accuracy is required.

So here are some categories or elements of prospect criteria that should be captured into your contact management program in commercial real estate.  It may be that you can add to this list subject to the requirements of your property type, location, and market share.

  1. Name, address, and telephone contact detail of the relative parties.
  2. Online details including e-mail and website.
  3. Details of any personal assistants or supplementary contacts that connect to the decision maker
  4. Details of property requirements including improvements, timing, rental, price, lease terms, contract details, and location.
  5. Understand the services and amenities that the prospect will require to allow their business or property to function correctly.  If the property is of an industrial type, there may be special services and amenities to supplement the operation of the business.
  6. Every time you connect with the prospect, you should enter into your database a record of the conversation and any decisions made.
  7. Your database should allow you to store and or connect to any supplementary documents or e-mail messages sent to the prospect.
  8. The personal interests of the prospect may be relevant for ongoing contact.
  9. You should be able to diarise or action a further contact in the future, thereby triggering a follow-up contact for future business opportunity

Before you go and purchase a new contact management system, understand your personal needs and the way in which you will be entering data.  Give due consideration to the location, backup, and storage of the data.  Get more tips from our Newsletter here.

Friday, May 18, 2012

Commercial Agents and Personal Assistants

When it comes to employing a personal assistant to help you in your commercial real estate career, you really do need to plan the process and find the right person. Here are some tips for agents that are looking to employ a personal assistant.

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Commercial Agents - Put Deadlines in Your Proposals

Today the proposals that we submit to clients for the sales or leasing of their commercial property should really have a deadline applied for acceptance. This audio will tell you why that is the case.

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Tuesday, May 15, 2012

Commercial Real Estate Agents Sales Presentations

When it comes to commercial real estate agents pitching for new listings and business, they need to sell themselves first. Here are some ideas about that.

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Commercial Real Estate Agents - 5 Keys to Success

Develop some real confidence when you work with commercial clients and prospects. Here are some tips for commercial real estate agents in building their market share with quality property listings in their local area. This recording is for sales people and agents.

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Monday, May 14, 2012

Commercial Real Estate Agents - 5 Keys to Success

Here are some tips for commercial real estate agents in building their market share with quality property listings in their local area. This recording is for sales people and agents.

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Commercial Real Estate Agents Sales Presentations

When it comes to commercial real estate agents pitching for new listings and business, they need to sell themselves first. Here are some ideas about that.

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Commercial Realtors - Do You Need a Buyers Agent?

A buyers agent can bring specific new business to a commercial real estate agency. That being said the buyers agent really has to know the market and the property purchase processes that apply locally. In simple terms you need a top agent for the process to be successful. Here are some tips for agents to consider.

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Realtors - How to Be a Good Commercial Property Manager

When it comes to commercial property management, the quality of the property manager has a lot to do with the outcomes of property performance for the landlord.  Here are some tips from our Commercial Real Estate Newsletter last week.

Good property managers are made through knowledge, persistent practice, and professional development.  Having someone of experience to share this information with junior staff will help build a successful commercial property management agency.

Here are some further ideas and attributes that apply to good commercial property managers:

  1. The property manager is not just a rent collector.  They are there to administer the daily activities of the property in keeping with the demands of the tenancy mix, the instructions of the landlord, and the property usage by customers.  On this basis the property manager has to be an excellent communicator and use consistently strong administrative skills.
  2. Understanding lease documentation, local laws as they apply to lease occupancy and the functions of each particular property are ongoing requirements.  Ultimately the landlord is the client for whom the property manager acts.  All matters of response and control should be undertaken within the guidelines set by the landlord and the terms and conditions of each particular lease.  That being said, each lease document within the tenancy mix should be regarded as individual and unique.  On that basis the property manager needs to interpret each lease document thoroughly and completely to enforce the terms and conditions effectively.
  3. The reporting requirements at each month end to the landlords within the agency portfolio are significant.  In a basic single tenant property the monthly reports are quite simple, but in a property with multiple tenants there are many things to control and report on.  Some of the categories to consider in the monthly report would be income, expenditure, budget performance, lease documentation, vacancy profile, rent reviews and options, property maintenance, risk management, and insurance.  You can formulate a standard monthly report that suits each particular landlord and the needs of their management portfolio.
  4. Financial reports as they apply to each tenancy and each property need to be interpreted and checked.  This should be done prior to the month end reports being sent to landlords.  It is not unusual to have errors or omissions in financial reports that need attention.  For this reason the property manager needs to understand and interpret the financial records that apply for each landlord and each property.
  5. The lease management and tenancy management within a property is effectively the control of ongoing occupancy to maximize the property income for the landlord.  Given that at any point in time some leases will be expiring, rent reviews will be negotiated, and options will be occurring, the property manager should be looking 12 months in advance for any events of this type and should be taking the appropriate action early.

Good commercial property managers are special people of high skill and extensive property knowledge.  They understand how to improve the property and strengthen the income and tenancy profile for the landlords that they act for.  It is not unusual for the best commercial property managers to become experts in the industry.  Join our Newsletter here for some more ideas in commercial real estate agency.

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Sunday, May 13, 2012

How to Inspect Commercial Property

As an agent you have to inspect commercial property frequently and with accuracy. Here are some ideas to help commercial agents and salespeople with their property inspection processes.

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Prospecting for Commercial Tenants

There are many ways to approach a tenant regards their commercial property needs. Here are some ideas to help agents do just that.

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Wednesday, May 9, 2012

Commercial Real Estate Marketing Campaigns

Commercial real estate agents need to know how to track their marketing campaigns for maximum benefit and property enquiry. We they do this correctly they can create a better database of opportunity with more buyer, tenants, sellers, and investors on their books.
Here are some ideas to help agents do this.

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How to Expand Your Commercial Real Estate Sales Team

Commercial real estate sales teams need good people. Here are some ideas to help you look for them and build a better market share.

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Tuesday, May 8, 2012

Commercial Real Estate Agents - How to Qualify Prospect

When buyers and tenants are looking for commercial property, they have to be qualified. Here are some tips for commercial real estate agent. The same process applies to sellers and landlords.

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Advertising Strategies in Commercial Real Estate Agency

When it comes to commercial real estate sales and leasing, you really do need to know what to do in the marketing process to attract the right target audience to the property and to create the right property enquiry. Real Estate Agents and Salespeople can benefit from this audio of tips and ideas in marketing.

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Commercial Real Estate CRM Programs

When you work in commercial real estate sales and leasing you need a good CRM program. Here are some ideas to help you build a good database.

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Saturday, May 5, 2012

Cold Calling Tips for Commercial Real Estate Agents

Cold calling is a key part of networking for commercial real estate agents and salespeople. Here are some tips for agents to make more calls and build their database for better sales and leasing opportunity.

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Prospecting Tips for Commercial Real Estate Agents

In this commercial property market the value of networking is high; it is the only way you can build a reasonable database of contacts and prospects.  When the property market gets tough (like now), it is the database that you personally manage and maintain that will help you so much.

Here is a tip from our Commercial Agents Newsletter.

So who should you network and from what angle?  Here are some people that are high on my list of prospects and contacts:

  1. The local property investors are very important contacts.  The only thing is that they are hard to find because they hide behind company and ownership structures.  The best way to find local property investors is to check out the best properties in the area and chase down the owners.  This takes time but it needs to be done.
  2. All the local business owners are very high on my list because they know so much about the local area and can tell you what is going on in their proximity.  They also know the property owners and the other business leaders nearby.  Asking questions here will give you lots of leads.  
  3. The local business owners are a source of movement to other properties.  They may own the property they are in or they could lease it; either way there is some opportunity here when you contact the key decision makers.
  4. Look for any distressed properties that could need tenants or may be reaching the end of their serviceable life.
  5. Check out any parcels of vacant land in your area and find the owners.  They may be a source of a new development.
  6. Make contact with the local property developers in the area.  From time to time they will be looking for new projects and locations to build from.  Whilst a new property development takes time to create, lease, and sell, they are always a good source of long term commission and business.  Get to know the local property developers.
  7. Solicitors and accountants always have lots of clients that need property help.  They will not normally introduce you until they trust you and know that you are really the expert that you claim to be.  Get to know all the local solicitors and accountants.  If some of them are experienced in commercial property they could also get reciprocal business from you.

At the centre of all of this activity is some form of database.  The choice you make here is up to you but it must be the database that you are comfortable in using and that you take responsibility for its management.

Out of every commercial property there is a sale, lease, and property management opportunity.  Be open to the ways in which you can help the people in your market.

You can check out some more tips for Commercial Real Estate Agents at our parent website