In this commercial property market there are some real pressures and challenges that confront a lot of property owners when they want to sell or lease their property. They need the help of top agents that really understand the local area, to help in moving the property.
Contrary to popular belief, it is in markets like this that good agents can make a lot of commission. It all comes down to the way in which they package their services and help their clients.
In simple terms, top agents and experienced agents can do very well today providing them work the local area and their database. A good database will always get you through any market conditions and frustrations. In saying, that I am a big believer that a salesperson's database should not be delegated to the office administrative staff to control.
Every salesperson should take ownership of their database; In this way they will get good activities from it. In this market you need leads that you can do something with. When a database is passed over to the administrative staff to control, the inevitable result is inaccurate and old data. The database soon becomes redundant. The salesperson does not keep it up to date.
Become Change Agents
So we are the 'agents of change' when it comes to helping our property clients an owners get results in this market. We should know how to attract the right people to every property listing that we take on. Exclusive listings are more important in today than ever before. Some top agents will not take on 'open listings' for the very reason that they are a waste of time and effort.
When you know the drawbacks of the industry and the listings today, you can offer the clients that you serve some solid solutions. So what are the drawbacks? Here is a list of some of the larger ones:
- The time that it takes to sell or lease a property can be longer today. Every client has to be conditioned for the best price or rent so the time on market is not lengthened. The first few weeks of every marketing effort are the most important. Position the property correctly to get the best inquiry in this time.
- High prices and high rents will achieve nothing. The price or rent for the property should be optimized for inquiry. You have to do more with less when it comes to marketing and inspecting of properties.
- A larger number of competitive properties can frustrate your marketing efforts and time on market. Check out these properties before you do anything with your listing.
- Buyers and tenants are slower to inquire, inspect the property, and then make a decision. Your skills with each stage of the listing should be optimized. Hone your skills accordingly.
- Limited finance can put some 'brakes' on the larger deals. Find out where your prospects can get finance from and what the criteria of approval may be.
Whilst these may be drawbacks in the market, they are also opportunities for agents that can get focused and organized. Every problem is an opportunity in disguise.
Are you a solution provider in this commercial real estate market? Top agents are just that. You can be too.