In commercial and retail property sales, as a commercial realtor or agent, it is essential for you to understand the trends of the local market and sustain the right type of market knowledge. This information will help you greatly when it comes to the listing and presentation stages of interacting with the client.
Most clients would like to think that they know a lot about the property market, and most particularly their property, however the truth of the matter is that they are sadly lacking when it comes to true market awareness.
On that basis we should take the client through an informative presentation that helps them understand just what is going on in the property market today. Here are some guidelines for that.
- Existing listings on the market now in the local area will have impact on the particular property being listed. Look for those other listings in the local zone or precinct that are comparable to your listing and priced to sell quickly. The question will be just how long those properties have been on the market and why they may not have sold yet. Those questions will give you some trending factors for your listing.
- Prices being asked will vary from property to property. In some cases the type of enquiry in the market today will have limits on the amount of money that can be spent. As the price of a property goes up or is in the higher price range, the levels of qualified and valid enquiry fall away.
- Prices achieved in an actual sale should be tracked. It is sometimes hard to get the sale results from a particular property however over a few months the word will get out and you will know the difference between the original asking price and achieved sale price.
- Time on market will extend when the market is slow or the property is unusual. Look for those factors at the time of listing. The client will need to be briefed and primed for the slow sales cycle. That being said, there are always ways to shorten the time on market.
- Where the enquiry for the property comes from during the year will vary. Sometimes the enquiry will be local, whilst at other times you can look to a broader market for the potential property buyers. These facts will impact your marketing recommendations and decisions.
- What are the people or buyers looking for when it comes to particular properties today? Older properties may be challenged by technology and the services and amenities that are available in the listing.
- What is the target market for the property? On that basis the question should be asked as to how the property should be featured in any marketing activities. You are the expert so your opinion and expertise can solve that question.
- Tell the client of the best method of sale to suit the market and the property today. The client wants results and the method of sale will have impact on the type and volume of enquiry that you get.
All of these factors will help you in showing the client the best way forward. When you list a property for sale, the client’s decision to list should not be based on the discounts that any agent offers; but rather the combination of strategies that evolve from all of the above. That is the making of a top agent today.