Saturday, August 27, 2011

Commercial Property - What to Do When Sellers Won't Listen to You

Posted by Agents Realtors at 9:39 AM
In commercial real estate property marketing, as real estate agents we come across many different property situations. The sellers and vendors of the property can have different challenges relating to the property, tenants, financier, or marketplace. Ultimately the main challenges they want to solve relate to:
More money or rentalLess trouble in transacting a dealA timely response that takes the property to the market efficiently and effectivelyWhen you focus on these three elements you will find that the client listens with relevance and focus. When you have the client's attention, the listing or the deal becomes easier. 
Direct questioning of the clients with a focus on these three issues usually gets to the bottom of the problem and helps you close on the deal. The solutions in your listing process should also be directed towards these three elements.
Looking at these three points further, the following observations can be made:
When discussing money or rental relating to the property, you must have market evidence from comparable properties nearby. Third party evidence makes the negotiation process much more effective. Vendors tend to accept the evidence of the marketplace before they accept the recommendations of the real estate agent. The evidence from comparable properties are actually stories of success or failure; these attract the interest of the client. Choose your comparable properties carefully.
The client wants you to provide them with the easiest way possible to achieve the end result with the property. This means that the marketing of the property, the inspection process, and the closing of the deal should be directed towards the chosen target market that is really interested in the property. If you can show the client clearly what the target market is for the property, and that you know how to tap into it, you will have their attention. They will see how you can facilitate an early sales or lease transaction in the way they require.
A timely response in the marketing of a property is best illustrated by the use of a timeline and clear stages of the marketing, inspection, and negotiation process. This is best achieved by using a timeline within your proposal and listing process. The marketing of any property for sale or for lease would normally involve some 10 stages of activity. The client does not normally appreciate this, and for this reason you should incorporate a Gantt chart process in your proposal to them.Taking these three elements above, you can simplify the listing and negotiation process with the client. You are directing their thinking to the most common challenges that concern them.
On one final note, make sure that the client has no other issues that also need addressing. Well selected questions will reveal the clients complete agenda in selling or leasing their property. The best real estate agents become skillful in the questioning process. They know that the questions they ask will unlock the door to secure the property and the transaction.
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. You can get a free ebook of real estate tips and tools right here at http://www.commercial-realestate-training.com/
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