Tips to Buy Overseas Property Safely

Buying a property is a process that requires patience and perseverance. It takes time to do the research on the status of the real estate market and its norms in your choice of destination. The crucial part is to find a proper, reliable and experienced service provider who can help you through the whole process, right from the start through to the final stage of owning your property. We have enlisted a few key points with a goal to help you initiate the process of buying your dream property abroad.

Hire an independent lawyer

Many people seek the help of real estate agents, which is not a very good start. No matter how smart, experienced, informative and well-mannered an agent tends to be, never fall for it. Always get an independent lawyer, who will represent you throughout the whole buying process. If you are represented by the lawyer, it means you are well-protected from making any expensive mistakes down the road.

Get help from a financial specialist

Sort out your financial preferences that would help you allot a suitable budget to purchase the property. Get a provisional mortgage if you have plans to borrow money apart from what you plan to pay from your pocket. Ask your financial specialist to suggest a long term repayment plan that would be feasible for you as the lending criteria and the borrowing costs may change during those years.

Hire a foreign exchange specialist

If you borrow money overseas, but earn at home, you have to make sure that the rate fluctuations would not affect the value of your property. The difference in the value of currencies could take the property out of your hands as it goes beyond your budget. Discuss with a foreign exchange specialist and understand your risks and have a proper contingency plan to handle unpleasant situations.

Double-check the agent credentials

Apart from hiring an independent lawyer, choose a professional overseas real estate agent to assist you through the process. Place your focus on the agency rather than the property you want to buy. Question them in all possible ways to make sure the company or the agent is potentially the right person to do business. No matter what they claim, make sure everything is true, to the last bit. Don’t trust reel reviews, read real client testimonials. Ask them to offer their “Terms of business” on paper prior to signing a formal contract with them.

Learn to get the most out of your investment

When you purchase a property overseas as an investment, you must understand that you can have big returns only with risks. Make a thorough inventory of the risk to reward ratio to help you cope up with the risks and to reap better rewards out of your investment when everything goes well.

10 Great Commercial Construction Tips

Commercial construction can be a big undertaking, both literally and figuratively. You might think you have it all under control, but do you really? Here are ten tips that will help make your next commercial construction project a success.

1. The lowest bid is not always your best choice. It’s a counter-intuitive thought compared to everything we have been taught. But even in these times of wanting to be sure to keep the bottom line in check, it’s important to find the best price for the project. Sometimes the low bid is that way because the contractor has no idea what the job entails, and other times they will come in low, get a payment or two, and then abandon the job.

2. Go online and do your research. Check references, run the contractor’s board numbers, and study the backgrounds of your contractors so you can know before you sign on the dotted line just what you are getting. The internet can also be a source of information about current trends in commercial construction.

3. Find a contractor who specializes in what you want done. Sometimes the biggest isn’t always the best. A smaller contractor who is more adept at smaller jobs might be just the right thing your job needs. If you are revamping a store, consider finding contractors who specialize in retail space renovations.

4. Start with the general contractor and build from there. By bringing the general contractor into the job first, you are able to use their knowledge on the job from the beginning and have them help guide the project.

5. Go ahead and add on that maintenance agreement. Once the job is done, you want to ensure that your project will last for years to come. A good maintenance contract that checks over the equipment is a great idea to clean and maintain things like your furnace or drain pipes. A quick cleaning now is much cheaper than an expensive repair later.

6. Does the goal of the project further your company’s image and brand? If it doesn’t, it might not be the right project for you. This is a big capital expense, and you want it to pay off with a solid return on investment for you.

7. Your project should make sense. Do you have custodial closet doors that open inwardly? Did the customer service booth end up with only a small front-facing window? Double check the design proposal before you go out to bid to ensure that the concept diagrams and blueprints make sense and lead to positive workflow.

8. Along with number 7 goes ensuring that the areas like the office supplies and the copier are easy to get to and are going to keep things efficient in the office or administrative area.

9. Decorate in such a way that the colors and furniture enhance your brand and your company’s image. Your customers should feel like they are welcome in your new place, so be sure your contractor includes an interior decorator in the plans.

10. Be sure your contractors are all on board with the project and are capable of meeting the deadlines. This point is probably the most important one of all. Any delays are costly both financially and in terms of getting your business going again in the new location.

Hopefully these tips will help get you going in the right direction for your next project. Happy building!

Tips to Choose a Commercial Landscape Maintenance Services Provider

People who own commercial property spend a considerable amount of time in beautifying their landscapes. If you own a resort or hotel, then beautifying it to a great extent helps in creating a great impression among visitors.

Here are some useful tips which you can follow to select a reliable commercial landscape maintenance services company:

Be sure that the contractor offers the services which you need

One common misconception that many commercial property owners tend to have is that all commercial landscape companies offer the same type of services. However, this is not true. Therefore, you need to acquire a list of services that the company offers. Compare it with your individual needs. The usual services offered by these companies includes snow & ice management, landscape enhancement, irrigation and lighting, landscape construction, landscape design and landscape maintenance.

Landscape maintenance involves weeding, mowing, edging, trimming, pruning, turf and ornamental programs and seasonal color. In case of landscape construction, contractors plant, perform hydro seeding, installation of turfs, retain walls, installation of water features, drainage, erosion control and outdoor amenity installation. Landscape design involves site evaluation and plans to create or enhance focal points of outdoor areas. It also includes community master planning and amnesty designs such as outdoor kitchens, dog parks, patios, fire pits and fire pits.

Contractors who handle irrigation and lighting handle repair, installation, maintenance and suggestions for efficient water usage. The snow and ice management services offers involves plowing, ice melt application and clearing of sidewalks. The landscape enhancement services offered by contractors includes redesigning of focal points or addition of non-contracted items like planters, baskets, removal and trimming of trees and seasonal color displays.

Find out whether they employ sustainable practices or not

Do you need a company which can offer you with services and ensures that your landscape becomes sustainable? If you do, then you are certainly taking a wise decision. Making landscapes energy and saving water are environment conscious decisions and will make a significant impact on your budget and environment.

The landscaping company which you opt for needs to pay attention to the sustainability factor. The materials they use and their water management projects at your site should take into consideration the sustainability factor.

There are a number of questions which you will need to ask the contractor before hiring their services. Ask them where do they buy their plant materials and supplies from. Enquire whether they use native plants or not. Ask them about what changes can be done to help you save your money. Also ask whether the company can suggest any organic programs which are applicable in case of your property. Find out whether they recycle yard waste such as leave, fallen branches and clippings or not. Enquire about the programs which they offer to make lighting and irrigation more efficient.

Research the credentials of the company

You can save yourself from a considerable amount of headaches by performing some research before selecting a contractor. Check the website of the company, ask for references and also get in touch with your business associates. If you have a few questions looming in your mind, you can contact the contractor directly.

When you fix an appointment, ask whether the company holds any certification or license for the work they perform. Enquire whether they can offer any documentation or not. Ask about the affiliations and industrial qualifications of the company. If they claim that they are insured then ask them to provide you with insurance documentation. Also ask them whether they have the manpower and equipment to handle your project or not.

Commercial Property Leasing Activity Report – Your Complete and Foolproof Guide

When you manage or lease a commercial, industrial, or retail building you have to track the leasing issues, not only for the landlord, but also for the tenant. The performance of an investment property is impacted by rental and lease documentation in a variety of ways; you do not normally want a vacant property.

The Property Manager or Leasing Manager for the property has to keep things under control and on track to the property strategy, business plan, and tenancy mix.

To solve the problem it is best to run a leasing activity reporting process and update it at least monthly. Within each month the report becomes a moving tool to support the property investment for the landlord. It is a document that tracks:

  • Current lease activity
  • Forward lease changes
  • Vacancies

What you are normally looking to avoid here with the report is disruption to cash flow or something that disturbs the function of the property outside of any plans you may have. Accuracy in the report is paramount as it is likely to be the main document that keeps you abreast of critical lease issues. If there is an error in the report then you will likely miss a critical date on a lease, and that can be significant in the function of the property over the longer term for the landlord.

The leasing activity report is a forward looking report usually covering the next 12 months and everything that can happen to leases and licences therein. Special attention has to be given to anchor tenants, and tenancy mix strategies that are already in place; these strategies are already active and should be continued.

In a multi-tenant occupancy, the number of leases in the building can become daunting and diverse. When the landlord owns and operates a number of properties at the same time, the matter of lease stability is also complex. The leasing activity report keeps you on track.

A leasing activity report should include the following issues:

  1. A tenancy schedule of current leases including upcoming predicted or known changes such as rent reviews by type and timing, options for a further term, and expiry dates.
  2. Status of any current negotiations with tenants both new and established.
  3. Signed leases report (that is for existing leases for occupying tenants)
  4. Submitted leases report for documents that are outstanding for any reason
  5. Proposals for new leases pending a decision by the landlord or tenant
  6. Vacancy report of areas that are soon to be or are already vacant
  7. Marketing strategy and inspection feedback for vacant areas currently
  8. Prospects currently looking at the property and status
  9. List of vacant areas in competing properties nearby
  10. Changes to tenancy mix recommended
  11. Schedule of rentals in the current surrounding market to which you compete
  12. Overview of the types and level of incentive that exists in the surrounding market
  13. Target rentals and target lease terms
  14. Summary of recent leasing decisions made by the landlord in the last month that impact the property or any vacancy.

When you use these topics for your leasing report, it is clear for you to see that most things are covered and under control. In addition to the items above it is best to provide a time line graph of events both current and foreseen to help track events before they happen.

7 Tips For Buying a Property

Buying a property requires a good deal of research. Even if you are from the same place, you have to take care of a lot things before buying a house or apartment of your choice. Given below are 7 tips that can make the process a bit less stressful for you.

Location

As far as buying a property goes, the most important things is the location. Locations with facilities, such as hospitals, schools and parking lots are a great choice. Properties in these areas cost a bit more, but worth the extra price paid.

Haggling

Just because a property is on sale at a certain price doesn’t mean it’s worth the higher price. Moreover, the seller may not have taken an oath to sell it at the listed price no matter what. So, do your homework, find out the prices of other properties in the same area and then negotiate with the seller.

Go for a less sought after property

For instance, you can go for an apartment built above a popular shop. The apartment may offer more than enough space to meet your needs. Moreover, it may not cost as much as other apartments.

Control your enthusiasm

If the vendor or real estate agents comes to know that are in love a property, they may stick to the price offered, and you may not be able to get the best deal. Therefore, when viewing a property, you may want to control your enthusiasm.

Talk to the locals

To get a good idea of the neighborhood, you may want to talk to the locals. They can tell you how it is to live in the area. They will tell you about the nearby shops, pubs and other places. Aside from this, talking to the locals will give you an idea of what type of people they are. After all, you may not want to live with not-so-good people.

Auctions

Auctions are a good option too. Make sure you have gone through the paperwork before choosing a property. Also, don’t forget to view the property before signing the documents.

Team up

You should team up with your friends if you need help. What you need to do is be creative. While you may not want to share a flat or house with someone, your family member or friend may be on the lookout of a good investment opportunity. This can help you get the required capital to buy your desired house. Of course, you can pay become a full owner of the house after paying them their share of the property.

So, these are some simple but useful tips to help you new buyers like you. Buying a property is not a rocket science but it does require some research on your part. Therefore, you should not do it alone if you are a beginner. Instead, you should get help from someone in the light of the tips given in this article. Hopefully, you can get your hands on the right apartment now.

Tips On Picking "Sleeper" Real Estate Property

Real estate investing is all about perception. Your perception of where the market is going, in conjunction with where it’s actually going. The aim, as always is to buy low and sell high.

You want to buy a cheap tract of dirt and sell it as a high priced piece of developed real estate, after it’s appreciated enough to turn a tidy profit. Selling the property is an art in and of itself.

Buying an initial tract of dirt lends itself to some solid, rational guidelines:

First, look at trend lines for housing prices in your area. While most housing markets are in decline (and the housing markets in Florida and California are adjusting from more than a decade of over-valuation), there are markets where the housing prices are going up. This is a decent leading indicator that there’s a market for expansion.

Second, look for job related news. Home purchases require a steady source of income. New employers moving into a city, or a government branch office opening up are a strong indicator that good, well paying jobs are likely to come up. Where well paying jobs roost, home purchases follow.

Related to this, talk to your local city planning office. Are there recent purchases of “right of ways” to lay down sewer lines? Is the local telephone cable making plans to run out fiber optic lines – a “must have” trend in new home construction. These things point to areas where home growth is immanent. Other big tip offs are school bond issues (found in your local news paper) and new parks being opened up.

Before you look at the land, check out the adjacent commercial real estate usage. Look for “family friendly” or “residential friendly” commercial properties: Houses that are close to grocery and clothes shopping tend to fetch a higher price than ones that are farther away. If there’s a movie theater nearby, or plans for an elementary or middle school, factor that into the size of the homes you build, and what their amenities will be; buyers looking for those features are looking for “mover upper” homes – with a bit more floor space, and two (or three) bedrooms for the kids. Other spots to look for are anchor stores, like Wal-Mart and Best Buy. These companies spend millions on surveys of purchasing patterns before buying a store location; if they’re buying a plot of land, you’ve got about a year to a year and a half window to look into nearby real estate for single family residential and rental residential properties.

You can even flip this on its side – if you can talk to a group of commercial real estate investors, building a shopping center as the nucleus for home development is also a viable combined strategy. This also applies to highly urban areas. Many downtown areas that have been abandoned by businesses can be converted to apartment buildings, and some of the older housing projects are being torn down for mixed-use spaces with combined commercial and residential areas. In particular, you can often get block grants to help with the financing on projects like this, and there are programs from HUD that can help out a great deal with “urban renovations”.

Another source to investigate is the demographics in your area. Look at the US Census figures (and local county figures) for median age, and median birth rate per capita. You want to invest in areas where the population is growing already. High skews in the ’40s and ’50s indicate that you’ve got a bunch of people who are going to retire soon, and retirees are highly prone to selling properties off. Places to watch carefully are most of the urban parts of California, and great swaths of the rural Midwest, where demographic trends have been changing entire towns since the 1950s as the country’s population has shifted to urban areas.

If there’s a local planning council, or urban development council, make it a point to get the minutes of all the meetings from the past year. The city council offices will have them on file as a matter of public record. Also try to get into the next range of meetings as an observer. Discuss with the city and county managers where they see housing and construction trends moving. What you’re looking for is real estate that will be desirable in two to three years; look at road planning atlases, and look for all the data you can find. Also look for real estate that will be scenic – lake front property is as close to a guaranteed bet as you can get in real estate investing, particularly if there’s a lake that’s at the “far end” of a development axis. Likewise, if there’s land that the city council is looking to acquire for parks, buying the adjacent lots now means you’ll be able to sell them later.

Lastly, talk to the professionals in your communities. Talk to architects who can tell you if they’re busy or not. Maintain professional contacts with engineers, bankers and attorneys. They will usually know about projects well before the general public. Also make a habit of reading the local newspaper’s business section. Often times, the first clue that a business may move in to your area is buried at the bottom of a column on page 8.

Using the guidelines suggested above will help you to find “sleeper” raw land properties. These “sleeper” properties are perfect for the buy low, sell high strategy used by successful commercial real estate investors.

Tips for Outgoings Management and Budgets in Commercial Property

When you manage commercial real estate, the outgoings within the property will require focus and financial control. When the property market slows or gets tougher, managing the outgoings is really important; the outgoings form part of the financial strategy for the landlord and will impact the net income for the property. If the outgoings get too high, the property will be hard to lease and hard to sell.

Set Some Rules

You can split the outgoings into a number of categories and this is normally done to identify and track the cash flow by expense streams. Most importantly there are two sides to the outgoings equation. Some of the items will be controllable and others will be uncontrollable. This means that the landlord can exercise control on only some of the outgoings.

The uncontrollable outgoings are those which are imposed on the property and have to be paid without any opportunity for cost savings, adjustments, or budgeting. Those uncontrollable items are normally council rates, land tax, and water rates. To a degree, insurance and energy costs will also fall into that category although some cost controls are possible with these items.

To manage the property outgoings effectively it pays to adopt a process similar to the following:

  • Create a budget for the property prior to the commencement of financial year
  • Track your expenditure to budget monthly. Adjust expenditure when you see a need and reason; early adjustment prevents bigger blowouts.
  • Look at the history of the property expenditure over the last few years to identify any excessive spending or items that are beyond the averages in the local area. The history of the property will allow you to adjust your budgets and cash flow expectations.
  • Make sure that you have removed the capital expense items from the normal repairs and maintenance for the property.
  • Talk to the owners of comparable properties in the same area. The outgoings between your property and their property should be similar. If not, you need to know why and take steps to fix that. Share information of outgoings costs with other similar property owners for this very reason.
  • Monitor the annual valuations for rating purposes. When these valuations are done, you will soon see the statutory charges and council rates rise soon after. It is not unusual for landlords and property managers to dispute the valuation in an effort to keep the statutory charges at a lower rate.

In preparing an expenditure budget for the property, you should time the expenditure so that the larger costs are expected; hence ensuring that the cash flow is suitably adjusted in preparation.

The controllable outgoings are those that the landlord can exercise decision and timing. Normal items of repairs and maintenance together with the contractor maintenance will fall within this category. If the landlord chooses to delay the expenditure with the controllable outgoings, then they can spread the impact of those items on the net monthly income from the property.

In summary, the property manager working on behalf of the landlord should exercise due care and diligence in the budgetary process for property expenditure. A well-managed landlord cash flow in an investment property is a correct balance of income against expenditure given the tenancy mix pressures on the building and the existing vacancy factors.

Your Perfect Guide To Financing Property Development

If you happen to be a property investor, a developer, or a landlord, there’s an array of commercial land and development financing options to kick-start your project. However, for many commercial realty investors, the alternative investment market is pretty complex and large. So through this post, we’re attempting to simplify commercial property financing options for investors like you who’re looking forward to developing their own commercial properties.

Commercial mortgages

Commercial loans are used for purchasing commercial properties, such as offices, warehouses, and shops. Broadly defining, these mortgages will work like their private counterparts only. That is, a commercial mortgage will work to spread the cost of any large purchase over a specific period of time-generally, a fixed number of years.

The plainest commercial finance type will be leveraged by existing businesses that want to invest/buy in their own premises; a place where a business is currently operating. One typical example is of a dentist who’ll want to buy a specific piece of land within the clinic’s premises. However, if the dentists can’t pay for that specific piece of real estate straight away, then the dental expert can avail oneself of a number of commercial mortgage options-for example, commercial bridge financing.

If you don’t wish contributing cash yourself, then it’ll be, sometimes, possible to get close to 100 percent financing by putting in additional security. However, for getting full financing, you must have a powerful trading record and a solid history of operating within the premise (where you’re looking forward to investing). If you talk of the businesses, then it’s easy for an established business to get a commercial fund; however, for a start-up, getting commercial mortgages is difficult as the lenders have to face a lot of risks.

Buy-to-let mortgages V. commercial loans

Now, there’s one more situation where a commercial loan will be suitable; according to this situation, landlords-having large property portfolios-will make the most of business loans whenever they’ll want to buy a lot of properties. Having such a portfolio, you’ll combine a lot of properties within one single mortgage. By doing so, you’ll be able to cut arrangement fees and even leverage economies of scale.

Such a commercial mortgage is different from a buy-to-let mortgage in terms of scale only. So this setup can be leveraged by only those landlords that have multiple properties. This specific mortgage type is never meant for those individuals who’re looking to acquire their first ever rental property-for them, it’s the buy-to-let mortgage option.

So that’s it, readers. If you’re looking forward to getting a commercial mortgage loan for land and development finance, you’ll have to touch base with some of the finest alternative financing lenders in the market. That’s because they’ll be the ones to cater to your commercial property financing needs easily and, most importantly, quickly.

Commercial Building Inspections – Tips for Finding a Reliable and Competent Building Inspector

If and when planning to purchase a commercial property, the question often arises, ‘How Can I Find a Reliable and Competent Building Inspector for Conducting a Commercial Building Inspection?’ While one could easily write an eBook on this subject matter, this article offers several tips to help you hire a reliable and competent inspector for the purpose of obtaining a thorough and diligent commercial building inspection. So without further ado, let me begin by telling you ‘What Not to Do’.

Never hire a commercial building inspector who was referred to you by the real estate agent or any other outside party who has a vested interest in and stands to gain from the sale of the property.

Although this statement goes without saying, it’s worth mentioning simply because many of those looking to purchase commercial real estate believe it is standard protocol to rely upon the realtor’s recommendation for hiring an inspector. In reality, this practice poses a conflict of interest that can have dire consequences for the party purchasing the property. Unfortunately, real estate agents who knowingly partake in this practice along with inspectors who continue to burn the candle from both ends know exactly what they’re doing and how to get away with it. While there may be a few exceptions to what I am telling you, I can assure you that the majority of inspectors who rely heavily upon referrals from real estate agents for their business are not going to rock the boat by disclosing any information to the client during the course of an inspection that may later serve to jeopardize their relationship with the broker or real estate company who referred them in the first place.

Never hire a Home Inspector to conduct a Commercial Property Inspection.

As for hiring a home inspector to conduct a commercial building inspection, suffice it to say that in most cases, conducting a commercial building inspection is altogether different from performing a home inspection for reasons too numerous to list in this article. However, the proliferation of home inspectors over the past twenty years (everyone wants to be one, especially in those States where home inspection licensing has become mandatory making it relatively easy for anyone to become licensed), hasn’t helped either as this has spawned an increasing number of home inspectors who are still unable to properly inspect a home, much less a commercial building, even if their life depended upon it. Moreover, given the number of significant and distinct differences between residential and commercial property, while experience in inspecting homes may well serve as a prerequisite, it is by no means a substitute for the vast amount of knowledge and experience required and yet to be learned by most home inspectors before they can even begin thinking about conducting a diligent and thorough building inspection.

Aside from ‘What Not to Do’, there are also other criteria you need to consider or at least be aware of in your quest to hire a reliable and competent commercial building inspector. namely:

Know the fundamental difference between a Commercial Building Inspection and a Property Condition Assessment (PCA).

Although this topic warrants a separate discussion, it’s important to note that the terms ‘PCA’ and ‘Commercial Building Inspection’ are often used interchangeably in the commercial sector. This in turn has resulted in a lot of confusion not only among real estate investors and others looking to purchase commercial property but real estate agents as well who more often than not simply do not know much less understand the difference. To make matters worse, the ASTM (American Society of Testing Materials) has also gotten in on the act by promulgating their ASTM Standards for Conducting a Baseline PCA. What this means is that since they happen to be a nationally recognized organization in the construction industry, in certain respects they’re similar to the AMA in the medical profession meaning anything and everything they write on a particular subject happens to bear a lot of weight. The problem arises in that the Standards for Conducting a Baseline PCA are often misunderstood by many in the profession and seldom if ever read by those buying and selling real estate.

To simplify things, all one really has to know is that the difference between a commercial building inspection and a Baseline PCA is like night and day since the later can be performed in a fraction of the time it takes to conduct a thorough and diligent commercial building inspection. The reasoning behind this is pure and simple in that a PCA is essentially a cursory walk-through of the property that relies heavily upon second hand information obtained through interviews and documentation (that may/may not be readily available let alone veritable) normally obtained through the owner and/or occupants of the property. Hence, my advice to anyone who is seriously considering having a PCA in deciding whether or not to purchase a commercial property is to forget it since in most cases a PCA is a total waste of time and money in providing information contained in a property condition report that isn’t worth the paper it’s printed on.

Try to obtain as much information as you can about the company and the inspector beforehand

This is another statement that goes without saying but I mention it because many people feel uncomfortable in asking questions of this nature especially when speaking with someone they don’t already know. However, if you reflect upon what I’ve just said for a moment, the fact you don’t know anything about the company or the inspector should be reason enough to ask all the questions you can to solicit answers without being embarrassed.

Be sure to ask the company or building inspector for references

Last but not least, do not be embarrassed to ask for bonafide references regarding recent clients for whom they have conducted similar commercial building inspections. If the company or inspector is reputable and if they have confidence in the service they provide, they normally will not have any reservations whatsoever in providing you with this information.

My next article will provide tips as to what questions you need to ask and what else you need to be aware of in looking to hire a reliable and competent commercial building inspector.

Top Gun Prospecting Tips in Commercial Real Estate Brokerage

In commercial real estate brokerage, the prospecting process is critical to the commissions and listings that you attract. The best agents and brokers in the industry have a quality approach and system when it comes to prospecting for new business. Every day they are implementing their system into new segments of the market and with new clients.

To revitalise your career and your market share, you can adopt a ‘top gun’ approach to all of your new business efforts. You could say that the approach is based on an ‘attitude’ more than anything else. When you direct your thinking towards creating new clients and new business, everything tends to follow with leads and opportunities.

Action is the key to getting anywhere in this industry. It really doesn’t matter what agency or brokerage you work for; personal branding and networking will allow you to achieve the results you want with listings and commissions.

Here are some ‘top gun’ tips to help you with your growth of market share and client conversions:

  1. Make it easy for people to contact you. Over time extend your brand into the local area and with the right people through constant contact. To do this correctly, you will require a networking and contact model that devotes 50% of your time to current contacts, and 50% of your time to new contacts.
  2. Take advantage of technology through the use of auto responders, e-mail marketing, social media, mobile telephones, and call prospecting. The ultimate goal in any new business effort is to get in front of the right people to establish a long-term relationship. In our industry, the elements of trust and knowledge go hand in hand. It can be many months if not years before someone is ready to use your services. Staying in contact over and for the long term is really important.
  3. Be prepared to put in the time and the effort when it comes to building your market share. Every day approximately 2 or 3 hours should be devoted to the prospecting and networking model you have devised. That itself can be a very large challenge for some agents. They simply do not have the discipline for the process and hence do not take the required action. When you think about it, this leaves the market wide open for those people that can get organised and stay on track when it comes to their real estate business plan and opportunity network. It is a personal thing. It cannot be delegated.
  4. Tracking your efforts and your results will be important to getting traction in building market share. Understand the number of calls that you are making every day, the meetings you are creating, and the presentations underway for new listings. Seek to improve the numbers in a logical and consistent way. Commit time to the process in your diary so that you can reach new people with new property requirements.
  5. It should be said that the prospecting process usually involves a degree of discomfort and skill development. You can fast track the process through practice and role playing. You can merge those activities into your regular weekly sales team meeting.

A successful prospecting model in commercial real estate will take you quickly into the local property market and help with many new quality commercial listings. Consistency and focus will be required to stay on track and get the conversions that you require. The agents and brokers that control the listings, control the market.