Commercial real estate agents can capitalize on changing market trends easier than you think.
As a commercial real estate broker there are many ways to grow your business, but one opportunity that is often overlooked are the unique opportunities to leverage the shifting market trends. By staying attuned to sector-specific developments and adapting your strategies, you can position yourself for greater success in a dynamic and competitive environment.
The information needed to guide you is all there, in fact, there is so much more market information now, that we have access to on a daily basis, yet many brokers will not take the time to evaluate their asset class or market. This is key to your business growth, and how you will move ahead of other competitors. Here are some steps to get you on the right path on analyzing the market sectors and adapting your business to the changing times.
Monitor high growth sectors- Go on as many property platforms as you can to research which asset classes in your market are performing the best, look at number of listings, number of sales, days on market, list price, sales price. In addition, read as many real estate publications for your market as you can on a daily basis, once you have started reading these publications you will notice that there are not really that many new articles out daily so it will be easy for you to stay on top of the new information.
Here’s an example of how to leverage the information to stay in front of potential clients.Let’s say in your market, the industrial sector remains a standout, driven by ongoing e-commerce demand and logistics needs. Brokers should highlight their expertise in warehousing and distribution centers, where rental rates are strong and vacancies remain low despite some normalization in leasing activity. Offering clients detailed financial projections and market insights on a regular basis via email, cold calls and digital marketing campaigns. If you don’t have the expertise yet, still do the marketing campaigns and learn your market ASAP, you will be surprised to find that many agents do not know the market as well as you think they do, allowing you the opportunity to quickly become the go to expert in the area.
Another opportunity lies in adapting to evolving markets- By staying on top of the market trends you will know which asset classes are seeing the biggest changes, by being able to be one of the first to respond and discuss these changes you will end up becoming the person that potential clients will rely on for their information. The ability to see trends and accurately forecast expectations is invaluable, and a skill most brokers do not have. This alone will set you apart within the industry.
The information you put out does not necessarily need to be about your asset class in your market but you should always be sure to reference your asset class. For instance, I recently
spoke with a multifamily broker and he was writing an article on how the office market in his area was turning around and it was driving more housing demand because people did not want to commute. His goal with this article was to show that he kept up on all market trends in his market that may affect his specialty, but also emphasizing that he specializes in multifamily. A bonus for this agent was that any leads outside of multifamily that were generated by the article, he just referred to a broker in his office that worked that asset class creating more revenue for himself and helped drive more people into his market.
Leveraging technology and data- The top producers I know all embrace technology to monitor market trends efficiently grow their business, utilizing tools such as a CRM platform, data analytics, and the many new AI-powered tools to collect and disperse data—this can help you streamline your operations and deliver superior client service. This approach not only improves efficiency but also enables you to provide clients with real-time insights on market trends, investment opportunities, and risk management.
By staying on top of market trends you will have the ability to advise clients on the ever changing market conditions, being ahead of the curve will allow you to demonstrate expertise in risk mitigation and long-term planning helps build trust and positions you as an indispensable partner.
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