In commercial real estate agency, you must research your local property market constantly to know what is going on and how you can tap into it. Changes are always occurring with property owners, tenants, business owners, and local property zoning. Everything is an opportunity to those agents that get active to a plan.
So you need to do your own research and keep ahead of the changes in your market. Each day and each week you can collate the information that you find relevant. In this way you can target the right market segments for more business in property sales or leasing.
Here are some ideas to help you with the research process:
- Define your local territory so you have something to focus within. Highways and city boundaries are of benefit here. Understand that you have sufficient property owners and properties in the zone to create the business and listing opportunity.
- Get the old sale records for the local area from about 4 or 5 years ago. These records are on average likely to contain the people and businesses that are next to do a new property transaction (sale, purchase, or lease). Get in touch with these people and establish the links for ongoing relevant contact. What can you talk to them about that will be of ongoing value?
- Every time a signboard is placed on a property locally by one of your competitors, you should get in touch with the property owners and businesses near that sign and subject property. It is a fact that one property signboard in a street or precinct will create action on the part of any other property owner or business proprietor that is considering some property action.
- Look back though all your prospect and client contact records. Make contact with the people that you have helped in a positive way. Ask about referrals and other business. Keep the referral concept open for leads and opportunities later. Keep going back to those prospects and clients to see what they are doing with local property and their portfolio.
- It is a fact that doorknocking the streets where local businesses are located will create significant opportunity. Those business owners know a lot more about the street and the location than you do. They can tell you about changes and other businesses moving. Ask the questions.
All of these things are relatively simple to implement. Take the action and keep the process on track. You will see that property research as an agent is not too hard at all.