Tuesday, May 14, 2013

Give Your Commercial Real Estate Client the Right Ideas and Property Solutions

In commercial real estate agency, it is wise to take the direct approach with your clients and listing opportunities.

You should tell your clients exactly what they should be doing with their property and giving them clear recommendations to move ahead.

Our clients like to see a degree of confidence knowledge and trust in their agent as part of the listing process.

They expect us to be decisive when it comes to the following list:
  • The best way to list the property
  • Defining the target market to attract enquiry
  • The best marketing strategy
  • The best way to take people in and about the property in an inspection
  • How to negotiate under different market conditions and circumstances
  • How to qualify the inbound enquiry from the marketing campaign
  • How to find plenty of buyers or tenants as the case may be for the listing

If you are new to the industry, it can take some time to build the necessary confidence and knowledge that is required.  That being said, you can always fast track the process through personal improvement and practice.

Consider this circumstance as an example.  When you go to a doctor for medical treatment, you expect the doctor to understand the illness you may have, and the best method of approach.  Vague statements from the doctor about illness and injury do nothing to build your personal confidence.  The same can be said in commercial real estate agency.  Your knowledge and your experience will have a lot to do with the client and the property type.

The client wants to know exactly what you will do with the property, how it will occur, and why it should occur.  To help with that process, you can adopt the following strategies:

  1. Choose the right target market that applies to the listing.  Give the client some clear indications as to why the target market will be more successful than others.
  2. Match your marketing campaign recommendations to the target market.  Give the client some alternatives of marketing relative to the property type.
  3. Show the client some stages of marketing, inspecting, and negotiating that relate to their property.  The stages can be illustrated in a Gantt chart.  The Gantt chart can be specifically designed for the property.  The visual approach really works.
  4. Take the client to some other competing properties in the same general area.  Show them the differences in improvements, services, amenities, and marketing.  Compare those properties in prices and rentals.
  5. From any sales pitch or presentation to the client, give them clear recommendations that are built from knowledge and experience.  Tell them how to proceed and why they should do so.

So the big message here is that personal confidence and knowledge will help you with recommendations to the client about their property challenge and property listing.  Develop a confidence process and feed it into your property listings at every opportunity.  The client needs to see that you are a top agent that can help them with their current challenges.

You can get more tips like this in our commercial real estate training newsletter right here.