No Brainer Top Marketing Tips in Commercial Real Estate Agency

In this commercial property market, you really do need to market yourself comprehensively and consistently to the clients and prospects that you deal with.  Your competitors will be doing everything possible to undermine your listings, attract your clients, and interfere with your leads and opportunities.  It’s a tough industry, but it is also very rewarding for those agents that can systemize their actions and keep up their focus.

What’s New?

There is nothing new here of course when I say that it’s a tough business world today; our industry is competitive.  Before everything else in commercial real estate, you must be a good marketer of your skills and services.  Every day you should be reaching into your database of contacts to consolidate your brand even further.

Here are some tips to help you consolidate your personal marketing plan as a top commercial real estate agent.

  1. From a marketing perspective, you will always get more leads and opportunities from quality listings.  This then says that most of your listing efforts should be directed towards properties of quality and desirability.  If you list low grade properties, you will attract low grade enquiry.  Get to know the right people with the best properties locally, and network them regularly.
  2. Each listing that you take on should be a controlled listing.  This means that your listings should be ‘exclusive’ by nature.  You should have control of those listings for a reasonable period of time.  Avoid open listings unless you really believe you can find the right person to take the property on.  Open listings are generally a waste of time given that you have no control over the stock.  In the open listing scenario, the clients are always listening to many agents at the same time and are therefore quite untrustworthy.
  3. Every quality controlled listing should be supported by a dedicated marketing program and vendor paid marketing funds.  This then goes back to the point and the importance of exclusive listings.  The equation is quite simple.  When you control the stock, you control the enquiry, and therefore you can close on more successful transactions.
  4. A successful sales or lease transaction should be communicated into the local business community and the surrounding property owners.  Any success that you have with a listed property is an excuse to spread the word of the positive result.  Be known as the local real estate agent of success and results.  Spread the message of your success locally.  Most of your leads and opportunities will come from the local property market exclusively.
  5. Every quality listing and exclusive listing should be personally marketed into the surrounding property owners and business community.  This means lifting the telephone to talk to the right people, and door knocking the streets surrounding the listed property.  Use every listing as an excuse to talk to more people.

In this property market today, there is an abundance of stock and a shortfall of qualified enquiries.  Some buyers and tenants cannot act in a market like this today.  For this very reason, every listing that you bring into your books should be optimized for maximum enquiry and market penetration.  Use that quality listing to get the message to the market.

You can get more tips like this in our Newsletter right here.

Two Words That Can Change Cold Calling Results Forever

In commercial real estate agency today so many salespeople and leasing executives struggle with cold calling.  They find it frustrating and quite soon they will find something else to do.  Unfortunately cold call prospecting is then avoided for the future; they incorrectly move away from the one thing that can change their lead conversions forever.

So what stops you from making the calls?  Here is a good list:

  1. Poor organisation
  2. Call reluctance
  3. No dialogue
  4. Distractions
  5. No momentum
  6. No database
  7. Lack of a prospect list
  8. Meetings
  9. Clients, etc

Make no mistake, cold calling is hard but it does produce volumes of results when you improve your call contact systems.  It takes a mindset and a process that should be practiced.

All of this being said, there are some very simple things that you can do that will help you radically with the call contact process; one of the most effective is based on two simple words.  The words are ‘stand up’.

When I say ‘stand up’ I am referring to you standing up when you make your contact and cold calls.  So many top real estate agents do it; you probably do it now when you are making a mobile telephone call as you walk!

The fact of the matter is that your call quality and conversational ability is a lot higher when you stand up and talk on the telephone.  There is something in moving and talking at the same time that goes well together.  Whatever the secret is, you should try it and use it.

The benefits here are quite clear:

  • More call confidence
  • Better conversational ability
  • Better tonality in the call voice
  • ‘Right brain’ thinking as you talk

If you put all of these factors together you will find that those hard to make cold calls will be a lot easier for you.  It really doesn’t really matter if you have clients and prospects in commercial or retail property sales, leasing, or property management, the fact of the issue is that you should be making lots of cold calls each week to people that you have not spoken to before.  That’s how you build market share.

Start to work on you mindset and use the ‘stand up’ process to improve you call conversations and dialogue.  Quite soon you will see some new confidence in the calling process; when that happens you will convert more meetings.  A good result, don’t you think?

Beneficial Local Leads and Opportuntities for Commercial Property Agents

If you keep in contact with the local businesses in your area, you can uncover some significant property opportunity for your commercial real estate agency.  The process of contacting businesses is far easier than chasing down the property owners in your region.  A good prospecting model should involve both processes in balance.

It is the local businesses and the decision makers behind those businesses that can tell you what is going on in their region and their street; they can also tell you what they may be looking for in regard to future property activity.  It is easy to find local businesses, and it is easy to make contact with them.  The business telephone book is a valuable asset to grow your database.

Given that the local businesses are essentially the backbone of property occupancy, part of your database should be deliberately constructed for local business networking and the market intelligence that you gather.  Some of those businesses will be tenants, whilst other businesses will be owner occupiers.  Either way, there are property needs and challenges from time to time that they will need help with.

You can approach local business proprietors in two different ways.

  1. You can cold call them as part of your prospecting model on a daily basis.  This process is quite successful and worthwhile merging into your networking program.  Contacting 40 businesses a day is quite easy when you use the business telephone book.
  2. You can personally canvass the business streets and business locations as part of a ‘drop-in’ prospecting activity.  Getting your face in front of business proprietors in this way will help you gather significant market intelligence.

It should also be said that any significant property with multiple tenants will be a good opportunity for new business prospecting.  Many top commercial real estate agents will pick a large CBD building with multiple tenants and work through the list of tenants until they know what every tenant requires by way of occupancy and when their lease expires.  The direct approach works just about every time.

Many business owners and corporations do not have the experience or the expertise when it comes to commercial or retail property investigation and relocation.  For this very reason, they require local market assistance; you can be the source of this very valuable market intelligence.  Special property services may also be required such as tenant advocacy, or buyer’s agent.

Businesses and larger corporations will generally utilize these specialized services with the right agency.  They then become your client and will be paying your commission.  It is perhaps the reverse process to the normal sale or lease transaction, however it is quite productive and rewarding from an agency perspective.  You simply need to change your perspective on the transaction to help the business owner or corporation find the right property locally with the correct improvements.

The way to make this process work is to establish an initial base of contact with the right decision makers in every local business.  Over time, you can reconnect with these people and encourage a meeting at the right time.  Trust and information will help you open the door on future property requirements.  It may take three or four telephone calls every couple of months before you get to the right decision maker with a face to face meeting.

These business owners and business managers will appreciate local market intelligence and feedback when it comes to property rentals, property availability, and property prices.  As a strategy in connecting with these people, you can create a single page brochure that you can leave with them detailing the recent property activity and results.

Automating Your Commercial Real Estate Prospecting Model

In commercial real estate today and in your agency, it is necessary to have a good selection of quality listings.  Quality listings will always create solid enquiry in any market.  It is those quality listings that will help you with dominating your territory and converting more commissions.

It is an observed fact that low quality listings produce poor enquiry.  It is much harder to build your market share and listing opportunity as a commercial real estate agent from poor quality listings.  That being said, it is also the case that open listings produce poor quality commercial real estate activity.  As a priority, pursue exclusive listings for a lengthy period of time with all of your clients.  In this way, you will control market enquiry and convert more transactions personally.

So here are some rules that should apply to the prospecting process in helping you with your market share and future commercial real estate business opportunities.

  1. Get to know your territory intimately.  That will mean on a street by street basis and or property by property basis.  Your territory should not be too large or too complex.  You cannot be a commercial real estate specialist to everybody and every property type.
  2. Identify the existing properties on the market today and their time on market.  There will be reasons for properties not selling or not renting.  In each case you should review the competing properties and competing agencies to understand the errors in marketing and the poor performance of some of the salespeople involved.  Over time you can market yourself around weaker agencies and properties that have not been correctly promoted.
  3. Prospecting should be undertaken on a daily basis for at least 2 or 3 hours.  That should be the number one activity in your diary regardless of anything else.  When you set this rule and stick to it, you will achieve more market share and market intelligence.  Over time this will have a major impact on your commissions.  Cold calling should feature as a main component of your prospecting efforts.  This requires special diligence and commitment, but the rewards are many.
  4. Get to know the businesses throughout your local territory.  Those local business proprietors will understand and potentially help identify for you the changes to property in the local area.  Over time those businesses will also be looking for alternative premises to lease and or rent.  Those businesses can also be a great source of sale and leaseback activity.
  5. It is very easy to approach businesses as part of your prospecting model.  On that basis it should occur every day.  You will gain valuable market intelligence from the process.  It is somewhat harder to identify property owners and approach them.  That is mainly because they hide behind company structures and property trusts.  Create a list of prime properties in your region so that you can gradually work through the potential property ownership structures and identify the right people to talk to.  It will take time, however the results are significant.

While this list is not finite or complete, it will give you the foundation for the prospecting process to commence.  The commercial real estate industry is very much personally orientated and built on relationships.  Over time you must build relationships with key people, business proprietors, and property investors.