Commercial Real Estate Listings Dominate Your Market
Izvor: KiWi
Attracting new commercial real estate listings is an ongoing task that requires constant focus for the commercial real estate agent. Whether they are new or old to the industry, prospecting for new listings is (or should be) ongoing. Clear tactics are required if you want to dominate your market and the other real estate agents around you.
The number of people on the lookout for real estate are increasing day by day, because the profit involved within the business is very good. Many websites offer [http:// commercial real estate listing] s. Commercial real estate listings are ideal for both consumers and sellers.
In commercial real estate your clients and prospects are the lifeblood of your ongoing listings and sales or leasing transactions. For this reason you must have an ongoing contact plan to help you keep in touch.
A commercial foreclosure listing can be found pretty much the same way you search for a home foreclosure listing. The newspapers will have them, so will the county courthouse and the real estate companies. You may also approach banks and other lending companies for their list of foreclosed commercial real estate listings. Of course all online foreclosure listings will have a list of these properties.
Old real estate sales and leasing activity over the last few years will give you the names and dates of transactions that will soon potentially come back in the market. That means you should use the old property sales and leasing records from your region as a base of fresh prospecting and cold calling. Most investment property will change hands every 5 to 7 years. It is a cycle that allows you to target commercial real estate listings that have been held for some time by the same owners. They are likely to need your help soon.
Business owners may lease or own their premises. Make the call to these people or drop in at their offices to find out what they need and want in the way of property.
Walk the streets that contain the good commercial real estate listings and the good businesses. Leave your business card and pick up the business card of all the managers or proprietors.
Ask the people you meet in the local businesses about the local properties around them and any changes that they know about. This is a great source of market intelligence. They know the market around them better than you do.
Vacant land should always be researched as to the owner and what they are doing about the property. You can put your sign on vacant land if the owner lists their property with you. The more signs you get up the better for your market image and market share.
Old commercial real estate listings that other agents have failed to sell or lease should be monitored in case the listing can be reactivated. As part of this keep a tally on the time on market for the listings. This will tell you when the market is changing with certain listing types.
Make cold calls on developers, solicitors, accountants, and architects. They all have an interest in commercial property and will have clients that need help from time to time.
Rent rolls and other property managements held by other agents are prime targets for new business. By their very nature, the owners of these properties are investors, and many investors own more than one property.
You and your daily activities are at the center of this prospecting process. Prospecting is hard for some people given that the level of self-discipline required is high. Many salespeople will find something else to do that is easier. Any excuse will do to avoid prospecting. Many salespeople will take the easy prospecting process of dropping flyers and sending generic mail to hundreds of local businesses where they do not follow up. Does this really work? Yes but only to a minor degree and the road to success is slow.
It is prudent to study the zoning laws in the area where the commercial real estate listing is located. This way you can determine whether a property may be used as a place of business and residence at the same time. One should also be able to make a distinction between a commercial and an industrial property as separate rules apply to each. A commercial foreclosure listing may be able to deliver the properties to you but acquiring them requires a certain degree of research and due diligence to guarantee success. As with purchasing home foreclosures, you need to still conduct a physical inspection, a title search and prepare yourself for negotiating the terms of your buy. You may likewise need the help of professionals such as licensed real estate agents, lawyers, assessors and others.
