In commercial real estate agency, you should be analyzing your commercial real estate market on a frequent basis. In this way you will understand what is happening to the levels of inquiry, prices, and rentals. You can then match your marketing efforts to the prevailing market conditions.
It is interesting to note that many agents will see shifts and changes when it comes to inbound property inquiry through the year. Those agents that build their business solely around the incoming inquiry from advertising will struggle from time to time when the rate of inquiry changes seasonally throughout the year.
Those agents that consistently build market share, prospect on a daily basis, and connect with their clients regularly tend to avoid the dips and troughs in seasonal property authorization. So the golden rule here is for you to develop a database that can support you and your prospecting efforts.
So exactly what is going on in the property market today? It is an interesting question and the answer will vary from city to city, and country to country. The fact of the matter is that you should monitor the trends of the market so that you can adjust your prospecting and promotional activity.
Here are some tips to help you with your market research as a commercial real estate agent.
- Understanding your territory and sales patch. Define it geographically so that all of your prospecting efforts can be centred within a particular region. That process will also help you monitor the activity of property sales, rentals, leasing, and new developments.
- It is preferred that you focus on a single property type as part of your agency activity. That will allow you to specialize in every respect when it comes to regional sales and leasing activity. You can then understand the rates per area unit when it comes to prices and rentals. From a client perspective, you then become more relevant when it comes to property marketing and promotion. You are seen as the expert.
- Understand what your competitors are doing when it comes to property sales and leasing. Check out the number of properties on the market currently with the other agencies. Understanding the methods of sale, pricing, and renting when it comes to those other listings. To do this process effectively, you will need to do a regular signboard count and an Internet advertising count when it comes to properties on the market today.
- From an agency perspective, monitor the number of calls coming into your office on a daily basis and then understand how and why those calls are reaching you. This will then give you a greater understanding when it comes to successful marketing. That will help you in establishing a positive marketing campaign relative to a property type.
From all of the above issues, it is easy to see that market research is a constant and ongoing factor to allow you to be a top commercial real estate agent.