So this commercial and retail property market is a bit tough and very competitive. It requires total commitment and focus of the agents and salespeople working in it. Random salespeople do not survive in this property market; it is that simple.
The age old rule of commercial property still applies today. When you attract and list the best properties in your area, you will be more successful as a real estate agent. It’s called having a dominant market share. Here is why:
- Good properties create quality enquiry and help you build your database
- A quality property will sell or lease in any market (good or bad)
- The local businesses and property investors will want to list with you
So how can you get the better listings in this market? If you have a competitive and aggressive agency market around you, it is important to have a solid system of prospecting, negotiating, and closure. Only a great personal system like this can help you compete with and beat the other agencies that you are up against.
Here are some of the main rules to apply to your personal processes in selling and leasing commercial or retail property today.
- Prospecting and cold calling remains the foundation of your market share. It should dominate a full 40% of your working day. When you do this you will find more opportunity around you and in the business community. It is interesting that many agents dislike or do not do the prospecting very well at all.
- Property owners should be contacted regularly to see what pressures or needs that they may have. Property owners will be investors, business proprietors, tenants, and landlords. Each will have their priorities and targets in property occupation.
- Signboard presence should be high on the agenda for you. The greater number of signs that you have in your territory, the easier it is to talk to people and attract more business. They see you as the agent that is more active in the local area; you are then best placed to help them with their property challenge.
- Internet listings and websites are taking over the property market and listing process. Every property when publicly marketed should feature on the internet. It is a low cost but highly effective way of reaching your target audience.
- You must have a database that you maintain yourself. Delegation of database maintenance and ownership to a personal assistant does not work for a number of reasons, the greatest of which is ownership. Without ownership a database is likely to become out dated, or incorrect.
- The business professionals that you should know are solicitors and accountants. They will give you so many leads if they trust you and your skills. They have clients that are handling property pressures throughout the year.
In taking and working on these 6 factors of your property market, you can generate more business and listing opportunity. Commercial and retail real estate is a personal business; everything you get out of it originates in how much work you put in.
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