Important Commercial Real Estate Lessons for Agents Travis White Newport Beach
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In commercial real estate agency, you will find that the marketplace and the industry evolve in cycles. Each year there is a specific cycle of enquiry, and marketing. Every 7 to 10 years there is a cycle of price change and repositioning.
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The commercial real estate market today is highly favorable for agents. We are the ones with the information, the contacts, and the knowledge to make a transaction work. Many of our clients are looking for adjustments when it comes to property ownership or property occupation.
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It really doesn't matter how much a client wants as part of selling or renting the property, the market will dictate the outcome. On that basis, you should work with those clients that are realistic when it comes to the prevailing market conditions.
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There are always successful businesses out there looking for properties to occupy or own. Review all of the local businesses and find the ones that are successful and expanding. Certain industries in your local area will show this trend. It is these businesses that should feature in your prospecting model.
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A single transaction with one client can lead to many more business opportunities. Always ask for referral business from your existing clients when a transaction has been completed. Maintain positive and productive relations with all your clients between transactions.
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A sale or a lease transaction can lead to a property management appointment. If you have the right property management staff within your agency, you can control and package the listing for future leasing and sale opportunity over the years.