In commercial real estate today the pressure of presenting and pitching your services can be high. Most opportunities for a listing will involve a few agents all chasing the same listing opportunity. This then says that your presentation process should be finely tuned and very professional.
The ‘generic’ approach to presenting your services to a client today just does not work. In every respect your presentation needs to be of the highest standard. To help you with that I have given you some tips below:
- Check out the client’s situation prior to developing any thoughts about the property and how you can take it forward. Find out why the client may be selling or leasing the property today; that information may impact your choices of property promotion. Find out why the client purchased the property in the first place. Also ask them about their impressions of property features and improvements.
- Get the facts of the market locally. There will be some competing properties in the general area that will tell you something about prices, rents, enquiry, occupancy and time on market. Get all of those facts together as part of your preparation to meet with and make recommendations to the client.
- Walk the streets around the property. As simple as this seems, the process of getting out of your car and walking helps you see and observe many things that you would normally overlook.
- Understand the property legally and physically. Most properties will have issues that are of impact to the marketing campaign. Look for the ‘hurdles’ that could affect your choices of marketing and inspecting the property with prospects. It is wise to remove the ‘hurdles’ prior to commencing property marketing.
- Know about the precinct and its history. The records of sales and leases should be accessed so you know what has happened in the area over the last few years.
- Give information to the client about the best alternatives in marketing and inspecting the property. They like to have choices and understand the logic behind each. In that way they will not be limited or frustrated in the final agent choice or decision.
- Show some successes as a local agent. Most clients want to work with the best agents and those that really know the local area. Have some examples handy of relevant property transactions that you have been involved with previously.
- Be relevant in your presentation and provide a visual time line to the actions that you will be taking. The client can then see how you will be moving things forward for them in a timely way. If anything, that will give them more confidence when it gets to the final choice of agent.
Presenting and pitching your services as a top real estate agent does not have to be hard. You can make a deliberate choice to be the best agent for the job and give the full facts of the process in moving ahead. Confidence is the key.
In commercial real estate agency today, you as an agent really do need a personal prospecting system. When you can establish a prospecting system that is geared to the local area and your relevant property experience, things get a lot easier when it comes to market share and growing your commissions.
One key problem that exists in the commercial property industry is that many agents work with far too few clients. When they lose a few key clients, they lose a massive amount of income and momentum. It takes time to build up good and productive client relationships.
Your personal prospecting process should bring new clients into your ‘pipeline’ of client contact and networking. Be prepared to lose a few clients every 6 months or so. Prepare for the loss by building new relationships. Nurture good clients and quality listings; it is a deliberate process that is ‘formulated and commenced’ at an individual level.
The cycle of commercial real estate sales and leasing is quite long. On that basis it can be months if not years before a client is ready to act in a sale, purchase, or lease. Your networking system has to continue in a relevant way for the ongoing time to capture that business. The only thing that you should determine at the outset of a first contact is that you then know that the person or prospect has the potential to need your services in the future.
Here are some other tips to help you with your personal prospecting system in this property market and economy:
- Define your business area and your property type so you clearly know where you are focusing. You should also determine why people should use your services. If you cannot establish that information for yourself it will be very hard to sell and pitch the idea of your services to anyone else. Confidence and relevance are key factors in presenting and pitching your agency services. You must be better than the competition agents; how can you do that?
- Given your special services, why are you a top agent? Can you sell that idea to a prospective client? What can you do that is more relevant and real than some of your competitors? Over time these things will need to grow and consolidate. They must become part of your personal brand.
- At any time and in any market you will find clients that are under property pressure in some way or form. Through consistent daily prospecting you will locate these clients and you can work with them to solve the ‘property pain’. If you are lacking clients and listings now, take a serious look at your prospecting systems and efforts. Most of the agents that are struggling are those that do not prospect enough. I have met agents that admit that they do little or no prospecting at all; I then wonder why they even bother being in the industry given the costs and pressures that apply to the average agent. Every property market has opportunity to identify and action.
- Track your prospecting efforts so you can see where you are progressing in conversions, calls and meeting outcomes. It takes about 3 or 4 approaches to some prospects and targets to get them to let you have a meeting with them. Consistency and relevance in contact are the key factors. When you ‘open the right doors’ with prospects, keep them open through ongoing relevant contact.
Given all of the above, the prospecting time that you apply to your career every day should be split 50% to established contacts, and 50% to finding new prospects. In this way you can build market share for the time that you lose a few good clients. Understand what works for you in commercial real estate and repeat the process over and over again. That’s a good way to get more new business.