When you work in commercial real estate sales and leasing for many years, you will get to see many issues and changes that move the goal posts on your plans and activities. Importantly these pressures are signs that you must change your activities and work differently. Your success in your career comes down to two things and they are personal effort and adjustment. Only you can do what is necessary when it comes to tough property markets.
The property market will improve, but for now it involves a focus on the main things that bring you results. vastuplus You know your territory better than others so it is this knowledge that is valuable for property owners as they adjust to what is going on in the industry. These are the things that you know (or should):
Supply and demand for property
What is selling
What is leasing
Where the enquiry is coming from
What the enquiry is looking for
How to market the property to the best effect
Use this information to your advantage. Build a knowledge base in the local area that is superior to anything else around. Build a database that captures all the right people in the market that have an interest in property.
When things get tough in the property market, it is the personal efforts and processes that you implement that need to be improved. Here are some ideas for taking action in tough real estate markets.
Keep in contact with all your prospects as they will want to know what is going on out there. Business owners always have a desire to know where they can move to or how they can move when the time comes.
Track the trends in property prices and rents. They are invaluable when it comes to listing a fresh property.
Look for businesses that are under property pressure such as expansion or contraction. Keeping in contact will help them see what the solutions are in the local area.
Look for new opportunity with existing property owners and landlords that need help to relieve property pain. There are many avenues to take when property owners are under pressure. Consider things such as lease restructures, new anchor tenants, changes to tenant mix, new lease strategies for vacant space, or supplementary third income streams such as signage, communication sites, storage, car parking, or common area leasing.
Vacant tenancies are an opportunity in waiting. Talk to tenants in major buildings to find out when their lease is about to expire. It doesn’t matter if you work for the tenant or the landlord, they both need help.
The leases that were created about 3 or 4 years ago will soon come up for expiry. The tenants may look to move on particularly if they do not like the landlord or have been frustrated in occupancy issues during their lease.
Some property owners are under financial pressure from their banks to refinance or lower the debt on the property. Investment property is built around rent and income. Use your local property knowledge to help the property owners with a better rent or tenant profile.
When things shift and change in the property industry as they are now, you can adjust and you can use your market knowledge to help clients and prospects reduce the property pain. Market yourself that way and talk to as many people as possible.
John Highman is an expert real estate author, conference speaker, and coach. He helps Real Estate Agents to improve their market share, listings, and commissions.