In this commercial real estate market there are some real pressures and challenges many homeowners face when looking to sell or lease their property. They need the help of the best agents who really understand the local area, to help them move the property.
Contrary to popular belief, it is in markets like this that good agents can earn a lot of commissions. It all comes down to how they package their services and help their clients.
In simple terms, the best agents and experienced agents can do very well today as long as they work in the local area and on your database. A good database will always help you overcome market conditions and frustrations. In saying, I’m a big believer that a vendor’s database shouldn’t be delegated to back office staff to control it.
Each vendor must 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 When a database is passed to administrative staff for control, the inevitable result is inaccurate and outdated data. The database soon becomes redundant. The seller does not keep it updated.
Become Change Agents
So we are the ‘change agents’ when it comes to helping our clients and property owners get results in this market. We must know how to attract the right people to each property listing we accept. Exclusive listings are more important today than ever. Some of the best agents do not accept ‘open listings’ for the simple reason that they are a waste of time and effort.
When you know the pitfalls of today’s industry and listings, you can offer the clients you serve some solid solutions. So what are the drawbacks? Here is a list of some of the biggest:
- The time it takes to sell or lease a property can be longer today. Each client has to be conditioned to the best price or rent so that the time in the market is not extended. The first few weeks of every marketing effort are the most important. Position the property correctly to get the best query at the moment.
- High prices and high rents will accomplish nothing. The price or rent of the property should be optimized for the query. You have to do more with less when it comes to property inspection and marketing.
- A larger number of competing properties can thwart your marketing efforts and your time on the market. Take a look at these properties before doing anything with your ad.
- Buyers and tenants take time to ask questions, inspect the property, and then make a decision. Your skills with each stage of the listing need to be optimized. Hone your skills accordingly.
- Limited finances can put some ‘brakes’ on the biggest deals. Find out where your prospects can get funding from and what the approval criteria may be.
While these can be downsides in the marketplace, they are also opportunities for agents who can focus and organize. Every problem is an opportunity in disguise.
Are you a solution provider in this commercial real estate market? The best agents are just that. you can be too.