How to Do a Everlasting sales pitch in Commercial Real Estate
In commercial property, you will undertake a various presentations, in a variety of circumstances. Most of them are business-like in nature, focusing on the needs of the tenant, the home buyer, or the property seller.
Reach the core issues
Each of these groups has unique property requirements and points of focus. It really is their needs which should be identified and clearly addressed from the sales pitch or presentation. Many successful commercial real estate agents will have a preliminary meeting with the client or customer so that they can identify key issues and concerns. This enables the commercial agent to return to the client or customer in the near future with a well structured proposal that addresses the needs of the customer or client.
It is all about THEM, not YOU!
When you design an investment or commercial property proposal for presentation, the document needs to be 90% regards the property as well as the client. Frequently the thing is this rule disregarded or broken with the proposal document being largely regards the company and the personnel.
Rarely is the property transaction actually easy of the property rental, the exact property price, or the physical elements of the property. In most situations, oahu is the combination of these things which must satisfy significant equation of need the customer or client has. In getting them to this fundamental need, you may identify an element of pain how the customer or client is experiencing. This is exactly what you focus on.
They are Experienced
It's interesting to note a large number of clients and customers in real estate are reasonably comfortable in circumstances of economic negotiation. This means they might not tell you the complete big picture or each of the elements of a transaction until they're ready. Conversation and connection within the presentation process needs to be biased towards the customer or client using well selected questions which permit the agent to interpret the body language coming from the client's response.
If you believe you have identified the portion of clients pain associated with the property transaction, you start out to magnify the problem with regards to today's market, then offering stable and logical solutions your real estate agency business can offer to the client or customer. Invariably, the real estate transaction in today's market centres on financial matters including:
* High vacancy factors
* Other property choices and likelihood is available
* Underperforming leases
* Unstable earnings
* Unstable tenancy mix
* Tenanted conflict
* Escalating building operating costs
* A transfer of demographics which exposes the house to a unstable future
* Mortgage payment pressures
* Age of the asset
* Needs for refurbishment or extension
* Competition properties attracting tenants outside the subject property
This kind of information and interpretation requires your intimate understanding of the local region. That is by both property type by location. This is the higher value which you bring to the customer or client. Being able to distinctly define local market awareness can be a major advantage in different commercial real estate presentation or sales page. You must be seen as the top knowledgeable solution to the challenge.
After a period working exclusively in the industry real estate industry, I found that my unique skill what food was in market knowledge and the display of that in almost any formal presentation for the client. Being able to mention market trends and financial performance in a solid and sound way might help the client understand that they want your services. Coupling by investing in your extensive and relevant database of enquiry uncovers the client that they need you.
A fantastic commercial real estate presentation is a function and balance of many things. Things like:
* A well established pre-planning process can be a strategic advantage for each commercial real estate presentation. Method is everything in commercial real estate. Every property presentation requires planning.
* Making sure you happen to be asking the right questions with the client or prospect. Plan questions relative to the subject property so that you help the client think of opportunity and changes which might be possible.
* Using your market knowledge and providing good answers. Have a wide range of market facts and trends offered to call on. Feed them into your presentation; facts are always useful. They may also be used as a channel to direct the discussion in the event the client is forcing one to justify your approach maybe experience. Confidence and control have to be the basic rule in your home presentation. When the client takes control over the presentation you've lost.
* Using your expertise in the marketplace so that you are telling relevant stories of success in similar properties. Stories of other properties will usually interest of the client.
* Making sure your own personal presentation is optimised to the connection in the presentation. It is usually that you are using a blend of the proposal document, the marketing document, and computer slide presentation, instances of your database, photographs in the subject property projected to slides, and photographs of comparable properties projected onto slides.
* Choosing the placement of individuals at the table or strategically positioning them inside the room is always important. Much continues to be written about where you should sit relative to the client. The basic rule is alongside the client rather than across a region of barrier say for example a table. Being within arm's reach allows you to pass documentation on the client at the appropriate time. Documentation shouldn't be provided to the client until you are ready for them to examine it; otherwise it is a distraction of the attention.
* Make sure that your proposal is not hard and yet well directed using a clearly defined link between sale or lease. Many proposal documents in commercial property are much too wordy so the main messages are lost instead of clearly defined. The top proposals are less wordy plus more illustrative. The best balance of a commercial real estate proposal is a mixture of 25% words, 25% pictures, 25% graphs, and 25% white space. This turns into a document which is clearly read and understood.
* Combine good illustrations and photos of the subject property in the proposal or presentation so that any lengthy descriptions or paragraphs are broken up. This will keep interest in the client in your documentation.
* Make sure your marketing package is good value, and yet reaching the target market that the property serves or needs to attract. All too often, we see examples of generic marketing by the commercial real estate agent towards the broader and less specific marketplace. Showing the consumer that you clearly know and can attract best the target market will always strengthen your conversion to a potential listing. Be very specific regarding the target market and how you may reach it.
* Ensure that your commission costs are fair and cost effective for the location. In most circumstances, discounting your commission shouldn't be an option as it forces you to poor and remove or detract from your enthusiasm to the sale or lease. 'Cheap' means 'cheap and without focus' and the client needs to know this. The property deserves better. You aren't cheap because you work best and you do a best wishes. A fair commission is obviously paid for a positive property outcome.
* Always provide testimonials which can be relevant to the property transaction. Whenever you combine relevant background and details of happy customers into your presentation you will make the customer feel more comfortable.
* Always display clear and sound market knowledge that impresses the consumer relative to their property. This will likely include extensive understanding comparable properties that compete with the subject property. You have to be able to talk solidly about property prices, comparable rents, rental growth, returns on investment, changes to the future demographics of the area, and properties inside the immediate precinct of relevance. Oftentimes, it pays to walk throughout the local area just prior to any property presentation so you bring immediate and clear photos of the precinct to the discussion. Often this has been of important advantage in my presentation processes. Talking about neighbouring properties localises the consumer and their thought processes.
* Come up with a variety of ways to serve the consumer. Innovation and relevance will usually impress. In today's market, this is relatively easy considering the marketing opportunities and tools furnished by the internet & technology. Be proactive within your property promotion processes so that the listing for sale or lease stands uniquely different rolling around in its marketing campaign from the others in your community. This does not have to be harmful for the client or to your working environment, given that the internet and electronic technology is historically cost effective. In today's market, the traditional methods of publicising the home in the property pages with the local paper, is becoming a smaller amount important in the marketing strategy. Most commercial property buyers and tenants research the market from the Internet first of all.
* Almost every property agency will point out that they have excellent communication and connection skills to compliment the property promotion process. From experience, this can be largely incorrect and typically the average commercial salesperson or leasing person will exercise ordinary communication channels using the client. Put yourself in the shoes of the client. They expect and deserve frequent updates on the promotion of the property regardless if nothing is happening or when the adverts are producing little response. Every time a property campaign is not producing the results, it is essential that you act or adjust with alternative recommendations and strategic changes for the promotional campaign to the client to consider. Rarely would you get to the property campaign correct inside the first week. It's in this time you have to consider fine tuning the promotion process so that the target market is being reached inside a timely and effective way. Which means that every property enquiry produced by your promotions must be tabulated so that you understand what channels of promoting work most effectively with the property in question.
* When addressing the client or even the client group in a formal property presentation, the answers and knowledge you give must be delivered well and still provide relevant solid property knowledge, in a practiced and professional delivery. Any sales or presentation tools in accordance with the property must be relevant and you should know how to use them with exceptional skill. Fumbling and faking details are not tolerated from the client.
So there you have it. They are some of the key skills to work with in a commercial real estate presentation. Whilst many real estate professionals think that they are the best alternative seem to promote sell and rent commercial property, the truth is they do not get the message across if it matters most in front of the client.
Is the best commercial real estate agent in the area, you must show that you are just so, and you make this happen in the first 10 mins of the time that your presentation takes. The consumer will have formed a judgment by then.
Be prepared to leave behind any demands for discounting that the client or customer demands. On this market they need a great commercial real estate agent providing a fantastic job; discounting is not an option. Show pride within your services and disappear when the client demands discount in marketing or lower commissions.
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John Highman is a prominent investment real estate speaker and coach which enables real estate agents and real estate brokers globally to improve their commercial real estate market share and close more sales and leasing deals. He himself is often a successful real estate agent that has specialised in commercial, industrial, and retail real-estate of all types for over 30+ years.
Regardless of whether you specialise in real estate sales, leasing, or investment, John contains the tools that can help you as well as your office succeed in your market.
Today John Highman gives workshops and keynotes to agents and brokers globally regarding how to be professionally better than your competition in any market and drive a lot of right listings and commissions.