Commercial Real Estate Agents - Tips for Showing Properties

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In commercial real estate agency, it is tempting to show the prospect quite a number of properties just to get an offer from them. The fact of the matter is contrary to the reality of the situation; when you show a client or a prospect too many properties, they will simply get confused and back away from any decision.

How Many is Too Many?

So how many properties are 'too many' to inspect? About 4 commercial or retail properties in one inspection session are about the limit. If you still have other properties to show the prospect, it is better to do it at another time and on another day. Naturally, you want to retain the attention and the interaction with the prospective buyer or tenant. In saying that, you don't want to lose them to another competitive agent in the local area.

If you ask the right questions at the beginning of the connection with the prospect, you can short circuit the amount of time that you can waste with inspecting irrelevant properties and poor locations.

Here are my strategies when it comes to inspecting commercial properties for sale or lease.

Make sure you understand first if the client or prospect has inspected other properties locally with the other agents. They may have looked at openly listed properties through other agencies. If they are working with other agents now, it is better to know that before you spend too much time with them.

Understand the budget limitations that apply to the prospect and their property choices. Their budget limitations need to be aligned to the properties that you will be showing them. Market rentals and market prices will have established benchmarks that will need to be carefully explained to the prospective buyer or tenant

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You will likely need some comparable market information to show the prospect as part of the inspection process with the relative listings. Given that the commercial real estate market currently has an abundance of listings to choose from, the tenants and the buyers that you deal with will be quite selective when it comes to property choice, and in many circumstances they will be slow to put in an offer. The fact of the matter is that you should stay with the process as long as is required to get an offer on realistic terms and conditions.

Confirm with the prospect that they understand the local area as to demographics, highways, transport corridors, and business communities. Our commercial real estate market is based on relevant facts just like these. In many respects the prospects that you work with may not truly understand the facts that apply to the local region.
When you take a person to one of your property listings, ensure that they completely understand the facts of the market that will help their decisions. To a large degree, the connection and closing process commences from the first point of contact you have with them and that may have been a telephone enquiry for a particular property.