In commercial real estate the need to do a proposal for new business is frequent. Almost every listing deal that you want will require a proposal of one sort or another. At that time you can be up against a few other agents all wanting the Nj Real Estate License Online same property listing. They will all tell the client that they are ‘the best’ at what they do. Most of the agents out there are however like everyone else. To win the business you must be better than the rest. So how do you do that?
Clients are motivated by different things in commercial real estate sales and leasing; it is up to you to find that special ‘hot point’ that the client is hiding from you. In most cases when you first meet a client they will not tell you the whole property story until they trust you. You have to be the trusted property advisor, but to earn that ‘tag’ it takes time and effort.
Questioning is the key to understanding the client’s needs. That is selective questioning about the property and the clients situation. Try these:
How long have you held the property?
What influenced you to buy the property initially?
When did you decide to sell and for what reason?
Has the property been on the market before and who handled it?
What is the ideal time frame to make the sale and achieve settlement?
Do you have a preferred method of sale and what would that be?
If you could sell the property right now today, what would be the critical elements of that sale?
What are the outgoings for the building and How To Negotiate With A Realtor Commission what history can you give me on that?
Does the property have any issues of dispute, orders, notices, risk etc, that could impact the sale and settlement?
Have you done your own due diligence on the property recently and what was the outcome?
Are you looking to change investments and if so to what?
How have you found the tenants in the property?
What is the lease and vacancy history?
Can I have a look at the leases and supporting occupancy arrangements?
What do you know about the recent sales and leasing deals in the area?
What do you think is the target market for your property and why?
What have you seen of property promotions lately that you have liked?
This list goes on, but the focus of asking the right open questions is the quality of the answers that you want back. This information is the key to understanding what you should do with the property. If the property has been marketed before to no avail, then that will likely require you to change tactic and refresh the property promotion. It could very well be in that case that the property is better to be marketed selectively and directly rather than openly in the media.
Any property that is simply put in the paper or on the internet with little other direct marketing by the real estate agent will likely not achieve the best result or perhaps even any result at all. The best price in commercial real estate is achieved by skilfully chasing down the buyers and talking to them directly. Don’t wait for them to come to you. Make it happen yourself. Get your database working for you and lift the telephone. Talk to as many qualified buyers as possible. This is where you database is the foundation of your personal business. You should have several hundred qualified people in your personal database that you talk to on a regular basis. What type of people are they? Tenants, Landlords, Business Owners, Buyers, Investors, Solicitors, Accountants, and the list goes on.
Most listings are won and lost through the confidence and knowledge that a property agent or broker can bring to the listing together with the database of contacts. Local knowledge that is of value to the client never goes astray, but the client also wants to see and know that they will get their property marketed to the right target market and in a way that creates the best result in the shortest possible time. Your database is the key to that.
It is your ability to convey to the client that real skill as a commercial real estate negotiator and marketer that is high on the ‘closing’ and ‘trust’ scale for converting more listings. Weak and inexperienced salespeople do not attract the business.
Negotiating and marketing commercial real estate are complex issues, given the nature of the property type. You have to know the skills of each and use them to great success personally. Regular practice is the key to your personal success in commercial real estate.