As a real estate agent, you want to earn more listings, close more deals, generate more commissions, and be successful. They all have the same goal, but the result can be elusive. Luck is not part of success in commercial real estate. Results only come to those who have an action plan and stick to it each and every work day.
Clients and prospects are the key to driving the commercial real estate market. You need a lot of them. When you focus on the market and serve your customers well, you create repeat business. That’s the extra leverage you want in commercial real estate.
A commercial real estate client falls into one of the following categories:
- A real estate investor who wants to invest in a stable and growing asset.
- A business owner who needs a place to operate from
- A tenant who wants to occupy the property for his business
- A lawyer or accountant who has a client who is under property pressure
- A developer who wants to create a fresh new development in the local area.
- A franchise chain that requires premises to spread its commercial brand
All five of these groups have critical criteria to satisfy in the sale or lease transaction. These are the people you need to meet.
When you make these people the center of your prospecting and marketing efforts, lists and opportunities can come your way. In general, these target groups of prospects will stick with you as their agent of choice, as long as you provide them with value and property knowledge that they can use. That will be in:
- Information on local prices and successful transactions
- Information about rental trends in different types of properties
- Supply and demand statistics of the region and local area
- Details of potential new properties to be put up for sale or rent that may be of interest to you.
- Details of comparable properties in the area that may compete with the client’s property
- Changes in property use and zoning that may affect the local real estate market or the region
- Time on the market for both sales and leases on different types of properties and in different locations
- Sales or lease methods that shorten the time or cost to market for the customer
- Marketing systems and channels that convey the message to the identified target market that needs a property today
- New real estate developments in the local area that will change the demand or demographics of property.
The best local real estate agent will know these things and should provide them as part of a service to key clients and prospects. This way, they have maximum leverage to create long-term business opportunities with the clients they serve.