In commercial real estate, the specialization that you create as an agent is of great relevance to the clients that you serve. Just about all top agents specialize in some way or form. That will usually be in commercial office, industrial, or retail.
Every market segment will have factors of specialty that you can build your market share around. A top agent will be so relevant to the property type, that the clients will seek them out.
So let's say that the client approaches you for assistance when it comes to a property need. They may only have one focus today and that may be in purchasing, selling, or leasing. Whilst you may satisfy that need, from that opportunity you will have other situations that you can work on.
Here are some ideas to help you work with your clients:
- Many clients refer to a property type and prefer that property type as part of their investment portfolio. This then allows you to focus on pricing trends, rentals, leasing solutions, buyer inquiry, tenant occupancy, and new development needs. All that can occur within the property type.
- It is interesting to note that many clients and property investors purchase properties through the local area and rarely go outside of those boundaries. They stay within the zone of property that they understand. That then presents a weakness to the client if they only invest in one property type in the local area. If that single property type is exposed to changes of inquiry, supply and demand, or rezoning, the client will suffer financial pressure. On that basis it does pay to recommend to your clients that they diversify their property ownership types within the local area. That diversity should spread across to office, industrial, and retail property. If one segment is performing well, that will then protect the underperforming segments.
- Many clients think about the rental returns when it comes to investment property. You can focus on the bigger picture of gross rental and the recovery of outgoings from tenant occupancy. Every client and every landlord that you serve should have a strategy relating to lease structure when it comes to outgoings. Wherever possible, the gross rental or the outgoings recovery structure in the lease should help the landlord to optimize net income.
- A client that owns the property with multiple tenants should be approached regards a tenant retention plan, and the tenant mix strategy. This is certainly important when it comes to retail property but would also apply in office commercial. You can be the agent to help them to minimizeize vacancies, and optimize the current tenancy mix.
A client that is well served in today's property market is a client that will give you another opportunity with repeat business and referral business. The relationship that you strike with your clients can be productive and ongoing for many years. Always focus on exclusive listings with your valuable clients. In that way you can provide the quality service and focus that they require.