When the commercial property market gets slow or tough (like it is now), it is harder to find buyers to look at property for sale. They are also slower to make decisions on a given property and there are fewer buyers around that can act in a genuine purchase. That being said, the sellers of commercial property should be made aware that any enquiry should be taken seriously and optimised; there may not be many more enquiries coming in from the marketing campaign so the seller has less buyer interest and offers to work with. Your negotiation skills here come to the fore and are essential to helping sellers understand and accept this fact.
So as a commercial real estate agent, the levels of enquiry that you get from every marketing campaign become more important than ever before. The people enquiring regards property for sale have to be optimised for the listings that you have on your books. They need to be qualified and directed to the right choice of property; you do not want to see these buyers go to other agents.
There are still some good ways to find buyers; all methods point to a systemised approach by the salesperson in the real estate agency. Here are some ideas to help with that:
- On a daily basis, talk to the owners of successful businesses in your local area. Some of those business owners will be experiencing property pressure or may want to relocate. Either way you should be talking to them and tracking their property need.
- The owners of investment property locally will be looking for new quality investments that can be purchased at a good price. Keeping in touch with the property investors will be of high value to your commissions and conversions of new business.
- Tenants in local commercial or retail investment property are a good source of buyers. Invariably some of them want to own their own property and relocate their business into it. The best way to find these tenants is to look at businesses on a street by street basis and make a one on one approach. The business telephone book is of high value to this process of contact.
- Property developers come and go from the property market based on the cost of development and the supply and demand of available space. Whilst they are buyers for redundant property or vacant property, they do take time to connect with. In most cases they need to trust you; some property developers also work with many agents at the one time so be careful how you provide them with property detail and listing information.
- Every property that you advertise and promote should produce some form of enquiry. That enquiry has to be tracked and placed into the database in your office. Regular contact with these people will generally produce more enquiry and results.
So at the centre of these processes you will need a good database software system. You will also need the personal discipline to enter and track the data. Make plenty of telephone calls and talk to the right people; you will find the buyers are there and waiting for the right property to come along.