Every commercial real estate broker has a different way of doing things. There’s a reason the same two or three brokers seem to close all the big business in your market.
What do they know that you don’t?
If you’re looking to close more deals this year, it’s time to focus on how you can become more like the standout closers in your area. There’s no magic secret, there’s just a formula that includes strategy, teamwork, and the right perspective.
Here are four things all amazing CRE brokers off their clients.
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Wide-Ranging Experience
The primary responsibility of any commercial real estate broker is to be an expert. It’s a Broker’s job to see the hurdles the client can’t see. Most gain this perspective through years of experience with various clients, in myriad industries, and with a variety of different property types and styles…but time isn’t the only way to become experienced! Training under an experienced broker and/or continuing education courses are good ways to gain a lot of valuable market knowledge fast.
Experience makes for a smoother transaction. Experienced CREs have the foresight to recognize challenges before they become problems and adjust their stances accordingly. It often makes the difference in knowing where to invest in upfront or stalling on the market for months at a time.
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Current Market Awareness
Commercial real estate markets are highly localized. Part of the job of any successful CRE broker is to stay on top of movement in the market beyond the scope of closed deals. Great brokers know which properties can’t make it through inspections, which are asking too much in rent, and which are about to go back on the market after a renovation.
Current market awareness is highly valuable to commercial landlords and sellers because it produces ROI. Brokers who are highly knowledgeable about the micro-trends of a market are more likely to recommend sales and leasing strategies to suit that market specifically, like staging towards an influx of tenants looking for open, tech-centric spaces, for example.
Most of all, market awareness ensures a property never lags behind the competition. CRE brokers with their finger on the pulse of the market understand what other property owners are doing to stand. They make their recommendations accordingly. In a tight market, that kind of insight is invaluable.
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Network of Reliable Professionals
Commercial real estate brokers are not lone wolves. Behind every great broker is an on-call team of qualified professionals to help move property fast and for top-dollar. One ineffective link on the chain can cause a whole deal to stall. A reliable team of trade experts can help facilitate the transformation of a property in almost any condition.
Some of the most important members of a broker’s team include designers, contractors, and/or inspectors. Input from an experienced workplace designer can be critical to positioning a property properly before it ever hits the market. Many brokers credit strategic commercial staging as one of the most effective tools available for appealing to a highly-targeted, highly-qualified pool of buyers and tenants.
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Keen Sense for Negotiation
Smart commercial real estate brokers understand the power of negotiation. They also know that a lot of the heavy lifting for commercial spaces should be done upfront – proper staging, pointed marketing, spot-on pricing – so that whole deals aren’t hanging in the balance over a negotiation standoff.
Having an experienced broker means property owners get trustworthy advice about what the market will bear. The nitty-gritty of negotiating should never be worked out in a high-stakes conference room, it’s something great brokers discuss at length before a deal reaches its boiling point. That way, bottom lines are decided on before emotions are running high.
Great commercial brokers work with great commercial designers.
Design Your Monday is a partner you need on your CRE team.
We’re experienced. We’re professional. We know what works.