Sunday, April 27, 2014

Podcast 170 - Commercial Real Estate Agent Training

In today's podcast for commercial real estate agents we have 5 topics. 1. What you should know about Commercial Real Estate leasing, 2. How to Improve your Presentation and Sales Pitch for a listing, 3. Getting More Internet Listing Engagement, 4. How to create a Healthy Sales Team in Your Brokerage, 5. How to Handle Tough Tenants today. These are commercial real estate training programs by John Highman.

Saturday, April 19, 2014

A Must Read for Market Domination in Commercial Real Estate Brokerage

men standing outside office buildings
Dominate your commercial real estate market by systematization and focus.

To be known as a top agent in the local real estate market, it is really a ‘numbers game’.  Your clients and prospects must know and see that you are the dominant agent in so many respects.  Building your ‘brand’ above that of your competitors takes significant time and a deliberate strategy.

Here are some tips from our online coaching program.

Given that most real estate markets are very competitive, it stands to reason that ‘market domination’ is a good thing to strive for.  The top agents get most of the quality listings and the better clients.

How are you positioned in the property market, compared to your competitors?  Are there factors in your ‘positioning’ that help you win more listings and clients?   If not, it is time to look at some strategies.

Here are some tips to help you with creating that ‘top of mind’ presence in your local area as a commercial real estate specialist:

  1. A constant contact approach – Connecting with the right people regularly will help them remember you at the right time.  In saying that you just can’t keep calling or meeting a person with no ‘value’ to the contact.  You will need some tools or marketing information that is of interest to the person that you are talking to.  The best way to do that is with an ‘information brochure’ about recent property activity locally including prices, rents, new developments, and vacancy factors.  You can add to that the ‘supply and demand’ factors that you see as relevant to the local area.
  2. Signboards – The traditional signboard provides valuable personal branding in the local area.  In saying that, the signboards should be on all your exclusive listings as a priority.  Open listings with lots of signboards are a waste of time.   Focus on getting exclusive listings and then placing your signboard prominently on the property.  Your name should appear on all your signboards together with your telephone number to help people connect with you at any time (yes that includes weekends).
  3. Marketing – High quality marketing campaigns provide lots of image for you as a quality broker or agent.  You can only achieve a high quality campaign using vendor paid marketing funds; that process should be integral with the exclusive listing process.
  4. Inspections – When you take a person or ‘qualified prospect’ around a property that is the start of the ‘relationship’ and over time you can keep in contact with more property information and detail from the local area.  A high quality property listing will create lots of inspections and that is exactly what you want.  Feed your database with people and contacts from all your inspections and marketing efforts.

Simple things such as these will help you build that ‘valuable’ top of mind presence as a top agent in your local area.  It is a strategy and a deliberate process.

You can get more tips like this in our online coaching program.

Saturday, April 5, 2014

Beating Call Reluctance in Cold Calling

Here are some ideas to help commercial real estate agents with solving the problems of cold calling and call reluctance.  If you have been struggling with the need to make more calls, you will find the video useful.  In commercial property today, the issue is to connect with ever more people as you build your market share.

You can get more commercial real estate agent training tips like this at our main website 

Creating More Clients in Commercial Real Estate Brokerage

two business men talking
Clients are like 'gold'

Good customers are an asset to commercial real estate brokerage, and over time every good customer should be nurtured and encouraged into further property activity.  The leverage to make this happen is in the agent understanding the client’s property situation and the plans they may have for the future.

So the message here is that a quality customer owning a good property will require help at some stage in the life-cycle of that investment.  That help can occur across sales, leasing, or property management.

Here are some specialized services that have a ‘flow through effect’ when working with property investors:

  1. Sales – From a sales situation you can keep in close contact with the investment property buyer for the time that they may need help with leasing and or property performance.  A property purchased today is a property needing refinement or ‘tuning’ over time.
  2. Leasing – From any lease situation, the new tenant in occupancy will require management.  Some owners like to manage a property themselves however many owners are not structured up to do that.  There will also be issues of lease performance to track and improve such as rent reviews, options and expiry dates.  The terms and conditions of the lease also require complete understanding as well as enforcement.  Most property owners don’t know how to do that.
  3. Property Management – Any investment property will require property management services.  A professional property management service will include lease management, maintenance controls, income optimization, property code compliance, and vacancy minimization.  A business plan for the property can pick up these issues and steer them in the right direction given the plans of the property owner.
  4. Tenant Retention – As the name implies, tenant retention is a process; that process should be merged into a lease and property management program for the client given the factors of the property and the market currently.  You can charge a good fee for retention planning and tenant mix optimisation.  The retention plan will be part of vacancy management and will also be merged into the property business plan.
  5. Market Rental Assessments – During the year the local property market will be impacted by vacancy factors, supply, and demand for property.  From those three things you will get pressures and changes to market rental.  New property developments will also shift the pressure points on rentals, incentives and available space.  If a property is on par with market rentals today, then the finance and cash flow structure for the property is easier to support.
  6. Net income optimization – Within a property with a number of tenants, different leases, variable critical dates and lease expires, the net income during the year can fluctuate.  That is where a good plan to optimize income is of high value.  Essentially the plan helps you to stay ahead of tenant and lease volatility.

So there are some special services for real estate agents and brokers to supply here.  Importantly, take the time to understand the commercial or retail property as well as the client so the right match and service support can be made.