Every real estate agent and salesperson wants to be successful in the industry.There is no doubt that success is both very possible and very real.That being said, every salesperson and real estate agent needs to commit to the professionalism required in commercial and retail property marketing.
Are You Really a Commercial Property Specialist?
It doesn’t matter whether you are a specialist in sales, leasing, or property management.The links between these three disciplines should be understood and respected.The best salespeople are usually very proficient at leasing and totally understand property management disciplines.On that basis they can provide a comprehensive specialist knowledge base and strategies service to their clients.
When the property market slows or changes, the balance and opportunities between sales and leasing will shift.When you understand both disciplines you can easily move between both levels of opportunity and property interaction.This says that you need to understand things like these:
- Rental strategies
- Lease strategies
- Development opportunities
- Tenant procurement
- Tenant mix and analysis
- The services and amenities as they apply to occupancy today
- The pricing of a property based on income trends and opportunities
- Lease documentation clauses and conditions
- New developments coming up in the local property market
- The supply and demand of tenancy types and available space in the local area
- Comparable properties in the general location
- The right way to lease property to optimise the future pricing and marketing strategy at time of sale
Taking all of these points on board, you can create four particular strategies to improve your real estate business and market share.All of these strategies are suitable for any market and in any economy.When you implement them, future listing opportunities and commissions become much more achievable.The four strategies are:
- Choose to specialise your property services within particular property types and locations.Obviously you should choose a property type that is in demand from a tenant and buyer perspective so that you can create reasonable enquiry and convert more transactions.The property type you select should also be in reasonable availability across your local area.
- Given your selection and item one above, decide how you can differentiate your services to the property sellers, buyers, and tenants that you act for.There is no point in being the same as every other agent in the market.Take your property specialty and provide exceptional levels of marketing, interpretation, and negotiation.Knowledge will be the key to the process.
- Segment the people that you find and work with within your property specialty.This should be done in categories of buyer, seller, investor, tenant, and owner occupier.All of these categories will also be further a segmented into levels of rental, pricing, timing, improvement requirements, investment requirements, and location.When you have this information you can optimise the outcome of any negotiations.This is the key to an off market transaction.
- Creating areas of concentration within your property territory and location is essential.This should be done on a street by street and owner by owner survey process.When you understand the streets by property owner and business type, you will find more deals and opportunities waiting to be activated.
These four simple processes will provide significant momentum in your activities as a commercial or retail specialist property agent.Commercial and Retail Property is underpinned by logic and sound business decisions.Knowledge of the local area will support you here and open up the potential for new listings and transactions.