Some sectors of the commercial real estate industry have fallen on hard times over the past two years, and others have prospered.
But with this spring being the first not clouded by fears of a pandemic, everyone is hoping for a booming enrollment season. We asked some of the best sales agents for their advice on increasing their number of listings.
Carry on no matter
Even when times are tough, it’s important to stay focused and active, said Daniel Wolman of Colliers International Melbourne. “Despite a market downturn with rising interest rates, people have now realized that there is a lot of capital out there,” he said. “Thus, agents must continue to match any capital that is missing from transactions with the next suitable property for sale.”
Put the work in the beginning
Most of Gold Coast-based Adam Grbcic’s business comes from existing referrals and relationships, and the Kollosche Broadbeach agent said it was essential to establish those relationships before the spring. “It’s the work you do in the beginning that gets you the results,” he said. “I make sure I’m the first person to offer advice on the property and let them know I’m a good source of information so when they sell I hope they remember it and come see me.”
Share your winnings
When JLL Melbourne’s Josh Rutman sold one of Melbourne’s most iconic hotels, he made sure many surrounding buildings, businesses and property owners knew about it. The $50 million sale of the 59-room Lindrum Hotel on Flinders Street caused enough noise that Rutman subsequently received several inquiries from other hotels and surrounding business owners. “They then started thinking about the value of their buildings and building on the momentum of this sale,” he said.
Back to basics
Many people had forgotten how to work in the last two years of the COVID pandemic, said Vincent West, director of Upstate at Sydney’s Dee Why. “But now it’s about getting back to basics,” he said. “My best advice is just to make more phone calls. That means cold calling and calling past clients; the more people I talk to and the more hours I put in, the more business I get.
Look on the bright side
Stay optimistic, no matter what. For example, the closures in Melbourne affected everyone, but now the city is bustling again, with busy streets, many shoppers and many office workers returning to work. “People will always need to sell and buy property, regardless of the times and the market,” Wolman said. “Staying positive and optimistic is a big part of the battle.”
Target your information
Provide information, but in a targeted way, so you don’t inundate people with information that is of no use or relevance to them. “I aim to bring value to people rather than asking for business, so they will end up asking me for business instead,” Grbcic said. “I will text and email, make phone calls and write articles, but only for companies or regions that are interested. For example, I will provide an update on light rail, but only to those really concerned. »
Have as many conversations as possible
The power of being a good communicator cannot be overstated, Rutman said. “Personalised, expert and tailored conversations about the implications of each sale for other people’s holdings can be very important,” he said. “Meaningful, solid conversations are what people are looking for. This can mean press releases, going on social media, posting signs on buildings and doing media interviews. For example, I went on ABC Radio to talk about our listing for the Witches In Britches restaurant and theater in West Melbourne which has been in business for over 30 years. All kinds of publicity can help the cause.
Network hard and network often
In the commercial and residential sectors, operating a network is critical to success, said Michael Gross of Gross Waddell. “We keep in touch with accountants and lawyers because they are an incredible source of business with referrals for different clients,” he said. “In recent years, financial advisers have also been good, and perhaps bankers and insolvency practices could work later, when the proverb hits the fan.”
Sow now to harvest later
It may take a while for leads to materialize, but give them time, Gross said. “My business partner has a great expression that what you plant today might not bloom for six to nine months, but it might happen in the fall,” he said. “So keep scattering the seeds and they will eventually set and, with patience, grow into new business.”
