How to Prospect For New Commercial Real Estate Listings

PROSPECTING FOR COMMERCIAL REAL ESTATE LISTINGS

Commercial Retail and Industrial Listings

Any Real Estate Agent or Broker who wishes to have a successful career in commercial and industrial real estate must regularly obtain marketable listings. Listings are the agents “stock on the shelf” and your income now and in the future depends on the quality as well as the quantity of the listings that you obtain. The more listings that you have the more buyers and tenants you will attract. This makes the deals all that more easy for you. More listings mean that you dominate your market and lessen the impact of your competition.

In the commercial and industrial property, listings commonly may include:

  • Land that is suitable for commercial, industrial or retail development
  • Commercial, industrial and retail buildings that are for lease
  • Businesses that occupy premises from which they serve and supply their markets
  • Commercial, industrial and retail buildings that are for sale to owner occupiers or investors both large and small

Developing a Client Base

The secret of success in commercial and industrial real estate is to have your own client base. Those clients who work comfortably with you and who respond positively to your advice in relation to their real estate requirements are the clients you need to develop. As it is the clients who pay your fees, and not the tenants or buyers, they are very important people in your business life and it is essential that you represent yourself strongly to them at all times. As these people and organisations readjust their property portfolios to meet their emerging real estate requirements, they will continue to provide you with listings. In addition, if they are satisfied clients they will refer you to other business leaders, friends and family, and so provide you with more business.

Knowing the Real Estate Market

To provide effective advice to prospective clients it is essential that you know the market – commercial, industrial or retail – that you are involved in and that you have detailed knowledge of the geographical area in which you operate. To do this effectively you will need to:

  • Canvass your territory constantly according to a plan and become well known to businesses and people in the area
  • Know every property that is for sale or lease in your territory
  • Maintain a list of property transactions that occur and have occurred in the last 3 years
  • Keep an eye out for private transactions by property owners
  • Involve the management of your office and other team members with what you are doing
  • In addition, you should understand the factors that motivate companies in your area to move to other space, and you should be aware of the forces that encourage investors to buy and sell in your area or precinct.

WHAT MAKES A SUCCESSFUL AGENT OR BROKER?

So what makes a successful agent or broker from the client’s perspective, and someone that the client wants to do business with and through? It is an interesting question to ask from a clients perspective, but history shows that the factors which stand out as being of prime importance to clients are the agent’s knowledge of the market and the quality of the advice given. The negotiating skills of the agent and the ability to act quickly are also important and rank highly. Adherence to client instruction, property marketing skills and confidentiality were seen to be of slightly lesser importance.

It is clear from this analysis that the factors which are going to have a vital influence on the successful listing of a client’s property are knowledge of the market and the quality of advice. Owners are looking for agents and brokers who know the marketplace and have readily available records information about companies and investors that are looking to make immediate decisions on properties they require, own, or occupy. Your clients want an agent who will immediately bring a listed property to the attention of such people.

So, at the point of listing, being able to communicate effectively with the owner about the commercial and industrial market place and the prospects that are available on your database could certainly lead to a successful relationship and hopefully an ongoing one.

PROSPECTING FOR LISTINGS

Where do you find new listings and how do you go about converting them? This list may help. As you get to know your clients and the geographical area of the market in which you operate, opportunities for obtaining listings will present themselves. For example:

  • Real Estate Transactions. The successful conclusion of any real estate transaction in your region implies that both buyer and seller may be looking for other options. Avail yourself of these opportunities.
  • Liquidation. A failed business is a prime target for agency activity.
  • Vacant Buildings. Be conscious of any buildings that become vacant or derelict as these represent business opportunities.
  • Intermediaries. Maintain close association with the intermediaries of the real estate business. Intermediaries include such people as financiers, bankers, insurers, builders, architects, engineers, lawyers and accountants. Their clients will at times require the services of real estate agents and a recommendation from these people is invaluable. You, in turn, can introduce your clients to such intermediaries and sound business relationships which benefit both parties are established and maintained in this way.
  • Newspaper Articles. Articles that are prepared by you or in which you are quoted, bring your name or your firm’s name to the attention of the public.
  • Direct Mailing. The regular mailing of letters that canvass for properties, when sent to a suitable group of possible investors or property owners, frequently result in listings.
  • Private Advertisements. These can indicate properties that are on the market and the owners may be encouraged to employ your services if initial advertisements have not been successful.
  • Developers/Builders
  • Neighbours in immediate area
  • Property Managements (Rent Roll)
  • Entrepreneurial Activity
  • Previous Vendors & Purchasers

Identifying Ownership

When you discover a property that you feel could provide a business or listing opportunity, it is necessary to identify the owner. The following avenues can often provide this information.

  • Your own office (In each agency there is substantial information from previous transactions and property ownership which can be consulted).
  • Local Government Records
  • Land Title Information
  • Electoral Rolls
  • The Telephone Directory (including the Yellow Pages in the case of businesses)

Further to this there are many other sources of information to be used when identifying owners. These are:

  • Property ownership lists
  • Historic Lands Sales Records
  • Use other agents signboards as a reason to talk to adjacent owners in the locale
  • Commercial property is transacted to a cycle of investment and history shows that it is about every 5 years. Look at the old sales records in your area for the next cycle of potential sales.
  • Tenants will usually tell you the property owner if you ask
  • Directory boards in buildings are a great source of leasing intelligence
  • Business Telephone Lists and CEO contact names
  • Stock Exchange Information and updates
  • Company Searches for large businesses in your area
  • Newspaper Stories & Articles
  • Be willing to dare and try something new

To undertake this process you must be diligent and thorough in your activities so that you do not leave any ‘stone unturned’. Nothing is more frustrating that another agent’s sale or lease signboard appearing in your territory that you just covered last week.

The above information may seem logical; however it is commonly overlooked or not acted upon in most cases, given that many salespeople do not have the personal and sustained discipline needed for the task. The best commercial real estate agents and brokers use this model as their source of listing opportunity.

In closing we should say that this prospecting process does require a good database program to record and channel your ongoing findings. The value of a good database program is high in list of tools of a professional agent or broker working on commercial real estate. Good hunting!

US Real Estate Listings – The Scoop

If you are wondering where to find US Real Estate Listings, the internet may actually be a good resource for such information. You will only have access to public listings though, unless you choose to sign up with a web service that grants you access to private US Real Estate Listings. The internet has made it very convenient to have access to these things.

Trying to search for US real estate listings on the net will return a whole lot of results, since there are so many properties available for sale. You may actually find it overwhelming at the start. With all these listings to choose from, you may have started wondering why you would even want to avail of the services we offer.

Well, first of all, although these listings are most conveniently and easily accessible, they are not the best bargains out there. Best bargains would not be shared to just anyone and everyone, most of whom they do not know. We have a dedicated team in the US that does for us and our partners, and maybe even for you if decide we are worth the try.

Secondly, there is no reliable way of checking the condition of the house and be able to safely gauge on the costs for repairs or renovations on it just through the internet US Real Estate Listings. The most ideal method is to have someone be physically present at the property’s location to be able to more reliably assess the condition of the property and what renovations or repairs are to be done, and this someone must have a good working knowledge of such things to be able to handle this task. A very much reliable team we have set up in the US are great at carrying out this task. They make sure that we all make as much profit as possible and have actually done this several times already.

Lastly, the sites with all the US Real Estate Listings will be impersonal towards you. You will not be able to expect them to be very accommodating to your questions and concerns as you would with a professional you are hiring. Contacting them could be quite a lengthy process, which simply means this is something they do not encourage. I have yet to see such real listings sites that actually deal with you on a more personal level and treat its customers individually. This gladly is not the case with us. Fortunately for you, we are able and are most willing to hear you out on your questions and concerns and we will definitely take the time address them until you understand and are content with our response. We do not deal with people interested in our services by the thousands or by the thousands, we deal by the individual.

These are the few critical things you must consider before actually deciding on buying real estate properties of which the listings you just found on some real estate listings site. If you find none of these as bothersome, then go ahead and buy from such type of sites. If these are bothersome for you, then it might be best for you to have our reliably experienced hands handle your investing carefully and well.

Review Of The Top 3 Real Estate Listing Websites

The days of relying on real estate magazines or the classified ads in your local newspaper for information on real estate listings are long gone. There are well over 900 online real estate listing websites which give visitors information about homes on sale. Simply look for homes in the area where you want to live and start browsing. Like all industries, there are some sites that stand out above the others and we are briefly looking at three of them below.

House Locator.com

This is not a real estate listings website that is well known but it has more listings than 99% of its rivals. The search function is simple but extremely effective and allows you to search homes depending on city, state, zip code, price, beds and baths. Its radius search is on the main page unlike other real estate listing websites where this feature is hidden. House Locator also tells you how many homes are currently up for sale in any city you choose.

On the downside, the listed information is strangely laid out. Additional information such as beds, baths, full address etc. is often missing because it is at the discretion of the real estate agent to disclose this information. Also, you are unable to narrow the search for multi-family homes or condos. This site is best suited for those who are moving locally rather than nationally but is still a terrific resource.

Yahoo! Real Estate

It seems as if Yahoo! are capable of mastering anything they set their minds to and their real estate listing website is no different. Unlike House Locator, you can specifically check for condos and family homes as well as the usual sorting by zip code, bed and price. The listed information page has just about everything you could possibly want including full address, price per square foot, the active date of the listing and much more. You can also view a map for every search and plot houses in terms of their vicinity to major streets and neighboring homes. You can even see homes that are newly listed versus homes that are listed for more than 15 days.

The only downside with Yahoo! is that you need to register in order to get the greatest benefit. When registering, you are giving your permission for agents to contact you. Nonetheless, this is a fantastic real estate listing website.

Realtor.com

This is the granddaddy of all real estate listing websites. Realtor.com simply has more listings than any other site, better features and the ability to give you confidence prior to meeting a real estate agent. The site searches for every type of home expect for foreclosures and new homes and this is only because an affiliate site, Move.com, does this for them. Realtor.com has more search features than any other site which gives incredibly detailed information of the houses. In fact, you even receive information on the flooring in each house! Minor details such as the year the home was built, the type of property it is and its construction are also included. There is also a map feature though it is not as advanced as the one offered on Yahoo!

The main downside to Realtor.com is the fact that full addresses are not always shown but this is a very minor point when you consider that the site does everything else.

Although there are many great real estate listings websites, we feel that the three above are the cream of the crop.