Posted on 21 February 2012.
When you work in commercial real estate for the first time, one of the most frustrating issues at the start of your career is in not having regular clients and customers to talk to or work with. Developing a customer mindset is quite hard when you don’t have any customers on your books.
Every salesperson in the industry should strive to achieve their own customer list. This takes considerable time and effort, although the process should commence as soon as possible when you join the industry. Commercial real estate is a people based profession. When you know lots of people, you can identify and convert more opportunities.
So how do you start your customer list? The matter is quite simple, although you will need to systemize your day. Here are some rules to the process:
Contacting prospects and potential customers is a daily process that should occur every working day. It is up to you as to how this time requirement fits in your diary. You will require approximately two or three hours for customer and prospect interaction every day.
Define your target market geographically so you know where the listings and new business will come from. The best way to do this is through the use of a simple road map or street directory. As a general rule, your territory should be manageable to a level of approximately 2000 or 3000 properties. Given that you work in commercial real estate, the property types can be varied. You will need to decide and define the types of properties that you will be working with. That could be Office property, Industrial property, or Retail property. You will also need to decide whether you will be specialising in sales, leasing, or property management. It is not unusual to cover a number of these issues providing you have the experience. Continue Reading
Posted in Commerical Real Estate, Real Estate Agents
Posted on 20 February 2012.
The first thing that you need to do, when you decide to buy a home, is make a “wish list” of the things that you want to have. For example, you might like to have 3 bedrooms and 3 bathrooms. You might want to have a finished basement, or a balcony. Writing down all of the features that you want your home to have will help you to identify your dream home, and it will help your real estate agent to narrow down which homes to show you.
Also included in your wish list should be things like ideal distances from schools and work, as well as a reasonable range for utility bills, etc.
The next thing that you will need to do is determine a manageable budget. This will be made up of two numbers: (a) the down payment that you will be able to make on the house and (b) the amount of money that the bank will lend to you in the form of a mortgage. You do not have to live strictly by your budget, however, because a real estate agent might be able to get you a better price than what is listed on a home, in order to make it more manageable for you.
Real Estate Agents
The next step in buying a home involves hiring a real estate agent. While you will be able to buy a home independently, it is advised that you hire a professional to help you with the process. A real estate agent will be able to help find homes that you might be interested in. They will also help you through seeing houses, and making an appropriate offer on a home. Finally, they will help you bargain, to get your dream home for the right price.
Looking for a House
Your real estate agent will help you to look through listings, and show you homes that accommodate your needs and your wish list. They will then take you through the houses that you choose, and point out any advantages or disadvantages that one house might have over another.
If you find a home that you are interested in, you should proceed with having an inspector look through it. Choose your inspector carefully though, because they are looking for flaws that you will have to deal with, if you don’t first point them out to the seller. Continue Reading
Posted in Real Estate Agents
Posted on 09 February 2012.
Before you as a commercial property agent do a sales pitch to a client to potentially list their commercial property, it pays to understand and set the strategy you will adopt. You need to define your targets of the process. Clarity is important.
Given that each property is different, the strategy and your sales pitch should also be distinctly different and unique given the elements of the property and the circumstances of the market. You are the expert agent and you need to show exactly what is going on out there today.
Here are some ideas and processes to feed into the presentation:
Firstly get to the real facts of the client and their needs today. They will have special concerns about taking their property to the market today. They will also have certain criteria that must be satisfied for the marketing and negotiation to be successful. Ask the right questions until you really know what they want to do and why.
Given the previous point above, develop a clear understanding of just what the target market is for the property today. As the local agent you should have a database that gives you a typical profile of the enquiry coming in to your office at the moment and how it can be converted to the property.
The defining of the target market will give you specific ideas as to how you can reach the target audience through direct marketing and consistent effort.
Take plenty of photographs around the property before you see the client. You can then put the images on a rolling slide show on your laptop computer to supplement your discussions with the client. Given that the photographs are only of their property, it tends to attract their attention far better than any other laptop use or presentation material.
Have some market evidence and comparable property detail to show the client and to support your discussions. Real numbers and facts from the local area are hard for them to refute. Continue Reading
Posted in Commercial Agents