|Research your clients in prospecting.|
When you first connect with your commercial real estate prospects and clients it is very wise to prepare specifically for the meeting or the connection. In that way you can set the foundations for better listing conversions or opportunities.
Relevance is everything in the market today. Ordinary brokers and agents struggle. Strive to be the best at what you do with your property specialty. When you connect with the client or prospect for the first time, have all your facts and information at your fingertips.
Here are some ideas to help you with the preparation work for that first meeting:
- If you can check out the property beforehand then do so. Understand how long the person has owned the property and the condition of the property today. Look for strengths and weaknesses that could have an impact on property performance or occupation. The physical condition of the property, the neighboring properties, plus geographical and environmental factors will all have some impact on occupancy and ownership.
- Determine what is happening in the overall property precinct in case there are any upcoming changes to property zoning or usage. You can also get some details of recent prices and rentals through the region.
- Check out the properties that may have sold or leased in the last two years. Look for the trends that apply to time on market, and property enquiry. Would the zone in which the property is located be regarded as desirable? Will it create a reasonable amount of enquiry when the property is taken to the market?
- Look at the adjacent properties for any hints of pressure of use or clashes of ownership. As part of that process, you can look at the vacancy factors in the region and the qualities of the surrounding properties.
- Understand the occupancy costs for any property in that zone and how the subject property may be performing by comparison.
- If you are working with an investment property, check out the tenancy mix and any vacancies in the property before you connect with the property owner. If the property contains many tenants, you can easily strike up a conversation with the right people.
- If the property is in a busy precinct you will get some good feedback from other business owners in the zone. Preserve confidentiality in doing so, but ask questions about what has been going on locally with the business activity and property ownership. It is remarkable just what market intelligence you can get in this way.
In this market, listings are everything. They give you the control that you require in building income and commissions. That being said, the best listings to capture are ‘exclusive’ by type and not ‘open’ listings. Control your quality listings exclusively.
To convert the listing successfully and correctly, you really do need to understand the property precinct, the history of sales and leasing activity, and the attributes of the property. A correctly packaged and marketed property will always create good enquiry.