In commercial real estate, the stakes are high and competition is stiff. As such, you need to understand many factors to properly pitch a commercial property when the time comes.
Here’s everything you need to know to successfully pitch a commercial property:
1. Prepare yourself
You must be ready to pitch at any time and on short notice. Your clients may want to talk to you without any prior warning.
So, make sure you have the latest information on the market to hand. If you can discuss market trends and fiscal performance in a strong and solid way, this will help demonstrate your expertise and help your client understand why they need your services.
This preparation will also help you to make recommendations based on market trends and local trigger points, which will support your ideas and proposals during a pitch.
2. Keep an eye on the competition
Keep your friends close and enemies closer, right? In commercial real estate, if you want to beat the competition you have to monitor it.
Check out any competing properties in your local area and analyze how they are being marketed so you can come up with a relevant and winning strategy for a specific listing.
Also, look out for agents that may want to attract the same listing into their agency and the strategies they use. For example, you may want to look at any enticements and discounts they’re using to win business.
3. Pitch your services
However, don’t just rely on discounts and enticements when pitching a commercial property. These bonuses should complement the high level of service you offer your clients, not replace it.
Remember, cutting corners doesn’t work and your clients are wise to such tactics. A few hundred dollars saved in commission is nothing compared to getting the best price for your client.
So, adjust your pitch to provide your clients with the reassurance they need by demonstrating your own experience and areas of expertise.
4. Be relevant and different
If you specialize in a specific and area that is relevant to the client, make sure you highlight this during your pitch. Your services need to stand out compared to your local competitors.
For example, you may want to make sure you clearly demonstrate your market dominance and experience with a certain property type. You can achieve this by providing samples of your work with comparable properties.
5. Remember the client
Don’t make your pitch all about you and your sales team. Your pitch should address the needs of your client and their property.
Also, take the time to understand the client’s current property situation. This will have an impact on your pitch and your proposed marketing structure.
Finally, make sure you slant your conversation towards the client and their requirements. Furthermore, ask the right questions relative to this property to gather more information during your pitch.