In commercial real estate agency, we tend to look at the end result of the sale or the lease with perhaps too much focus. There is a lot of work to be done as real estate agents before we get to the end result. The more effective we are with the stages leading through the sale, the easier the end result is to achieve.
To create more opportunity for yourself as a real estate agent, it is best to consider and refine at your actions one step at a time. Thinking and planning each step is a good way to go.
The real estate business is really quite simple. It does however require total dedication to the separate stages of the process in order to become the market leader. Consider these stages:
- A prospecting model that you use every day to generate new business opportunity with qualified prospects.
- Meeting lots of local people who could potentially have an interest in commercial real estate in selling, renting, occupying or owning.
- A presentation process that hits the mark every time with the people that you have qualified in and around the local area. Include facts about the local market and its prices, results, competition, time on market, and property solutions available.
- A listing model that identifies the right target market that the marketing campaign can be built around with great effect. If you do not know your target market you cannot sell or lease the property in a timely way.
- A marketing model that is reliable and direct to attract enquiry for the property quickly and effectively. Every property is unique so the marketing should also be specially designed for the property.
- An inspection process that is designed to the property and picks up the key features of the property for the buyers or tenants as the case may be. To do this you have to know the property well.
- A negotiation system that gets qualified prospects onto paper so you have something to negotiate with. Verbal offers are difficult to negotiate because you really have nothing to work with. Get the offer on paper before you do anything with it.
- Enforceable legal documentation for the deal should be accurately and quickly drawn up for the parties concerned. Slow documentation creation or completion will kill a deal faster than anything else.
- When the deal is signed up, it is never really finished; on that basis is pays to stay with the deal to the very end. Hurdles and obstacles will develop as you move through the time between documentation and settlement.
When you work in commercial real estate it is the levels and stages above that will bring the results for the salesperson. Refine and specialize your actions and processes in each of the stages. On that basis you will get more of the right results coming through.