From time to time many commercial real estate agents struggle with what they think they should and what relevance they bring to the market. In simple terms you are a 'consultant' and the levels of specialization that you bring to the client will help you capture the business, listings, and the responsibilities.
Taking this point further, a consultant needs to be highly specialized and skillful. Those rules apply in commercial real estate agency.
Consider the following questions:
- Exactly what do you specialize in when it comes to commercial, retail, or industrial property?
- What do you know more about when it comes to property sales and leasing?
- In what regional location do you specialize so that you can bring higher level information to your clients and prospects as required?
- In what location or area do you find most of your results and efforts accumulating?
- Where is your sales patch or sales territory?
- What agency do you work for and how does that impact your marketing efforts?
- How large is your database when it comes to clients and prospects, and is it relevant to the market today when it comes to creating sales and leasing activity?
You must have some fairly solid answers when it comes to these things. If you are to be a top level consultant in commercial property today, you really do need to prove to the client that you are the person to help them with their sales and leasing challenges. The same can be said when it comes to property management activity.
Are you really the expert? If not, you need to build the knowledge and the expertise to be so.
Here are some other tips to help you build that market information that the clients so urgently needs today in the property market:
- Track the time on market that applies to quality listings in the local area. You will need to split those figures into the property types and the locations.
- Understand where the inquiries for property are coming from and why they are coming in. Some of your marketing efforts will be far more effective than others. That information can be quite valuable when it comes to closing on a listing opportunity.
- One thing that can frustrate sales activity today will be that of the availability of finance. Certain clients can act in the property market today; others can not. This means that you need to look at the factors that impact finance and find the various alternatives that can help the sales transaction move ahead.
- New property developments, together with the supply and demand for local property will vary through the year. Keep a close eye on the local planning approvals when it comes to new property developments that can impact the supply and demand factors.
- Any new property that is coming into the market will have a lead time and the rentals or prices to be offered for those new properties will likely have an impact on current market trends. Staying well ahead of these issues will allow you to match your listings to the prevailing market conditions.
Do not look at yourself as being a salesperson. You are really a consultant and a specialized one at that. If you take the time to build your expertise and knowledge as part of that process, you will find that the lists will come to you far more easily.
The clients that we serve need all the help when it comes to property knowledge and local property expertise. You can be the top agent and consultant to help them.