Commercial Real Estate Agents – Setting Income Goals

When you work in commercial real estate sales and leasing, you can quickly get bogged down in exactly what you have to do every day.  For most people that is:

  • Answering emails
  • Keeping your clients informed of the results of marketing
  • Finding new business to fill your pipeline
  • Writing adverts for your listings
  • Taking inspections for selling or leasing property
  • Writing up new listings, etc

What you ‘have to do’ and what you ‘should do’ are two different things.  Regrettably too many salespeople get tied down with all the wrong stuff.  Pretty soon they are struggling with not much new business, poor conversions on listings, frustrated clients looking for a deal, and most importantly a slower feed of commissions and listings.

There is no point in waiting for new business to find you because that will not happen very often.

In the tougher property markets like that which we have now, you just have to do the right thing with your time; if you are not doing that, you are self destructing and your career is going nowhere.

Understand this; without quality listings, your market share and commissions office really stalls.  At least 3 hours a day should be spent on building your listings and prospects with new stock, and not letting the current listings and clients take over your day totally.  No matter how ‘busy’ you are, there is just no excuse for not prospecting and connecting with clients every day.

Here is an ‘Action’ item for you:

Look at the income that you generated last year.  Look at how you are tracking this year by comparison, and then add 25%.  This is what we call a stretch goal.  Next, you need to decide just how you will change your processes to attract that level of new business.   Typically the changes will target:

  • Better listings
  • More listings
  • New prospects and clients that you can help
  • Using your database more effectively

Today we all know that fewer clients can act in buying and selling commercial property given that finance is so tough to source and borrow.  On that basis you have to know more people.  Your database should be the lifeblood of your future sales and commissions.  Just how up to date is your database and when was the last time that you called down all the people in it?

To get to these goals it is necessary to change a few things in what you do every day.  When you decide to take 2 or 3 hours from your diary to do some new things like prospecting, and calling in to businesses in your area, then each and every day will change in a positive way.  In any property market, you can grow your listings and commissions; the key to the process lies within.

By John Highman

John Highman is an International Commercial Real Estate Author, Conference Speaker, and Broadcaster living in Australia, who shares property investment ideas and information to online audiences Worldwide.