Networking Tips for Commercial Real Estate Agents

In the commercial property market today we as agents should have a distinctive and efficient strategy when it comes to networking and prospecting. In only this way can we build market share with the right people that can act in this property market.

In every calendar or financial year, there will be shifts and changes that apply to property enquiries, sales and marketing strategies, leasing processes, and property development. The supply and demand of local property will also have an impact on the market sentiment. To work through all of these challenges, you need a significant and focused networking process that captures the right people into your database.

Here are three distinct strategies to apply when it comes to making contact with new prospects and potential clients. They put the ‘professionalism’ into your relationship over time. Here they are:

Seek to understand the contact and their property requirements first before you push for any potential business relationship. Many of the clients and prospects that we work with are quite business savvy and will not be pressured into any transaction. Build the relationship with your prospects and clients at each and every opportunity. Send out information that is noteworthy and relevant to their property challenges and interests. Show that you are the expert when it comes to that particular property type and the local area.

Find out what’s going on in the clients world. They will have issues related to property occupancy, usage, tenancy mix, operating costs, and financing. Through all of these things there will be challenges and changes. Many of our clients will be under pressure from time to time where specialized information and services will be of great help. Your knowledge of prices, rentals, methods of sale, methods of lease, and local market trends will help you significantly when it comes to servicing those clients.

As a general priority, you should be seeing all of your prospects and clients at least once every 90 days. That personal contact approach will go well towards building the relationship when any sale or lease transaction is ready to occur. Even though we have many contact technologies and tools to support us in real estate agency today, the personal approach and the personal relationship still sits at the foundation of any sales or leasing transaction. The client really does need to know you and trust you.

Never assume that you know everything about the client and their current property challenges. When you assume something, you are likely to close off the perceptions and the opportunities that really do exist. An outside agent will soon get inside your client or prospect relationship, and take that high value client or person from you for the long term.

The best agents have a significant and strong and networking and lead generation process. Prospecting will be part of the model; however you do need to have relevance and commitment to the ongoing contact. That’s how leads are created and encouraged.

It should also be said that a successful transaction will leave open the door way for referral business. Asking the right questions at the right time will help you grow your market share in so many different ways. That’s what top agents do.

Social Networking For Real Estate

As a real estate investor one of the greatest challenges that we face is finding the right network to help us grow our business successfully. With all of the different components that we need for a thriving real estate team, I have found that the ability to create a large network through social media has become a tremendous asset to my business.

What I have done is use large social networks, such as Facebook, Twitter, LinkedIn, Craigslist, and YouTube to build my business. With so many people online today it has become imperative to connect with fellow investors, agents, contractors, buyers, and sellers through social media. There is no other place in the world that let’s you access so many people for free.

One of the advantages of using social media is the ability for you to find specific information about targeted groups or individuals. For example, on Twitter I have an account that has virtually every real estate investor in the country. Whenever I sell a property, I make sure that this list gets some extra tweets about the property, so all of my investors on the list have the chance to contact me.

On average, 50-100 investors from Twitter, Facebook, and YouTube will look at my property. This is free advertising and these are contacts that I would generally not meet otherwise. My partners and I usually get more calls through social media than the properties we list with real estate agents.

Additionally, I have been able to build on these newfound relationships for future deals. For example, we have a property that some partners and I are selling in Naperville. We found our buyer through Facebook, but also we now have a list of buyers in the area through Craigslist and Twitter. I have even received calls as far away as Pennsylvania from investors who are talking to me not just about this deal, but also commercial real estate deals in Chicago.

The power of using social media for real estate is tremendous, so take advantage of the trends that are occurring across the nation and join real estate investors who are using social networking to create a better real estate investment environment.

Residential Property Investment Companies

When you are looking to become a real estate investor and buy your first property, there are always shows and exhibitions to visit where there are a plethora of companies willing to help you spend your money on one or more of their deals. Each show I visit, and I still visit regularly, seems to have more and more with overseas investment stands doubling each time.

I have researched a number of these property investment companies UK based only and believe there to be merit in some of them. I was hoping to find an easier way of building my portfolio without having to do the hard work myself. Overall though, I believe you will end up paying too much for the property purchased.

Let me qualify that though! The value shown for the property, with the discount being offered, is usually at current market levels or below. The way that the costs increase, in my opinion, is with the fees added into the deal by, and for, the company.

These companies usually offer a turnkey solution so you have no choice but to use their solicitor, their mortgage broker and their mortgage provider. This is not to say that these charges are excessive, but that they are not open to negotiation or variance. I have actually been quoted figures of up to £9000 just to do one deal with no discount if buying more than one property.

In my opinion, you are best served in doing the deals by yourself unless you have so much spare cash that costs are not an option? By finding and doing the deal yourself, you:
– Learn so much that you can take on top your next and future deals
– Develop a better understanding of the whole property market and how it all works
– Build your own team of experts who work for you and not for the investment company
– Get more satisfaction by growing your OWN portfolio

There are also a number of good property sourcers around the country who can help you find suitable additions for your portfolio and these charge acceptable fees for their work. If you need assistance, look for one of these especially at the start of your career as a real estate property investor. Attending a local property networking event or club meeting is a good place to start as asking here for advice will soon turn up one or two and with personal recommendations, always a good thing!

I am not saying that residential real estate companies should be avoided, that is a matter of personal choice, but that they are one of the possible sources for property acquisition. To build up a good income from real estate investment of time is as important as an investment of money.

4 Benefits of Networking for Foreclosure Investing

As a foreclosure investor, you need access to cash, leads on potentially profitable properties, legal and financial advice, referrals to affordable contractors, and so on. Same as any other business, you need advices, assistance, and recourses of thousands of people to make your investing profitable. That’s why you need a strong network to help you out when you’re first starting out and for however long you continue to invest in real estate. Let’s have a look the 4 benefits of networking for foreclosure investing.

Generating leads

In foreclosure investing, the earlier you step into the foreclosure, the more information you know about the property, the greater your chances are eventually taking possession of a property and making a profit. That’s why you need to let everyone know that you are doing the real estate business. Everyone you meet is a potential lead generator, especially people who are also in the foreclosure investing business, such as your real estate agents, mortgage brokers, and loan officers.

Securing financing

Securing financing is crucial for every business. People who have plenty of money would always prefer to lend money to somebody they know. If you have a good reputation and a proven track record for making money, lenders may rather invest in you than bet their money on stocks and bonds. The first step to secure financing is to network with the lenders in your area. Local banks, mortgage companies, and private lenders are contacts that you must have to make a successful foreclosure investment.

Tracking down professionals

You need a reliable team to assist you with the foreclosure investing- attorney, accountant, agent, title company, inspector, or contractor. It wastes you enormous amount of time to flip through the phone book for top-notch professionals. The best way to track down professionals is through your network. Real estate agents are in the business of assisting clients with all issues related to property investing. So try to get advice from your agent and any other people who may help, it will make your work much easier and faster.

Selling the property in less time

Even though real estate agents market their properties with excellent materials, such as full colour flyers and brochures and plant a For Sale sign on the front lawn, it is always easier and faster to sell the property in your network. It is likely to generate additional interest or negotiate a better deal in your property through your own network. To sell the property faster, you should tell everyone you know in area that you have a property you’re fixing up and you are willing to sell.