Wednesday, August 14, 2013

Commercial Real Estate Brokers - Prove Your Competence to Clients

business performance graphs
Show your results as a top agent or broker

In commercial real estate brokerage today, you will need to prove your industry competence when it comes to working with clients and prospects.  You need to show them why your services are superior to other brokers and agents in the area.

It directly follows that you should specialize within a territory and within a property type to help the competency equation and in taking any listing or negotiating.  Most top agents specialize in this way.
So the parties to a transaction, be it in sales or leasing, like to know that they are working with a top professional in the industry.  The same can be said for property management and retail center management, albeit from a different direction.

  • Can you successfully claim that you are a top professional in your market segment and property type? 
  • How will you display that information to the clients and prospects you work with? 
  • Why are you better than the others in your industry? 

To resolve these questions, you need strategies and market evidence.

Here are some ways that you can prove your competence as a top broker or agent in the property industry today:

  1. Define your industry territory and understand all of the transactions and activity inside the zone.  That will include sales, leasing, prices, and rentals, time on market, marketing strategies, and outstanding listings.
  2. Most clients or prospects will expect you to know about local properties listed with other brokers and agents.  You will need to have specific responses relating to compatible or comparable properties through the region.  Understand why some properties are staying on the market for a long time, and share those facts with your clients and prospects.
  3. When you look at selling, leasing, or property management, there will be specific things that need to be done as part of moving every listing forward; that will be through the process of preparation, control, marketing, and performance.  Set up a series of charts relating to sales, leasing, and property management activities.  The charts should be a graphical representation of the critical stages of client service, marketing, inspections, and negotiation.  The visual process works well when it comes to displaying your expertise.  It also helps the client understand the elements of service that will help them get results with the listing.
  4. Track the levels of inbound inquiry when it comes to each property type and or sales or leasing activity.  Those levels of inquiry will have real impact on the choice of marketing for the client.  It is preferable again to use a graphical display in this case of tracking.  Use a Gantt chart wherever possible to display the results.  It is the easiest chart to create and visually professional.
  5. The promotional and marketing process for each listing should be quite specific.  You can only achieve this through an exclusive listing.  Don't waste too much time with clients that refuse to give you an exclusive listing.  Let them suffer the delays on market and frustrating negotiations through random agent promotion.  Most open listings don't work very well at all.  Open listings convert to closed deals only through luck and hard work.
  6. Develop some real skills when it comes to the exclusive listing process and pitching for the clients business.  You can refine your skills through practice and role playing in your weekly team meetings.  Pitch and sell your services with real points of difference.
  7. Be prepared to talk to the client about Internet presence and signboard numbers relating to your brokerage and your marketing activities.  Tell them the numbers that compare your brokerage or agency against that of others.  It is very difficult for a client to ignore real market presence within a town or city.
  8. Choose the best methods of sale or lease that should apply to the property type and location.  Give the client some real reasons for your choices and recommendations.  A good logical argument will help you move closer towards an accepted listing.

The best agents and brokers in the industry are extremely clever when it comes to proving confidence and confidence with any listing or property situation.  Local market knowledge and information will help, however the skills of the individual are essential to close on a listing or a transaction.