When it comes to finding more commercial property listings, ‘resilience’ is a good word to describe the process that is required of commercial real estate agents. Just about every salesperson wants more listings and better commissions; why else would they be in the industry?
The real trouble and difficulty develops when action and process is required of individuals to build their business personally.
Finding more quality properties to sell or lease, and converting them to exclusive listings is really the secret to the process of improving market share and your commissions. It is a personal process and you can do the tasks quite easily if you put your mind to it.
Here are some ways that you can find more listings and eventually help control your property market:
- Business owners are a great source of leads and market intelligence. In many respects, they know the local area better than many agents. Connecting with local business owners and asking the right questions will help you find out the real facts of the area and just who is considering a property change.
- Property investors and those that own the local quality property are essential people to put on your contact list; that being said, these property investors can be really hard to find as they will largely hide behind a company structure or property trust. Diligence is required to find these people. Target one of these properties and the relevant property owner each day. Over time you will build a good contact base.
- Solicitors and accountants are a great source of leads and opportunity, especially with their clients and contacts. That said, they are protective of their client base until they know that you really are good at what you do and say with relevance to commercial property.
- Some business owners may own the property in which they are located. Over time, some business owners seek to release the cash from the property that they own; they are therefore a good source of ‘sale and lease back’ opportunity.
- In any market and at all times there are patterns to the sale and lease of commercial and retail property. On average, this type of property will change hands or be the source of activity every 5 to 7 years. On that basis you can check out the local properties as to when they were purchased. Anything beyond 4 years ago should be a target of your prospecting.
- Look for any redundant property and any vacant land in your sales or leasing territory. They will be sources of activity soon. Chase down the property owners to see what their plans are.
Finding new listings is really not that hard if you systemise the process. Build a good database as you make the calls and soon you will have a good pipeline of opportunity to work with. Quality listings should be your priority as they will attract better levels of enquiry.
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/