Comprehensive and Direct Listening Skills in Commercial Real Estate Brokerage Convert Results

In commercial real estate brokerage today you will frequently be negotiating with property owners, tenants, and business owners across a number of different strategies and property requirements.  The best negotiation outcomes are achieved through skill development and will be a combination of a number of things including conversation, feedback, listening skills, and presentation.

Improve your negotiation and listening strategies

Over time you can improve your strategies with each element of commercial real estate negotiation, however you can fast track your negotiation skills through practice and personal development.  Here are some ideas to help you with listening skills in any presentation, listing pitch, or negotiation:

  1. Choose the right place – wherever possible, choose the correct circumstances and the right place for the negotiation. Remove distractions from the process and the place.  As a general rule, always negotiate directly one on one and in a face to face environment.  Privacy is essential and confidentiality should be preserved.  Get away from noisy situations, congestion, and other people.  Choose the right place for the negotiation based on the parties and the property.
  2. Timing is important – whilst you may have a lot of things to say as part of the property negotiation, the timing of the process is very important given that you want other people to listen, interpret, and agree. If you believe the other person is under a degree of time pressure, then choose another time to extend the conversation into deeper issues and potential results.  You want them to listen to you and absorb your recommendations in the right way.  You want them to give you feedback as part of that process, and in moving towards a potential agreement.
  3. Look at the other person – as part of the property negotiation, presentation or discussion, ensure that you are completely committed visually to the other person, watching them as they talk and explain their position. Acknowledge what they’re saying, and restate any information that may require a further qualification or interpretation.  You will also see elements of body language as they speak to help you fully interpret what they are saying.
  4. Control your emotions and feedback – don’t overreact emotionally as part of the property discussion and communication. Show your foremost respect of the other person and what they’re saying through controlled feedback and lower levels of emotion.  You can be quite confident and involved in the property communication or negotiation, but you do not need to be emotional.  Emotional involvement drives irrational comment.  That can be a great danger in any property discussion and can be misinterpreted.  Be patient and don’t interrupt when it comes to connecting with the other person.

Simple strategies like these can help you with client communications and property presentations.  They can help you with lifting your conversions and negotiation results.  Over time these factors can be practiced and improved.

On a final note, every commercial real estate negotiation should be documented with appropriate notes.  Those notes can help you at a later time refer to the critical elements of the discussion and the outcomes.

Commercial Property Agents – Sales Pitching with Success

A sales pitch in commercial real estate can be a challenging process especially when you are up against other agents competing for the same property when the market is saturated with listings or agents.  You do not know what the competitors are doing or saying and how they will pitch for the listing.

The best way to do a commercial real estate presentation is to start from a base of information about the clients need as you see it, and then ask questions to get their opinion on key issues.  In this way you have their attention and you can show them that you really do know what they need or what the market can do for them.

Here are some other ideas to feed into your sales pitch:

  • Questions create momentum in your presentation.  For this reason it pays to consider and prepare for the right questions that will have real relevance to the presentation.  You could include in those questions what the client has done with the property over recent time and what their intentions may be to move ahead with it now.  Ask them about their biggest challenge now in moving the property, and what they see as the best outcome.  From this information you can open up the discussion about the local market and current levels of enquiry.
  • Local market knowledge will give you confidence to move through challenges that may be presented to you by the client.  In most cases the client will not know much about the current market and the results that have been coming out of it.
  • Understand the customer and their current property problem.  Let them see that you relate to their concerns and show them how you will move matters forward.  Your pitch is not really about you and your skills; it is about them and their property pain.  Identify the pain and then provide the relief with real strategy.
  • Hone your critical skills and practice them regularly.  If you have any weaknesses, deal with them in role play and personal improvement.  Sometimes your greatest weakness as a salesperson is the only thing that is holding you back from a great leap forward in your business and market share.
  • Do not close or negotiate too early in the pitch process.  Far too many sales people do this.  It sends the wrong message to the client.  Desperation does not do well in a sales presentation today.
  • Use the right resources and have them available at your fingertips.  There is nothing worse that pitching for a listing and not having all of the right tools to take you forward.

Follow up all presentations professionally and efficiently.  Some clients will not make a choice on agent for a few days.  Make sure they see your professionalism in winning and losing a presentation.  Brand yourself as the best agent in a professional way.