In commercial real estate, one of the essential elements of your service should be to exceed your client’s expectations when it comes to their listing and property situation. In that way you can encourage repeat business in the future, and referral opportunities. In saying this, you should adopt a different strategy when it comes to clients in the two separate categories below:
Exclusive listings – The clients that have trusted you with an exclusive listing should receive a high level of service at all times. They have committed to you with their property challenges for a period of time. The marketing campaign for their sales or leasing requirements should be quite specific and well-targeted. The communications and property updates back to the client in this case should be extensive and comprehensive.
Open listings – These clients have not fully committed to you. The process of marketing in this case should be generic and general until such point that you can see you have an interested tenant or buyer. You may choose to take on an open listing if you can see the possibility of conversions to an exclusive listing over time.
It is worthwhile noting that many agents and brokers will only take on exclusive listings. In that way they can control their marketing efforts and client activity. You will always get better sales and leasing conversions from exclusive listings. That being said, the client in that relationship needs to be nurtured and encouraged to adjust to market circumstances. So here are some rules that apply to servicing clients in commercial real estate today:
Inspect their property completely and comprehensively as part of the listing process. Understand how you will take potential tenants or buyers through the property to feature the improvements and layout. Determine the strengths and weaknesses that apply to the property today that will have an impact or an enhancement on the marketing process. Some weaknesses may need to be addressed prior to the property being taken to the market.
Check out the competing listings to ensure that they are not interfering with your intended marketing campaign. Some of those listings may be poorly marketed. Understand what works and what doesn’t when it comes to the current marketing efforts in your area today.
Understand the client’s needs that apply to the ultimate end result for a sale or a lease. The clients will also have factors of flexibility that will help you complete a successful transaction. That will include timing, rental or price, incentives or discounts. Ask the right questions to prepare for the negotiations ahead. Keep the client up to date on a daily basis with the inspections, negotiations, and marketing activity.
Advise the client of the comments coming back from the property inspections. Those comments can be factors of conditioning when it comes to the current property market and the active buyers or tenants. Be willing to do things differently to help your clients move ahead. Do not be generic in your property service and marketing.
Inform the clients about improved marketing strategies and inspection processes based on the results of other listings. Learn about commercial real estate in Stoufville with Benczik Team Reality.