Sunday, September 29, 2013

How to Start a Career in Commercial Real Estate Brokerage Sales

There is no doubt that commercial real estate sales can be very rewarding.  From a brokerage point of view the industry can offer you a lot of opportunity in many ways.

I put together this short video to give you some ideas about how to grow your real estate business and market share.

You can get lots of other tips like this at our main website right here 

Saturday, September 28, 2013

Podcast 144 - Commercial Real Estate Broker Radio Podcast

Here are 3 new topics today for Commercial Real Estate Brokers. 1. How to Custom Design a Real Estate Prospecting Plan, 2. How to run a strategic planning meeting in commercial real estate, 3. Lease and Tenant Management in Shopping Center Renovations. These are commercial real estate training programs by John Highman.

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Successful Sales Meetings in Commercial Real Estate Brokerage

real estate agent meeting
Weekly sales meetings are valuable strategies in commercial real estate brokerage.

In commercial real estate brokerage, the weekly sales meeting can be a powerful tool when it comes to building the market share momentum for the real estate business and the sales team.  The meeting can be well planned to achieve positive leverage and momentum across the agency.

With most agencies today, the weekly sales meeting is a good idea to keep the agents on focus and task.  That being said, an agenda is required to achieve that.  Minutes should also be created from the meeting to track and measure the efforts of individuals.  Good salespeople thrive on positive recognition and individual performance tracking.  They understand the benefits of the process.

Weekly sales meetings should occur in the mornings before the business day commences.  They should also take no longer than 1 hour so that that the team can get back to the marketplace and the daily activities required.

So the goals of the sales meeting should be to achieve the following:

  • To encourage the team forward with activities in listings and commissions
  • To sustain the momentum and the focus across the group in a positive way
  • To track and measure the activities of individuals
  • To establish positive communication between the sales team and the administration team

It should be remembered that most salespeople dislike lengthy meetings.  Any top agent or broker will prefer to have a firm agenda to stick to when it comes to weekly reporting and meeting attendance.  The team leader or the sales manager should control the process.

Here are some tips to help you establish a positive process of meetings for your sales team:

  1. The location of the weekly meeting should be varied to encourage activity and attendance.  You can move the meeting between different venues and times of day.  Breakfast meetings are usually quite successful, and the same can be said for lunch meetings.  You will however need an agenda for the process.
  2. Peer group praise will always be a useful tool within a successful sales team.  The team leader or the sales manager for the agency should encourage that activity.  When a salesperson has achieved great success or an extraordinary deal, share that information around the group at the right time and in the right circumstances.
  3. Once a month allow the full sales team and the administrative team to come together as part of social drinks.  The interaction between both groups will be important for the success of the agency.
  4. Establish a points system between members of the sales team.  The points system should be varied based on a number of different criteria.  In that way you will be recognising and encouraging everyone, and not just the top agents with the best deals.  Look at the different achievements of the week including the best deal of the week, the best marketing campaign, the greatest numbers of inbound calls, cold calling targets, exclusive listings, and new meetings.

Top agents and brokers like efficiency.  They also like to get to the point quickly and effectively.  Any sales meeting should take no longer than 1 hour, minutes should be created, and agendas should be circulated prior to the next meeting.  Respect the time of your top agents, and they will respect the attendance requirements at your sales meetings.

Wednesday, September 25, 2013

Podcast 143 - Commercial Real Estate Broker Radio

Here are 3 more topics today for commercial real estate brokers. 1. How to find quality retail tenants in shopping center leasing, 2. How property managers can work smarter, 3. How to use prospecting letters today in real estate brokerage. These are commercial real estate training programs by John Highman.

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Commercial Real Estate Broker - Habits are Hip

commercial real estate broker writing in diary
Systems work in commercial real estate brokerage.

The habits that you create in commercial real estate brokerage will make or break your career as a top agent.  Systematized process will help you tap into the market and the clients that need your services.
Take a serious look at your business habits and determine the weaknesses that need to be addressed.  Understand your strengths as well in that process and build on them.

So what habits should you focus on when it comes to your career as a commercial real estate agent?  Typically they are the following:

  1. Servicing clients – it takes time to convert clients and listings in commercial real estate.  When you have spent a number of months if not years building a relationship with the client, it stands to reason that your client connection process is should be well structured and professional.
  2. Prospecting – the prospecting process is critical to growth of market share.  Every day of the working week should include elements of prospecting for new people and new properties.  When you control the listings, you control the inquiry.  Far too many agents focus on buyers and tenants because they are easy to find.  That then leads to a secondary problem of finding a property to suit the buyer or the tenant.  Top agents focus on attracting and converting listings.  When you control the listing, you control the property opportunity and commission outcome.  
  3. Quality listings - every top quality property should be converted to an exclusive listing.  When you advertise a top quality property all the buyers and the tenants of the market will come to you.  The same can be said when it comes to other agents seeking to introduce their buyers and tenants to your listing.
  4. Marketing – the marketing process in commercial real estate will be both for the listings that you create and also for you personally.  Listings create inquiries, but the personal marketing process can be even more important.  It applies to your skill and property specialty will help you penetrate the best clients and the opportunities for future business.  This then says that you should have a regular marketing process that applies to your listings and yourself personally.
  5. Specialized skills – almost every working day you will spend some time on marketing, negotiating, inspecting, and prospecting.  Each of these things requires special skills and dialogue.  You can improve your skills by practicing within the team and on an individual basis.  Professional dialogue in a sales environment is quite special.  Start the day with a practice routine relating to dialogue improvement.  You can do that before you get to the office.

So there are lots of things that you can do here to improve your market share and commission opportunity in commercial real estate brokerage.  Understand the things that will provide you with the better outcomes and opportunities with listings, commissions, and clients.  Selectively prioritize important issues into your diary and get them done every day.

You can get more tips like this for commercial real estate brokers at our main website

Saturday, September 21, 2013

Podcast 142 - Commercial Real Estate Broker Radio

Here are 3 more topics for today. 1. Best Sales Pitch Tips in Commercial Real Estate, 2. How to Adjust your Marketing Campaigns and Why, 3. How to Develop a VIP Client List of Prospects. These are commercial real estate training programs by John Highman.

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Friday, September 20, 2013

Market Intelligence Tips for Commercial Real Estate Brokers

graph of property trends
Commercial Real Estate market information for your sales pitch is essential.

In commercial real estate brokerage you need high quality market information to produce the right recommendations for your clients and prospects.  Where you get that information from and its accuracy will be very important.  Can you trust your sources?  Do you know that the information is accurate and not based on ‘hearsay’?

During an average year in property investment, all of the following factors will change quite a few times:

  • The levels of inbound enquiry for property purchasing
  • Tenant enquiries for new premises
  • Rent and price ranges
  • The supply and demand for local quality property
  • Negotiation factors in any contract or lease
  • Government policies impacting property
  • Local market conditions
  • Activities and sentiment from the local business community
  • Transport and other local demographic issues
  • Competing properties
  • Time on market
  • Seasonal selling cycles

A good real estate agent or broker has to stay on top of these issues.  To do that you must capture and share the right market information with key people.  Quality information from the market will help you win better listings for sale or for lease.

So let’s look at where you can get accurate market knowledge and information that you can use.  Try some of these ideas:

  1. I would start at the local planning office.  Just about every sale or lease will be impacted by shifts in property planning activity, new projects, and future supply of quality property.  Each month visit the planning office to see what properties are being considered for change or new development.  They will have an impact on price, rents, and incentives.  They will also impact methods of sale or lease.
  2. Monitor the completed sales and leasing activity.  You can get that information from industry sale reports and fellow agents.  On that basis it pays to be on ‘positive talking terms’ with some of your professional competitors.  Choose some good agents to share information with.
  3. Watch the listings coming on to the market.  Asking prices and rents will be visible in the internet advertising.
  4. Understand the methods of sale or lease that work for the different property types.  The improvements in a property will impact the target market and your inspection strategies.
  5. Inbound inquiries to your office from buyers and tenants will have trends and factors that you can monitor.  To lift the levels of inbound inquiry you can focus on ‘vendor paid marketing’ on all of your quality properties.  Practice your presentations and listing pitches to get those funds.
  6. Professional Property Valuer’s and Appraisers will have plenty of industry information for you to tap into; they will only do that if you share information with them.
  7. Some very active quality clients will have information for you to consider from recent deals and property promotions.

So the message here is that you can ask questions of the right people to get on top of the trends of prices and rents in the local property market.  Get to know the right people and share information ‘both ways’.

Get more commercial real estate broker tips in our newsletter right here.

Monday, September 16, 2013

Use Alternative Marketing Strategies in the Promotion of Commercial Real Estate

office desks in building
Every commercial property has an alternative marketing strategy.

When it comes to marketing a commercial property for sale, there are plenty of choices to be made in the promotional process.  The generic marketing approach does not work well today, given that there are plenty of listings on the market for sale, or the factors of competition require special decisions and strategies.

Look at all the alternatives to marketing any commercial or industrial property.  If you really want to make a sale, match the advertising to the target market, and then get personally involved in the promotion.  Every property that is listed exclusively should be marketed ‘exclusively’.

Recently I heard an agent talking to a client about a listing that had been on the market for a very long time.  There was little inquiry coming in and agent was blaming the market and the price for the current situation.  Whilst those factors can be somewhat true, the real facts of the matter are that the agent did not get out into the business and property investor community to push the listing.

We are or should be ‘masters’ in matching properties to buyers.  Every new listing should be carefully promoted.  That says not just advertising the listing and hoping for a result.
All the ‘alternative’ marketing strategies should be looked at when you are preparing for a sale promotion.  Choose the right ones based on the target market.  Here are some ideas to help you:

  1. When you list the property on the internet, create a few different formats of advertising and layout so you can change them weekly over a 6 week campaign.  The same property can be re-worked with different descriptions and photographs.
  2. Use the keywords in your advertising that match those words used in the market or target segment of buyers.
  3. Get some high quality professional photographs prepared for use in your campaign.
  4. Have a professional copywriter finish off your adverts before they are submitted to the media.
  5. Set up a direct mail campaign to qualified property buyers that exist in your database.  When that happens, have a checking process to personally follow up all of the direct mail.
  6. Create an email marketing campaign to buyers on your database, given the criteria identified in earlier discussions or property inspections.
  7. If the property is matched quite clearly to a market segment such as ‘doctors’ or ‘solicitors’ you can start a direct mail and call approach using the local telephone book and your business lists.
  8. Door-knock the local businesses to see what they are doing with property today, and if they are looking for a property change over or purchase soon.

Every good quality listing will give you plenty of reasons to talk to other property owners and business leaders.  Focus on quality and the deals will be easier to put together.

It is easy to dominate your market when you are known as the agent with all the best listings.  That strategy is easier to achieve when you work to a marketing plan and adopt alternative marketing strategies.

Wednesday, September 4, 2013

Podcast 141 - Commercial Real Estate Broker Online

Here are 3 topics today: 1. How to renegotiate and commercial lease and why, 2. How to deal with commission challenges in today's property market, 3. Don't let Tenants Get Out of Control and How to Fix That. These are commercial real estate training programs by John Highman.

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