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How to Nail Your Sales Pitch in Commercial Real Estate

As a commercial real estate agent seeking to build your business, you will most often than not be pitching and presenting for property listings against competition in your area. Most commercial property owners ask for presentations from about 4 or 5 agencies as they prepare to list their property.

The window of opportunity to connect with the property owner will be a bit narrow and fast closing hence you need to master your presentation so that your selling, leasing, and marketing strategies can appeal to the property owner.

Below are some of the tips that go a long way in helping you craft and present your sales pitch and get that new listing.

Point Out the Uniqueness of Your Service

A majority of real estate agents use generic comments such as market knowledge, experienced staffs, market share and the duration they have been in the market. These are useful pointers but when you want to differentiate yourself from the rest in the industry, this is not how to go about it.

In pitching and presenting, generic comments have little to no value in helping you convert a listing. Your points of difference must be real and customized to meet the needs of the client. The presentational process must therefore be planned and optimized well in advance not just for the client but also the property in question. For example be able to tell a story of how you can be the solution to nearly every situation. An example would be the last hotel deal we did there was a full size antique grand piano in the lobby that needed to be moved and we knew that this was a stressor for the seller so the fact that we knew great piano movers in the area was a huge help.

Visit the Property and Take Photos

When you are doing your presentation, images play such a powerful and crucial role. The client will always show immense interest in his property and if this is well captured in your photos, then there is no reason why you shouldn’t be given the listing. Do an excellent slideshow as this will push your sales pitch and presentation a notch higher.

Connect with the Client Sensually

A property presentation is essentially a conversation you have with the client on a number of levels. It will give you significant mileage if you bring together all the senses of your audience into the property presentation. This means your presentation must incorporate sound, touch and visual. The best way to achieve this is to load your computer with property images, hone your verbal presentation skills to pick out the differences in your service and have a property proposal to give your client for review.

Engagement

This is an important ingredient to a successful presentation or sales pitch. Knowing how to engage and converse in a meaningful way can help you create a connection with your clients. Having a good grasp of market trends and local property knowledge can come in handy at this particular time.

Strategy and a Marketing Campaign

Every property listing must have a sound strategy on how it is going to market the listing. Given the unique trends of the local property market, the client needs to see how you will attract potential buyers and promising enquiries from the selected market. If the client believes that your solution is the best then you can convert the listing on exclusive basis.

Do You Want to be a Real Estate Agent? Here are 4 Misconceptions to Avoid

Real estate is one of those industries towards which people have a skewed perspective. The moment you tell someone you are a real estate agent; they already form a number of perceptions and assumptions concerning the nature of your work. However looking at the manner in which television shows and adverts depict real estate agents and their lifestyle, it is understandable. Agents are perceived to be people with big incomes and luxurious lifestyles.

While TV shows can be deceptive because they are made for entertainment, the misconceptions people have on real estate agents can be blinding and hence you should get rid of, if you are considering a career in real estate agency. The following are some of the top misconceptions.

Real Estate Agency is an Easy Job

Nothing can be further from the truth; real estate agency has its own challenges. Dealing with clients, supervising heated negotiations, and handling not-so-marketable properties can be a headache in itself. When you throw in the stress of unstable markets and a commission-based income, being a real estate agent is not one of the most enviable jobs.

Instead of it being an easy job, the appropriate view of real estate agency is that it is an interesting but challenging career. Not to mention you have to deal with nyc movers.

The Income is So High in this Field

Having seen real estate agents living in mansions, driving flashy cars, and closing million dollar deals, you can be excused to imagine that you get paid a lot to be a real estate agent. Inasmuch as wealthy agents exist, not every real estate agent out there makes a seven figure income.

According to research, the average gross income for National Association of Realtors Members who works between 40 and 59 hours a week is about $45,800. By all standards, this is a solid income but it cannot support a lifestyle where you maintain palatial vacation homes and a warehouse full of Ferraris.

Agents Operate on a Super Flexible Schedule

While it is true that real estate agents rarely work Monday to Friday 8 to 5, they have to be present whenever the clients’ needs them. This means you cannot abandon your office for days and even your vacation has to be planned. Because clients are busy people and they expect you as the agent to cater for their schedules, you may not have much time at your disposal to enjoy much flexibility. Success follows hard work and real estate agents are supposed to follow the needs of their clients.

Even without Training You Can be an Agent

With low barriers to entry, real estate agency is a business model that many people have emulated. Contrary to what a number of people believe, to be a real estate agent and a successful one for that matter, you must be educated and trained. Before starting to practice, licensed agents must satisfy the training guidelines as set by the state. Training and education can lift you above your competitors and make you a force to reckon with.

With the right personal interactions and strategic marketing tools, being a real estate agent can be rewarding!

 

The Building Blocks to Success in Real Estate Sales

Getting into real estate can be an extremely exciting career experience. This is because it gives you the opportunity to display your entrepreneurial side, maintain a rather flexible schedule as well as create the sort of life that you really want. It is always exciting to watch the unbridled enthusiasm exhibited by new licensees coming into the real estate industry. Keeping the fire burning may not be an easy task and after sometime the zeal may start dying off.

In order to succeed in this industry as an agent; there are lots of things that you need to bear in mind including a positive mindset, training, mentorship, and lead generation. Below is a brief explanation on each of these building blocks.

A Positive Mindset

This is the foundation for an enterprising real estate career. In spite of the bright future in real estate, there can at times be bumps and bruises which you have to get over and this can possibly happen if you have a clear purpose and the right mindset. Feed yourself constantly with positive reinforcement and hang around successful people. Positivity will enhance your productivity and help you to build resilience.

Mentorship

Just as it is in any other industry and career, mentorship is critical in real estate. There are lots of people who can help you build your business so that it can have the muscle and stamina to stand the challenges of the industry. Irrespective of where you start, mentorship can grow you to a massive agency. From the simple and humble steps, mentorship can gradually guide you and point you to success. The experience and knowledge mentors bring is invaluable.

Learning and Training

The dynamic nature of the real estate industry requires that you adapt and grow with the times. You can hardly survive in the industry if you are not a learning-based person. Attending real estate training programs, expanding your knowledge base, and staying current with your education will enable you keep up with the competition as well as expand your business.

Lead Generation

This is more or less the fuel for your real estate business. Lead generation refers to the process of attracting and arousing the interest of visitors and strangers in your product offerings. Without having prospects and clients, selling would become a challenge in real estate. Maintaining a constant focus on lead generation will enable you increase your sales as well as ride along the ups and downs of real estate quite smoothly.

Leverage

There is a sense of being overwhelmed when starting out in real estate. At times things can become too much to handle on your own and this is when you need help. The first place you will need help on is the administrative side. This will free you to focus on sales knowing that someone else is taking care of the paperwork.

The beauty with real estate is that you get what you put into it. Give your best, surround yourself with positive people who can mentor and train you to become a mogul!

 

 

Top Qualities to Develop in Order to Be an Exceptional Real Estate Agent

The real estate industry is one of the most lucrative in any economy. However, to succeed, you need certain qualities. The good thing about these attributes is that they can be developed in the event you find yourself insufficient.

Communication

Buying and selling of properties requires a great deal of communication. Because of the time sensitive nature of real estate, as an agent you need to be swift in letting your clients know where they stand with their current selling or buying situation so that they can decisively move to the other potential buyer or property without wasting time. Good real estate agents stay in constant touch with their customers.

Pro-Activeness

Clients require information and agents are supposed to provide this information in real time. Instead of sitting back and waiting until clients get to you, you should be busy chasing new leads and filling in the existing customers. In this way, you will be considered valuable and your profile in the industry will certainly go up.

Client Focus

In real estate, you only get a good deal as the agent when your customer gets a good deal too. This is why you need to put the interests of your customers first. By prioritizing the needs of your clients, they will feel supported, happy and less stressful. This can help you build a relationship that goes beyond the current sale process into repeated purchases.

You should read your clients and get their preferences in check. For instance, some of them may have a preferred mode of communication or specific times within which you can contact them. Don’t overstep their boundaries.

Listening Skills

As an agent, you need to minimize your talk time and allow the client to express themselves. As a matter of fact, industry experts say that one of the telltale signs that you have a problem with your agent is when you cannot even slot a word in because the agent seems to take over every conversation.

Your customer should be the one doing most of the talking while you listen and take notes. Ask all the relevant questions because through this, the customer will know that you are indeed listening and paying attention to what he or she says.

Flexibility

This is a must-have quality if you are to make a good agent. Customers come with different demands and to win them, you have to be flexible enough to fit into their schedules. For instance, some of them may want you to help them buy or sell a property within a given timeframe. However tight this period maybe, you should give the client reassurance that you will do your best to ensure his goals are met.

Real estate is a big money industry and as such honesty and integrity should always interplay to project your image in the right light. Any transactions and dealings must always be transparent and open to scrutiny.

 

Real Estate Negotiating Tips to Help You Close a Sale

Negotiating is part of our lives and each one of us has at some point negotiated for one thing or the other. The center point of any negotiation is to try and get a deal for yourself without making the other person worse off. It is neither a battle nor a contest but rather a simple strategy that ensures your interests are taken care of without giving too much.

Professionally, the art of negotiation can take your entire lifetime to perfect. However, there are a few negotiation strategies that can help put you ahead even when dealing with unmotivated real estate buyers.

Allow the other Party to Speak First

Letting the buyer speak first gives you the opportunity to define a midpoint. For instance, if he offers $10 million, you can take it to $20 million and finally settle at $ 15 million depending on the value of property at stake. It is human nature to resist giving more for less so people tend to decrease or increase their offers depending on your starting point. The other advantage of allowing the buyer to give his offer first is because there is a possibility his first offer may be much better than the first offer you would have made.

Be a Good Listener

Keeping your mouth shut during negotiations is one of the strongest maneuvers but also a difficult one. Silence brings uncertainty to the buyer and this can make it easy for them to make a concession to break the silence. The next time you are at the negotiating table, wait for the other party to make their offer and remain silent for about 10 to 20 seconds. You will be shocked they may interpret your silence as disappointment or anger prompting them to revise their offer.

Harness the Power of Information

In almost 95% of all negotiations, the party with the most information walks away with the best possible outcome. During real estate negotiations, you should not just have information on the subject of the negotiation, but also try as much as possible to understand the party you are negotiating with especially their motives. Contrary to what many people believe, negotiation is not just about money, but solving a problem.

Always Try to Get the Last Concession

In simple terms, a concession is what the other party is willing to give in a negotiation. It could be better terms, a price drop, or anything they put on the table. The secret to negotiating massive deals like those in the real estate is to ensure you make the other party do what you want without them realizing it. By asking and getting the final concession, the buyer will realize every time he asks for something, there is another thing that he will have to part with in return. This will make him shy away.

Do not fear friction because it is necessary in negotiations. Be wary of negotiations that end smoothly and quickly without a back and forth; someone may be getting the wrong deal.