When you work in commercial real estate agency, it is important that you have a prospecting model to support your momentum and market share. This is a personal process, and has little to do with the agency that you work for. The agency may provide you with some profile, but they would not normally produce the required levels of listing business that you require to be successful or gain the mantle as a top agent.
Here are some tips to help your commercial real estate activities in growing market share and listing activity.
- Determine the geographic area in which you can locate listings. The geographic area should be split into two zones. The primary zone is where you will get the majority of your listings, and the secondary zone is where you will get other listings. All of your prospecting effort should be focused into the primary zone. Anything that comes to you from the secondary zone is pure luck and a bonus.
- When you focus your marketing efforts into a specific zone, the area should have sufficient property types and property numbers to allow you to convert regular business over time. As part of the process, look at the history of the area to ascertain the commissions and listings that have been transacted over the last few years.
- Within the primary prospecting zone, look at the business community and its current business sentiment. What are the factors of change? What are the things that are changing through their business community? What can you do to attract property enquiry in your direction?
- Research the number of competing agents in your primary prospecting zone. Who are the agents that are more successful than others, and why is that so? Is there sufficient room for you to be competing with these other agents? What will be the points of difference to differentiate you from these other established agencies?
In commercial real estate today, the general property market may be somewhat slower and tougher, however the opportunities still exist for those agents that can systemise their approach and drive some real momentum.
When you look at your average business day, there really are only two or three things that are quite important. Those things should feature in your diary on a regular daily basis.
In almost all situations, prospecting will be number one on your list. When that occurs each and every day, you will drive better market share and you will create more listings. Over time that will help you become the top agent in the local area. Action is more important than words in our industry, so set the rules to your business, and take consistent action.