| PROSPECTING FOR COMMERCIAL REAL ESTATE | | | | PROSPECTING FOR LISTINGS |
| LISTINGS | | | | Where do you find new listings and how do you go |
| Commercial Retail and Industrial Listings | | | | about converting them? This list may help. As you |
| Any Real Estate Agent or Broker who wishes to | | | | get to know your clients and the geographical area |
| have a successful career in commercial and industrial | | | | of the market in which you operate, opportunities for |
| real estate must regularly obtain marketable listings. | | | | obtaining listings will present themselves. For example: |
| Listings are the agents "stock on the shelf" and your | | | | - Real Estate Transactions. The successful conclusion |
| income now and in the future depends on the quality | | | | of any real estate transaction in your region implies |
| as well as the quantity of the listings that you obtain. | | | | that both buyer and seller may be looking for other |
| The more listings that you have the more buyers | | | | options. Avail yourself of these opportunities. |
| and tenants you will attract. This makes the deals all | | | | - Liquidation. A failed business is a prime target for |
| that more easy for you. More listings mean that you | | | | agency activity. |
| dominate your market and lessen the impact of your | | | | - Vacant Buildings. Be conscious of any buildings that |
| competition. | | | | become vacant or derelict as these represent |
| In the commercial and industrial property, listings | | | | business opportunities. |
| commonly may include: | | | | - Intermediaries. Maintain close association with the |
| - Land that is suitable for commercial, industrial or | | | | intermediaries of the real estate business. |
| retail development | | | | Intermediaries include such people as financiers, |
| - Commercial, industrial and retail buildings that are for | | | | bankers, insurers, builders, architects, engineers, |
| lease | | | | lawyers and accountants. Their clients will at times |
| - Businesses that occupy premises from which they | | | | require the services of real estate agents and a |
| serve and supply their markets | | | | recommendation from these people is invaluable. You, |
| - Commercial, industrial and retail buildings that are for | | | | in turn, can introduce your clients to such |
| sale to owner occupiers or investors both large and | | | | intermediaries and sound business relationships which |
| smallDeveloping a Client Base | | | | benefit both parties are established and maintained in |
| The secret of success in commercial and industrial | | | | this way. |
| real estate is to have your own client base. Those | | | | - Newspaper Articles. Articles that are prepared by |
| clients who work comfortably with you and who | | | | you or in which you are quoted, bring your name or |
| respond positively to your advice in relation to their | | | | your firm's name to the attention of the public. |
| real estate requirements are the clients you need to | | | | - Direct Mailing. The regular mailing of letters that |
| develop. As it is the clients who pay your fees, and | | | | canvass for properties, when sent to a suitable group |
| not the tenants or buyers, they are very important | | | | of possible investors or property owners, frequently |
| people in your business life and it is essential that you | | | | result in listings. |
| represent yourself strongly to them at all times. As | | | | - Private Advertisements. These can indicate |
| these people and organisations readjust their | | | | properties that are on the market and the owners |
| property portfolios to meet their emerging real | | | | may be encouraged to employ your services if initial |
| estate requirements, they will continue to provide | | | | advertisements have not been successful. |
| you with listings. In addition, if they are satisfied | | | | - Developers/Builders |
| clients they will refer you to other business leaders, | | | | - Neighbours in immediate area |
| friends and family, and so provide you with more | | | | - Property Managements (Rent Roll) |
| business. | | | | - Entrepreneurial Activity |
| Knowing the Real Estate Market | | | | - Previous Vendors & PurchasersIdentifying |
| To provide effective advice to prospective clients it | | | | Ownership |
| is essential that you know the market - commercial, | | | | When you discover a property that you feel could |
| industrial or retail - that you are involved in and that | | | | provide a business or listing opportunity, it is |
| you have detailed knowledge of the geographical | | | | necessary to identify the owner. The following |
| area in which you operate. To do this effectively you | | | | avenues can often provide this information. |
| will need to: | | | | - Your own office (In each agency there is |
| - Canvass your territory constantly according to a | | | | substantial information from previous transactions and |
| plan and become well known to businesses and | | | | property ownership which can be consulted). |
| people in the area | | | | - Local Government Records |
| - Know every property that is for sale or lease in | | | | - Land Title Information |
| your territory | | | | - Electoral Rolls |
| - Maintain a list of property transactions that occur | | | | - The Telephone Directory (including the Yellow |
| and have occurred in the last 3 years | | | | Pages in the case of businesses)Further to this there |
| - Keep an eye out for private transactions by | | | | are many other sources of information to be used |
| property owners | | | | when identifying owners. These are: |
| - Involve the management of your office and other | | | | - Property ownership lists |
| team members with what you are doing | | | | - Historic Lands Sales Records |
| - In addition, you should understand the factors that | | | | - Use other agents signboards as a reason to talk to |
| motivate companies in your area to move to other | | | | adjacent owners in the locale |
| space, and you should be aware of the forces that | | | | - Commercial property is transacted to a cycle of |
| encourage investors to buy and sell in your area or | | | | investment and history shows that it is about every |
| precinct.WHAT MAKES A SUCCESSFUL AGENT OR | | | | 5 years. Look at the old sales records in your area |
| BROKER? | | | | for the next cycle of potential sales. |
| So what makes a successful agent or broker from | | | | - Tenants will usually tell you the property owner if |
| the client's perspective, and someone that the client | | | | you ask |
| wants to do business with and through? It is an | | | | - Directory boards in buildings are a great source of |
| interesting question to ask from a clients perspective, | | | | leasing intelligence |
| but history shows that the factors which stand out | | | | - Business Telephone Lists and CEO contact names |
| as being of prime importance to clients are the | | | | - Stock Exchange Information and updates |
| agent's knowledge of the market and the quality of | | | | - Company Searches for large businesses in your |
| the advice given. The negotiating skills of the agent | | | | area |
| and the ability to act quickly are also important and | | | | - Newspaper Stories & Articles |
| rank highly. Adherence to client instruction, property | | | | - Be willing to dare and try something newTo |
| marketing skills and confidentiality were seen to be | | | | undertake this process you must be diligent and |
| of slightly lesser importance. | | | | thorough in your activities so that you do not leave |
| It is clear from this analysis that the factors which | | | | any 'stone unturned'. Nothing is more frustrating that |
| are going to have a vital influence on the successful | | | | another agent's sale or lease signboard appearing in |
| listing of a client's property are knowledge of the | | | | your territory that you just covered last week. |
| market and the quality of advice. Owners are looking | | | | The above information may seem logical; however it |
| for agents and brokers who know the marketplace | | | | is commonly overlooked or not acted upon in most |
| and have readily available records information about | | | | cases, given that many salespeople do not have the |
| companies and investors that are looking to make | | | | personal and sustained discipline needed for the task. |
| immediate decisions on properties they require, own, | | | | The best commercial real estate agents and brokers |
| or occupy. Your clients want an agent who will | | | | use this model as their source of listing opportunity. |
| immediately bring a listed property to the attention | | | | In closing we should say that this prospecting |
| of such people. | | | | process does require a good database program to |
| So, at the point of listing, being able to communicate | | | | record and channel your ongoing findings. The value |
| effectively with the owner about the commercial and | | | | of a good database program is high in list of tools of |
| industrial market place and the prospects that are | | | | a professional agent or broker working on commercial |
| available on your database could certainly lead to a | | | | real estate. Good hunting! |
| successful relationship and hopefully an ongoing one. | | | | |