This column is offered to help educate agents new to commercial and investment brokerage and serve as a review of basics for existing practitioners.
When was the last time you reviewed your listing presentation(s)? Presentations need to be well prepared - you can't just "play it by ear."
Some clients will expect a high-tech lap top PowerPoint presentation; others would appreciate the presentation printed out in booklet format. You should have both formats ready to go and a set for sale, lease or buyer/tenant representation.
Our clients are busy business people, your listing presentation must be brief and to the point (15-20 minutes).
Do you have a "streamlined" version? Create a "placemat" (11 x17 size) composite of 6-8 of your slides , images or messages, and just use this to guide your client through your listing (presentation) discussion.
The key point for the agent today is to demonstrate what makes them unique and specifically what they will do for the client. It is OK to talk about your company history and your past deals. But, make it short or better; disseminate that information in printed format. It is a good idea to drop off a "pre-framing kit" - information about you, your company and general market conditions in advance of your meeting.
Today's consumer wants to know your action plan - how will you market their property? This needs to be the primary focus of your presentation. Think "show me" have samples of marketing and promotional pieces you have produced for others. Don't just say I will post your property on the internet, ask "Are you familiar with these web sites?" Use another of your listings as an example to show them what their property will look like on the various sites.
The listing process must be interactive. This is a communication, a discussion, not a lecture. A common error with agents is we talk too much and are not listening enough. As you go through your presentation ask questions based upon what you said, to be sure your client understands and agrees.
During the listing process you have an opportunity to set the stage for pricing. Include discussion of "comps" and "comparables." Today's competition; what is on the market? What properties will this property be competing with for that buyer or tenant customer? Show them the competitions flyers. "Were you aware this space was available?" "Do you recognize this building on Main Street, it is currently for sale." Show trends in pricing to substantiate your pricing recommendations. Note on the overpriced properties how long they have been on the market, indicate that is why they are not selling or leasing. Remember it is the market that sets the price not the agent.
Quote your commission fees, immediately followed by a call to action.
"Now in order to proceed we need to fill out this agreement." It's human nature to want to get the best deal possible so expect a probe; "would you consider reducing your fee?" Simply say, no, and get back to the paperwork. But be prepared to justify your fee if they continue.
The good news is most of your presentation can be prepare in advance and be ready to go when opportunity knocks.
Edward Smith, Jr. CREI, ITI, CIC, RECS, GREEN, MICP is the northeast regional director of Coldwell Banker Commercial NRT, Syosset, N.Y. Tags: