In commercial real estate agency activity, there are usually many salespeople working in the same territory; competition can be fierce and confusing. For this very reason, it is essential for the individual salesperson to develop a strategy of territory domination. Without it, it is difficult to grow market share. In simple terms, you must have a plan to dominate your market and stick to it.
Most sales people today will work on both property sales and property leasing. There is a definite link between the two that should be optimised if you want better commissions and listing opportunity.
A property lease today becomes a property sale in the future. And somewhere in the middle there is a property management appointment potentially available. That is three opportunities for commissions and listings. The advantage with a property management listing is that it is a controlled property that other agents cannot be easily gain access to. This then leads to a leasing opportunity and a potential sale in the future.
Ideally the target for the salesperson is to reach the highest percentage of quality listings available in the local commercial investment market. You will never be able to list every property available nor should you want to, but you should be attracting the quality listings and the better percentage of them. Unsaleable and difficult listings are best left to the competition agents to list.
To dominate your commercial property area, it comes down to targets. Here are some of the major ones:
- Get to know all the businesses in the local area. Approach them as part of a regular prospecting program on a daily basis.
- Find out when the leases are expiring with all the local businesses. They will become leasing targets. Work closely with them 18 months away from lease expiry.
- Create an industry newsletter that you can use as part of your marketing strategy with property owners and businesses.
- News a good database software program to store your findings in the prospecting program.
- Identify the major Property Investors in the area and approach them directly.
- Understand all the prices and rentals that have recently been established. Review those properties so that the comparable prices and rents can be used in future listing opportunity.
- When another property agent puts a listing sign on property, approach all the other property owners in the same street to check their interest in competing against that listing.
- Research your market to identify the properties that were sold or rented approximately three years ago. They will become the stock of the future. This reason the networking process should develop with the landlord and the tenant.
- Look for those properties that have been marketed by the property owners with no success. It is likely that they will need professional assistance of a real estate agent.
The real estate agents today that adopt a process similar to the above find that commissions and listings are easy to achieve. You can get other tips on market domination at http://www.commercial-realestate-training.com/