The commercial property market is always changing, and the shifts and swings each year will move from buying to selling, as well as owning to renting. Property developments also come and go from the market based on expected growth in a location.
Somewhere in those changes you will find property opportunity to work with the right clients and prospects. The foundation of your real estate business will come from your database and the people that you are connecting with on a regular way.
Some clients are very active on property matters for the long term, whilst others are irregularly moving in and out of the industry. Have you categorized your clients and prospects? Who are the clients that will be doing things soon? When you know the answers to these questions, you can take some direct action and move on some leads and property requirements. Timing is everything in our industry ‘game’ so understand just where your clients and prospects sit in the timing cycle of change and activity.
Check your client list
So let’s look at your database and location now. How well do you know your property market now? Where are the next opportunities arising? Have a think about these questions and answers:
- Where is the vacant land currently that could be the subject of a new development in the future? Whilst property development will come and go from the momentum of the market, future demand will eventually ignite a new building or property complex. Watch for the zoning changes that could lead to a property release and new development.
- What are the classes of property that seem to be creating the most inquiry now and into the future? A regional assessment will help you pick a few property classes that seem to have most of the interest from the market.
- What can you do with investors to open up some buying and selling activity? Some investors are very aware of the need to grow or shift certain property holdings in their respective portfolios. You can achieve some real momentum in knowing what these owners are thinking and planning for.
- What are the local businesses looking for when it comes to property occupation? There will be parts of your town or city where businesses like to occupy premises. Look at the trends and pick those areas.
These 4 simple facts allow you to optimize market conditions in commercial property. Stay close to the transaction momentum and the current listings in your territory. Listen to what people are saying and identify what they are thinking; pay special attention to investors and local business people. Within those groups you will find the future property deals that you are looking for.