In commercial real estate agency, your role as an Agent or Sales Manger is quite specific and you must know it in each case when working with clients and prospects. Your role is to work for your client and solve their particular problem in commercial real estate sales, leasing, or property management.
This approach requires you to understand your client and their problem or challenge. That is a productive process and should be well considered for today's market. That will then help you win the new business or close on that difficult negotiation.
The client wants to be understood and it is your job to do that. Well-crafted questions will help you get there.
So what problems would clients have? Typically they are a mixture of issues such as:
- Getting a tenant to fill a vacancy
- Finding a buyer for the property
- Managing the property to improve property performance
- Solving a tenant mix issue so the property can improve rent returns and occupancy
- Negotiating a lease or a sale so that the clients property challenge is resolved in the best way possible given the market conditions
When you get to the real issue that the client needs to solve, your sales pitch and presentation is much easier to implement. Your conversions to a positive result are also increased.
This is a specific mindset and process that will help you with your real estate agency business. To help you understand your role with any particular client, here are a few ideas to implement:
- Meet the client at the property prior to any property presentation. Get them to take you around the property and show you the improvements, services, and amenities.
- Find out what the client may know about the area by asking key questions on property performance and availability.
- Ask them about how they came to purchase and own the property. Get some history and facts about where the property is today in the clients mind. Get the client to talk and open up on their perception of the market.
- Use open questions with the client so that more information will be gleaned from your discussions with them. Understand how to 'drill down' on key facts and information provided by the client. Take plenty of notes.
- Given the subject property and client, look at the surrounding area and what may be happening with other local properties, time on market, listings, competitiveness agents, and prices or returns. Pay particular attention to the local street and property precinct. Look at the history of the prices and rents locally.
This simple approach will help you understand your client and hence adjust your role to the required property challenge. Do not look at yourself as another agent that is quoting on the property for any upcoming sales or lease activity. Understand the high value that you can bring to the client and start to pitch toward it. That is your role.