When salespeople start off their career in commercial real estate sales and leasing they seem to start working on industrial property first. Perhaps that is because the property type is quite simple and basic. That being said, there is still a need to understand the industrial property type and what the prospects in the market are looking for.
Every industrial property should be fully understood before action is taken in listing and marketing the property for either sales or lease. When you completely understand the industrial property it is a lot easier to make the marketing work for you and bring in the enquiry.
So let’s say that you have a property marketing campaign running and you have some enquiry coming in. Asking the right questions of the prospect will help you move ahead in any property inspection if and when it is to occur. To help yourself here you could develop a checklist that you keep by the telephone and with you as you speak to other people and prospects making enquiries.
Asking the right questions will always help you in converting your prospect to an inspection of a relevant property. Here are some questions to help you get started:
- Are you talking to the decision maker for that business? Get full contact details and identity before you give out too much information. If the prospect making the enquiry is not open with you, hold back on some of the information regards the property.
- What location of property do they require? Does it need to be near a port or transport corridor?
- How will the business operate and will they require special factors such as warehouse size and configuration, car parking, office space, showroom, hard stand areas, loading facilities, and the list goes on.
- When do they need it? They may have a lead time to property changeover that can impact the negotiation today.
- Why do they want it? Most businesses will have at least 5 or more critical factors that must be satisfied if a new property is found for occupation. Getting that knowledge early will help you with narrowing the listing field to more relevant properties.
- What are the key requirements of any property that they find and negotiate on?
- Seek to understand where the tenant or business is coming from now, as there is likely to be a leasing or sale opportunity waiting in that other property.
- Do they need to be near ports, transport, raw materials, or other businesses to successfully run their business today?
When it comes to industrial property, some of these factors will be important to the people that you talk to or that ring off the marketing of industrial property. Add these facts to other regional issues and create a list of items that help build your market share and convert prospects to the right properties.
Industrial property sales and leasing is not hard; it is just specialised and your questions and conversations with prospects should reflect that relevance.
John Highman is a leading commercial real estate coach who has helped thousands of commercial salespeople and agents promote and grow their real estate business. You will find many more helpful commercial real estate tips and strategies at http://www.commercial-realestate-training.com/