How a Complete Commercial Real Estate Brokerage Practice Session Improves Knowledge and Skills

city view at sunrise of commercial office towers

In commercial real estate brokerage there are a good number of things that require practice and refinement over time.  It’s a personal process that cannot be delegated.  It is the faster track to getting results in brokerage with listings and clients.  (NB – you can get our free commercial real estate course here)

 

So why is this so important?

There are many ‘top agents’ in a location be that a suburb, town or city, and they are all chasing the same new business across sales, leasing, and property management.  Your recommendations and solutions offered to your clients and prospects should be well considered and clearly displayed.  Your ideas have to be better than that of your competitors.  Can you stand out in that way now?

Your solutions have to be better than the others that are put to the client and that are available.  Expect the client to seek presentations from other agents as they work through their property challenge, and before they make a listing decision. 

Your pitch has to be better than the others that are out there; you should be perceived as the professional that people need.  Practice is required to achieve that status.  If you pitch your services comprehensively, the ‘exclusivity’ process is much easier.  Exclusivity is critical to market domination.

 

Practice your skills on key matters

Through your career in brokerage, you should practice your skills and strategies in a number of key disciplines.  You can put that practice into your real estate business through personal disciplines, team meetings, and role playing.  That specific practice will help you with deeper market confidence and better levels of communication; both are important factors when it comes to converting the client to your ideas and recommendations.

So let’s get this important business education underway.  Here are some strategies to help you get that practice incorporated into your real estate business:

  1. Listing pitch – Given the pressures of the current market, what are the better ways to list a property today to get faster outcomes in sales and leasing? That question has to resolved in any client presentation.  Your listing presentation can be supported by research, computer based aids, statistics, and case studies.
  2. Marketing solutions – Have some clear examples of other properties listed today and recently that have been taken to the market, and show the client exactly how the campaign and marketing process was critical to the challenge and the outcome reached.
  3. Negotiation alternatives – Every deal can be closed in a number of ways. Show the client how one negotiation stalled; also show them how another was resolved.  Put yourself into the solution as the facilitator of the positive outcome.  Stories will always help you with client communication.
  4. Vendor paid marketing – Show several examples of local property promotions where vendor paid marketing was the big difference in getting a positive outcome. As a general rule, vendor funded campaigns generally attract and facilitate more inquiry over the listing period, and the time on market is shorter when it comes to a positive result.
  5. Listing refresh – Package your presentation to allow you to refresh the advertising every 2 or 3 weeks. Don’t let a listing stay too long on the market.  Watch the trends of enquiry and tune your property advertising frequently.
  6. Client conditioning – How can you condition a client to the prevailing market conditions in your location? There are many different property challenges as there are clients.  Make sure that you can handle the most common client concerns in today’s property market.

So there are some real things that you can practice here.  Take the pressures of the properties that you work with, and practice your pitch and presentation recommendations.  That practice will help you stand out as the ‘agent of choice’ for the client and their property today.