Just about every commercial real estate agent I talk to wants to build market share, listings, and commissions. Belief is one thing, but action is a different thing that is sadly lacking in the industry. There are on average only 2 in every 10 agents that I would call highly systemized in their processes and successful as a result.
Many agents and salespeople make the mistake of approaching the industry with little planning and focus. They simply go to work every day and do things on a random basis. This is where the results become haphazard and are of little consequence to the growth of market share for the agent. Just about every office principal I know has this problem; they can’t find good people with the right focus and commitment to build a results profile in the local area.
To have a great plan of action as a commercial real estate agent the following will help you:
- Devote a key part of your day to the new business prospecting process. This should be the same time, so you can build a habit and strengthen the process. Remarkable as it seems, this is the most neglected part of the average salespersons diary. Failure to devote the right amount of time to this process will see average results and poor performance over the long term. Staggering averages of 8 in 10 agents fall into this range.
- This industry is built on relationships with landlords, property investors, business owners, tenants, and property developers. They all have their own priorities and points of focus. They require a special strategic approach in each and every case. The experience and market share you can give these people will help you connect with them and dominate their business.
- Given that you must talk to more people each and every day, it is important that you have relevance to your conversation and connection. Most property owners and business leaders are comfortable talking about local property trends and the supply and demand of premises. They also like to know about sales prices, rents, and time on market. You can help with all of these providing you keep in touch with the aspects and trends of market performance.
- Every individual salesperson should have access to a comprehensive database process. Unfortunately this is also one of those neglected processes in the industry. Many salespeople do not have the discipline to update the database daily following the contacts with clients and prospects.
- To dominate your local property market, the number of sale signs that you have through the region will be critical to market domination. When you place a sign on a property, it is critical to understand that the sign has been correctly placed and is well maintained. Vandalism and interference with real estate agents signs are quite common problems in most real estate markets. Signs that are not well maintained send the wrong message. Keep a list of the signs that are being placed in your local area including that of your competition. You can then use the list for comparing market share.
- Every single listing on your books should be comprehensively marketed, and as part of that process a signboard should be placed on the property. In saying this, any exclusive listings should be the priority in your marketing efforts. Vendor paid advertising should also be part of the exclusive listing process. Any open listings are what we call uncontrolled stock, given that the client can talk to many agents at the same time. Any open listings are therefore lower priority in your marketing efforts. Clients that list with you in this way are not committing to you as the agent of choice. You should therefore not commit to them as the client of priority.
Every real estate agent and salesperson should have a definite plan of attack as part of their daily activities. In only that way can you generate new opportunity and sustain relevant contacts with the right people.