With only a few weeks left in the year, it’s crunch time for commercial real estate agents.
We all know that productivity declines in December, and January is practically a write-off.
This means that the next eight weeks is the time to get pending authorities signed and turn existing listings into transactions.
If you want to make the most of the time in 2024, and you don’t want to carry stale listings into next year, follow these six practical strategies to push your pipeline along and help your listings turn into completed transactions before the silly season is upon us.
1. Focus on Securing Pending Authorities
If you’ve got potential listings sitting in your pipeline, now is the time to focus on getting them across the line.
Working against the clock, you can provide compelling reasons for clients to sign exclusive authorities sooner rather than later.
Create a Sense of Urgency: Remind clients that the new year comes with its own challenges, including renewed competition and potential market shifts.
Frame the remaining months as an ideal time to get properties on the market while buyers and tenants are still active, especially since market conditions are uncertain for 2025.
Leverage Your Data: Use market insights to back up your case.
Present your clients with data that demonstrates the current demand, such as a lack of competitive properties on the market, active buyers or relevant tenants looking for similar properties.
Showing that you’re on top of market trends will increase their confidence in the advice you offer and your ability to deliver results.
2. Get Listings Market-Ready … Fast
Once the authority is signed, getting the property listed without delay is critical. Fast action shows that you’re serious about achieving outcomes and helps you capture potential buyers or tenants before the holiday lull.
Simplify the Listing Process: Have marketing materials ready to go, including professional photography, information memorandums and property descriptions for websites.
Speed up the approval process by guiding your clients through any necessary adjustments to ensure all materials are accurate and effective for a four-to-five-week marketing campaign.
Strategic Marketing Push: Focus on platforms that deliver the best results and consider targeted digital marketing campaigns to reach potential buyers or tenants quickly.
Time is of the essence, so direct your efforts toward the channels that can generate immediate interest.
3. Close the Expectation Gap Between Buyers and Sellers
In the current market, the biggest obstacle to closing transactions is typically the gap between buyer and seller expectations.
As an agent, your role is to bridge this divide and get both sides aligned – before the year is out.
Use Market Data to Educate: Arm yourself with relevant market data to manage your seller’s expectations.
If vendors are holding out for last year’s prices, show them how market conditions have changed. Data-driven discussions help sellers see the reality of what buyers are willing to pay in today’s environment.
Facilitate Offers: Encourage buyers to make offers, even if they are below asking price.
A concrete offer opens the door to negotiations and gives you something tangible to work with.
Once an offer is on the table, use it as an anchor to prompt realistic conversations with the seller.
4. Push Leasing Listings by Driving Tenant Offers
Leasing listings can sometimes feel like they’re stalling, especially in slower markets, but now is the time to re-energise these opportunities by inviting tenants who are ready to do a deal to put their best offer forward.
Get Offers to Educate Lessors: You can shift a lessor’s expectations by presenting them with real offers.
Even if the offers are lower than anticipated, they provide a foundation for negotiating and recalibrating the lessor’s understanding of the market.
Without offers, it’s hard(er) to illustrate the reality of current tenant demand.
Reframe the Deal: Encourage lessors to see the benefits of securing a good tenant before the year is over rather than holding out for terms that may not be achievable in the foreseeable future.
Review holding costs and remind them that securing a tenant now—even at a lower-than-expected rent—will provide cash flow into the new year.
Highlight End-of-Year Opportunity: Many tenants will want to secure a space before the new year, so they can hit the ground running in 2025.
Lessors who are open to negotiation can offer compelling deals that stand out, especially if they are ready to meet the market.
5. Proactive Communication and Follow-Ups
Time is your most valuable asset as the year winds down, and proactive communication is the key to keeping your deals moving.
Now is not the time to wait for clients or buyers to call you—be the one to initiate conversations regularly.
Follow Up Regularly: Touch base frequently with both buyers and sellers, offering updates on the market and reminding them of the remaining time to secure a deal.
This keeps momentum alive and maintains focus on closing before the year ends.
Address Stalling Issues Head-On: If you sense hesitation or resistance, address it directly.
Whether it’s a seller reluctant to lower their price or a buyer unsure about the investment, have honest conversations and tackle objections before the transaction is derailed.
6. Streamline the Closing Process
When deals are in their final stages, the last thing you want is unnecessary delays.
Ensure that everyone involved in the transaction is on the same page and that any potential issues are resolved early.
Coordinate with Legal and Financial Teams: Proactively work with solicitors, financial institutions, and any other third parties involved in the deal.
Don’t let others slow things down; ensure that contracts, financing, and approvals are all moving forward smoothly so that closing isn’t delayed by last-minute issues.
Push for Timely Settlements: Make sure buyers, sellers, and lessors understand the importance of moving quickly.
With the holiday season around the corner, any delays could push the exchange of contracts into the new year, potentially disrupting the plans of all parties and putting deals at risk of failure.
As the year draws to a close, it’s essential to focus on moving your pipeline along and turning listings into closed deals.
By being proactive, educating your clients, and closing the gap between market realities and expectations, you can finish the year strong and start 2025 on the right foot.
These strategies will help you maximise the opportunities in front of you, even when the market is moving slower than usual.
