We all know that the commercial real estate market is quite competitive today. Whilst the number of agents in each area will vary, the factors of territory domination become really important in attracting the right levels of enquiry and target market for each listing. Essentially your agency team needs to build market opportunity continually and constantly in and around the other agents with whom you compete. Monitoring your market share will become part of the process. Here are some tips from our Newsletter.
There are some key factors in growing your market share and here are some of the main ones:
- The signage profile in the area needs to be significant and strong. This means that every listing should feature a suitably placed signboard wherever possible. Most property enquiry comes from the local area. The signboard on the property has significant leverage in attracting this enquiry; all signboards should be kept up to date and damage free from vandalism.
- Every property enquiry can and should be captured into your database for future use and opportunity. The accuracy and up to date nature of the database will have direct impact on the deals and enquiries that you can convert. Salespeople should be held accountable for database entry and maintenance with all their listings.
- The agency branding for your office should be suitably consistent across all marketing material. This will include contacts for salespeople, office detail, and telephone contact details for the office, website, and e-mail contact. As part of that process it is wise to make some early decisions regards the ownership of the mobile phone number associated with each and every salesperson. We all know that salespeople do move on or leave the industry given that the industry is very volatile. It is wise for the real estate office to own the mobile phone and the mobile phone number. When people leave, the enquiry from existing listings and previous client based contacts can still be captured from the mobile phone by other salespeople.
- When you list a property locally, it is very important to take the property listing detail into the local business community through direct mail, direct flyers, and personal contact. When this is done correctly, you will gain significant market intelligence and future listing opportunity. This local contact process will generally optimise the price or rental outcome and shorten the time on market. Regrettably a lot of salespeople do not do this local marketing coverage process well enough.
- From the outset of your agency establishment and operation, it pays for your agency and its individual salespeople to specialise within certain property types. Specialisation always provides better levels of enquiry and helps with your branding. By a specialisation, we mean Industrial Property, Retail Property, and Office Property. Certain members of the agency team can specialise in each segment and also the process of Sales, Leasing, or Property Management. As experts you can then attract more enquiry to your business.
It can be said that a large agency team presents special challenges in managing these factors above. The greater the number of salespeople, the more complex the management system required to optimise territory promotion and penetration. Nevertheless these four factors have to be optimised wherever possible. They can become part of your weekly office meeting agenda and strategies.
Track these numbers below with each member of the sales team:
- New signboards placed on listings and in the territory
- New listings for the week
- Controlled listings for the week
- Open listings for the week
- Auctions coming up
- Time on market per listing
- Enhanced or exclusive listings on the Internet portals
To track the results that you set and obtain, it is wise to compare and monitor the number of advertisements, signboards placed on other properties, and Internet listings for each competitive agency. A good commercial real estate agency is one that completely understands their market and their current position within it.
You can more tips like these in our Newsletter.
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