In commercial real estate agency today, you need to be consistent as a salesperson or agent with your goals in sales and leasing. The actions that you take each and every day should be planned and directed towards the key performance indicators in your business. The goals that you set should be central to the performance indicators.
Far too many agents struggle when it comes to listings, commissions, and market share. The main reason for this is usually centered on a lack of focus. That being said, every agent can take charge of their current situation and improve significantly in personal performance. They simply need to create the necessary focus and drive. It all comes back to goals.
Many things have been said regards the requirements of goals and business targets in our industry over the years. The same rules still apply in commercial real estate today as the market goes through its changes. Every calendar year or financial year there will be seasonal adjustments to listings and enquiry in sales and leasing situations. Top agents understand how to read the signs and adjust their services accordingly.
Here are some tips to help you with goal establishment and management.
- In the first instance, you really do need to know that your property market has identifiable growth in sales, leasing, and property management opportunity. Review the history of the area to understand exactly what has been going on over the last five years. Research the number of new properties coming into the market today and new developments under consideration.
- From the previous point, you can identify the segments of the market that are growing and that will have the best opportunity for you as an agent. From that segment identification, you can develop specialized skills and the knowledge that will help you stand out as a top agent in the local area.
- Review the number of competing agents that will have an impact on your market segment. Are some of those competing agents regarded as top performers today, and what has made them stand out in that way? You can learn from these other agents. Look at their marketing strategies, their prospecting processes, and their personal branding initiatives through the region. In many respects, you can replicate the good things that others are doing.
- The goals that you set should be based on key performance indicators. In this way you can see improvements and adjust accordingly when necessary. The indicators to track should be based on your prospecting processes, listings, meetings, property inspections, successful transactions, and size of commission. Pay particular attention to the quality of the clients and listings that you are involved with. Top agents usually focus only on quality and will walk away from listings and clients that can waste their time.
When you set the right goals as part of your agency business processes, be prepared to adjust them on a monthly basis throughout the year. Things will change in the local area. Look at the market with open eyes and clear thinking processes. When something works, do more of it. When something is not working, change it.