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Keys to Commercial Property Market Intelligence

June 06, 2012 | Comments: 0 | Views: 160

Today we find that the commercial property industry is changing frequently and radically. Prices and rentals today are significantly different than those of three or four years ago. The enquiry rates from marketing campaigns today are less although more specific. On that basis, we as commercial real estate agents need to do more with less. Our services are of high value to the property clients and owners that need us.

Local property market knowledge will be your strengths at this time as things change. Here are some factors to monitor and optimize on a daily basis:

  1. The numbers of properties on the market currently should be tracked. You can do this through monitoring the advertisements in the newspapers, and also the listings on the Internet.
  2. Keep a close eye on the listings of other agents. Watch how they market those properties and form an opinion regards the relative success rates and the time on market. Some agents will be better than others in handling these challenging conditions that we are currently experiencing.
  3. Given the lower rate of enquiry evident today, every enquiry will be of high value to the current listing and of potential value for any further listings that come through. Every prospect should be fully qualified for the types of property and issues that they are seeking to satisfy.
  4. Good properties always create enquiry, no matter how difficult the property market is. On that basis you should be focusing your efforts on quality listings. To achieve this, you need to understand exactly what people are looking for, and what good value actually looks like when it comes to selling and renting property.
  5. The buyers and the tenant's active in today's market have a very good idea of what value is to them and what the prices and rents are doing. These buyers and tenants are in a very favorable condition when it comes to negotiating.

The sellers and property owners of today need to accept this change to the market and be more realistic when it comes to setting of their asking prices or rentals. That being said, choosing the best method of sale or lease is also very important to the conversion and closing of the marketing campaign.

Top agents understand that this market will always be a challenge. It is not an easy property market but it is still quite active. The personal skills required of a commercial real estate salesperson today are more important than ever before and should be personally honed and developed.

If you want some more tips and ideas to help your commercial real estate agency and convert more opportunity into listings and commissions, you can get a free ebook of tips and tools at http://www.commercial-realestate-training.com

John Highman is an experienced Commercial Real Estate Agent, International Speaker, and Sales Coach.

Source: EzineArticles
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