When it comes to commercial real estate sales agency, there will always be opportunity around you regardless of the property market at the time. It all comes down to the focus that you adopt and the momentum and systems to support your progress.
When you consistently speak to more people in the property market, your database will grow and that creates opportunity.
Essentially the people to keep in contact with fall into the following categories:
- Property Owners
- Property Investors
- Owner Occupiers
- Business Owners
- Tenants that run businesses in commercial premises
- Buyers looking to purchase investment property
- Sellers of property
- Property Developers
- Bankers and financiers
- Landlords that own investment property
These groups are active; you simply need to know who they are and what they need. Commercial real estate is built around the business community. One way or the other there is always a business involved in the property; on that basis you must know lots of the right people.
If you took the above contacts and built your network around them, the only other factors to grow and practice are skill related. Most particularly they are the skills that you use every day in the listing and marketing process of the properties in your care.
So you can take these other skills and clearly define them. They will need practice but they are all part of being a great agent and salesperson. Here are the main ones:
- Create a database of all your contacts and conversations. This is the goodwill that will impact your personal market share and community.
- Your prospecting and cold calling processes should be refined and kept up to scratch. You should be prospecting each day of the working week.
- When you create appointments from your cold calling, the presentation and pitch for new business is quite important. The client has to know you as the agent of choice in moving the property for them.
- Knowledge of the local property market is essential and will include prices, rents, and comparable properties, listings of other agents, and time on market.
- When you win new listings the creative marketing process is important to find the enquiry and capture it. Well marketed properties are focused on a target market. Marketing involves internet, and newspaper adverts, signboards, and direct contact of qualified buyers. The enquiry that you find and generate will be entered into your database.
- Negotiation and closing skills today are really important as the pressures of the deal apply to both the seller and the buyer. Be prepared for every negotiation with real market evidence.
- When the contract or lease is negotiated, the transaction created has to be accurately represented on paper and followed through to the end. Not all agents do this well. Make sure you have this under control.
So there you have some of the key issues to formulate your success in commercial real estate sales and leasing. The old saying that 'you get back what you put in' does still apply; make the effort and build your database of contacts. The market opportunity awaits.
If you want some more tips and ideas to help your commercial real estate agency and convert more opportunity into listings and commissions, you can get a free eBook of tips and tools at http://www.commercial-realestate-training.com
John Highman is an experienced Commercial Real Estate Agent, International Speaker, and Sales Coach.
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