The following article is sponsored by Moody's, republished with permission from moodyscre.com.
In a time when deals are sparse, some top performing CRE brokers are managing to move the needle on deal volume. This raises a compelling question: How are businesses succeeding while confronting the economic threats of ongoing inflation, elevated mortgage rates, and increased operating costs? Today we’re sharing some of the top ways that distinguished CRE brokers are successfully navigating the volatile market and growing their businesses.
1. Prospecting Smarter, Not Harder
The market is saturated with tools that overpromise success and underdeliver genuine leads, often cluttering inboxes with irrelevant contacts or, worse, spam. If you’ve exhausted prospecting efforts with little to no success, your data is probably outdated.
Prospecting can be a discouraging undertaking, but implemented correctly, it's a foolproof way to drive growth. Subscribe to an advanced, well-researched platform that allows for tailored searches using True Owners, Tenant Information, or Off-Market listings. Filtered searches unlock an extraordinary prospecting superpower, enabling users to zero in on what’s most important with unparalleled specificity and focus.
2. Finding Marketing Resources that aren't "One Size Fits All"
Marketing is another workflow that often needs a refreshed approach. Many brokers are experiencing declining levels of listing traffic, in part because reaching their target audience is an ongoing challenge. Top-performing brokerages have successfully navigated this challenge by strategically placing listings on databases that not only attract genuine customers but also showcase impressive traffic metrics. Public platforms are inundated with bots or inaccuracies, so it's best to publicize listings on a trustworthy site that has real market reach.
Leading CRE brokers cultivate a strong online presence to highlight their expertise, foster connections, build trust and boost personal brand awareness. A platform that consolidates your headshot, listing details, and brokerage information alongside your postings is not only ideal, but ensures streamlined and consistent marketing efforts.
3. Recognizing that Market Knowledge is Power
How do top brokers stay informed on market data and trends? Covering all your bases when it comes to market and tenant data is imperative to closing deals. Distinguished brokers stand out by staying current in more than just their immediate market or sector – they have a deep understanding of the broader economic metrics including vacancy rates, absorption, supply, and demand fluctuations. Reading economic reports, utilizing refined data and leveraging sophisticated insights are some ways to achieve a high-level understanding of the current landscape.
Moreover, understanding tenant behavior in your market is essential. When aiming to lease a space, it’s vital to understand what kind of tenants that thrive in that locality, and the specific property features they may be seeking. Tenant and neighborhood data, like demographics and foot-traffic can provide you with the resources to create stronger, better-informed relationships.
4. Moving Early to Get the Worm
A critical, yet often overlooked tactic is the diligent tracking of lease expirations and new construction projects. Tracking expiration timelines gives CRE brokers a unique advantage. By detecting vacancies early, you can strategically position yourself to offer services for lease renewals, re-negotiations, or to introduce potential new tenants.
Keeping a pulse on new construction and lease-ups gives brokers a head-start on deals before they hit the market. Tapping into emerging markets early allows brokers to position themselves as indispensable business partners when advising clients on strategic investment decisions. This approach enables them to advise clients on securing up-and-coming locations or capitalizing on the lucrative potential of brand-new properties.
5. Teaming Up with a Resilient Data Provider
If you’re looking to achieve top performer status, look no further than Moody’s which provides a suite of broker solutions, tailored to meet the diverse needs of modern-day brokers. From our free-to-search Marketplace, offering nationwide property visibility, to Market Core to accelerate transactions, or to our premium Market Pro offering, which provides unparalleled data and analytics for strategic advising and in-depth market analysis Moody’s empower you to excel, innovate and engage clients like never before:
- Uncover up-to-date True Owner information, including full contact details for initiating conversations with property owners.
- Proceed confidently with enriched with proprietary data that is frequently updated and verified by a human to instill full confidence in data quality.
- Search records by owner name to pinpoint potential leads and opportunities in their early stages.
- Transcend traditional data and analytics with proprietary Moody’s data. Leverage a vast database of CMBS, Fannie Mae, and Freddie Mac information to achieve unmatched levels of insight with fully contextualized data.
- Broadcast listings via email to a close-knit community of professionals across the nation, resulting in high engagement rates.
- Build a personalized online profile to engage with your community and easily export listing information with consistent branding and contact details across all client-facing materials.
- Leverage new construction information and loan details, including lease expirations, maturity dates, and days on market to gain a competitive edge on hidden opportunities. Further utilize this information to gain pricing transparency with a dedicated workflow tailored to various stages and types of property transactions.
- Delve into lease and sales analytics to understand market and vacancy rates. Forecast using historical data to predict trends in the market or submarket of interest.
- Stay informed with a range of thought leadership articles that delve into the complexities of the broader economy and their impact on various sectors and specialty markets.
At Moody’s our dedication lies in providing cutting-edge products, insights and analytics. By choosing Moody's, you gain access to the very tools and insights that have propelled CRE brokerages to achieve outstanding success in challenging markets.
List for free on the Marketplace, get started with Market Core or select Market Pro to level up your business in the next year. Explore the Marketplace or Request a Demo to start the conversation with our broker experts.