« Get myself involved in Commercial and Industrial Estate Agency Business | Main | Have you tried Qualifying the seller by your own way, I did. It works. »
Get myself involved in Commercial and Industrial Estate Agency Business continue…
By arlene | June 8, 2008
Do not infer from what has been said so far that the commercial and industrial salesperson is a technician who no longer has to sell. Nothing could be further from the truth. Like the successful residential salesperson, you must have drives and must be able to establish rapport through your honesty, empathy and respect.’
You do need considerably more technical knowledge of property and the property business than is required of the residential salesperson.
When you enter the commercial and industrial estate agency business for the first time, you must make provision for the fact that it can take eight months to two years before you start earning a reasonable income. Miracles do occur, but the quick sale can be very elusive. If you have exceptionally good marketing knowledge and good contacts before you start, the period before you earn your first commission may be reduced. If not, rest assured that it will take you a considerable time before you have the necessary education and understanding of the property market, have built up a good reputation, have developed a sphere of influence and have managed to control most of the properties that you will be working.
Be prepared for a frustrating first year in business, and be ready to put in 60 to 70 hours a week both in and outside the office. A large amount of your time will have to be devoted to self-education, either by reading books or attending training courses and getting to know your market. It may take several years to acquire a sound knowledge base and maybe many more before you will be able to enjoy the benefits of a good referral business which will make life easier. While you are still establishing a good reputation accept the fact that you may be turned down often. Commercial and industrial transactions, on average, are far fewer and take much longer to negotiate than residential transactions. You may work on a single, large complicated transaction for a year or more. In the beginning it is extremely difficult to understand the complexities of properties, transactions and the market. Unless you are working on properties which you control in terms of an exclusive mandate, you will find it difficult to obtain payment and you may even become embroiled in constant disputes about commissions.
However, there is a positive side. You will derive great satisfaction from successfully solving a complicated client problem. There is also undoubtedly the possibility of considerable financial rewards.
Specialization is common in the commercial and industrial estate agency field. Successful salespeople often specialize in one or a few property types such as vacant land, shopping centres, office buildings, warehouses or factories. You must carefully select your field of specialization. For example look for a property type which is relatively difficult or complex to sell or which requires in-depth technical skills and knowledge.
Another aspect of specialization is the selection of a market area. In most cases it is very important that an agent specializes not only in a particular type of property but also in a specific market area. The more in-depth his knowledge of the selected market and the greater his degree of specialization in a specific type of property, the easier it will be for him to become an expert in his area. The fact that you are considered an authority in your field will generate a flow of business to you from buyers and sellers. Just as people consult a specialist doctor who is a leader in his field, so will they contact the specialist in, say, industrial property in the Amalgam area. If the specialist agent is a problem-solver and an authority on his market area, he is bound to make a name for himself.
Education and continuing education are essential in commercial and industrial property marketing. There is no substitute for education in a field that is constantly becoming more competitive and sophisticated as a result of the use of continuously more advanced computer programs, market models, rapidly changing money and capital markets, new and evolving financial instruments, different ways of financing transactions, complex and changing income tax systems and the ever-changing national economy and business cycle. A well-established library is indispensable.
Your basic business philosophy should accentuate formal education as well as continuing self-education.
The most important sources of sellers and buyers are:
- Referrals. For the established agent this is the most important source of business.
- Your sphere of influence. Purposely expand your sphere of influence to include at least the following people: previous clients, members of the Chamber of Commerce and the Afrikaanse Sakekamer, attorneys, chartered accountants, architects, quantity surveyors, town and regional planners and property managers.
- 1=1 Fellow commercial and industrial agents as well as residential estate agents. Because many commercial and industrial agents specialize they may refer business to you in which they are not involved. A reciprocal arrangement with residential agents can also work to everyone’s advantage.
- Your activities and involvement in the community. It is essential for you to assume a leadership role in local civic and business organizations such as the Chamber of Commerce, Afrikaanse Sakekamer, Rotary and Round Table. In order to build up a long-term referral system you should have an ongoing contact programme. Visible involvement in the community is an invaluable asset.
- Your “for-sale” and “sold” signs.
- “For-sale-by-owner” signs and similar notices in newspaper and magazines. Also read articles on problem properties and invitations to tender for the purchase of properties.
- Publicity.
- “To Let” signs and advertisements.
- Property investors and developers.
- Other sources such as direct mail, outdoor advertising, fliers and decision brochures.
Possibly related posts: (automatically generated)
Get myself involved in Commercial and Industrial Estate Agency Business continue…
- First Hand Industrial Property Analysis
- Lots of Parking Profit
- Get myself involved in Commercial and Industrial Estate Agency Business
- Commercial Rental Property
- Combine Properties, Increase Value
- Get into your own Residential Property Analysis
- Services can be provided by your firm and your method of marketing properties just like what I did continue...
- Plenty of Opportunities
- Tenant Selection
- Commonly Used Leases
Topics: Agent, Commercial, Course, Land, Market, Property, Residential |
July 5th, 2008 at 10:32 pm
We offer the world's largest real estate database to help you find current, date listings for houses for sale by owner on the market in Alabama. … London Lettings
July 5th, 2008 at 10:39 pm
One (21) days before the sale, and the publication must be in a newspaper in general circulation in the county in which the property to be foreclosed is located. … Industrial Properties
July 17th, 2008 at 11:05 pm
The firm's primary focus is on property law as well as the development of commercial, industrial and residential property. … Estate Experience
July 17th, 2008 at 11:08 pm
When you invest in tabletop party supplies like tablecloths and balloons, you're creating the recipe for a great party. … Estate Agents
July 18th, 2008 at 1:50 am
Commerical fixed rate mortgage tend to be higher than those seen in the buy to let and residential mortgage market. … Market News Service
July 18th, 2008 at 3:49 pm
With our searchable database, users simply enter a few search terms and get hooked looking at properties with the features they want. … Legal Forms Online Today