Here are some lead generation ideas for commercial real estate agents as they strive to gain better market share. This is from one of our commercial real estate training programs on prospecting.
In this property market, you really do need to have a business plan when it comes to your personal commissions and listing opportunity. You need to set some benchmarks that can take your commercial real estate agency career forward through growth and opportunity.
For many salespeople and agents the process of business planning is relatively detailed and boring. It is not unusual to find many business plans created by commercial real estate agents and then overlooked. Perhaps the process requires a different name to help the acceptance that it requires as a critical part of the agency process.
I like to call the business planning process that of ‘strategic growth’. It infers that the matter is important and that it offers opportunity for the agent and the agency. On that basis you have a real reason to establish the plan and implement its momentum. It is a very personal process and cannot be delegated to anyone else.
So what do you need to improve your market share and your income over time? Here are some points of focus for you:
- A good database of quality clients
- A source of future opportunity in sales and leasing activity
- Quality listings
- Dominant market share
- Exceptional skills when it comes to marketing, presentations, negotiating, and inspecting
- Referral business
- The knowledge to do the job at a high level with accuracy and relevance
To achieve these very important goals, you need to research the right information and make some key decisions. Here are some ideas to help you get started:
- Understand the local property market and its activities over the last few years. Will the property market be changing over the next four or five years? That being the case, can you service that change? Will you require further information and knowledge? Will the change give you some opportunity in sales or leasing activity?
- Look at the upcoming opportunities in the market and the growth potential of the business and community segments. Can you service those growth segments and in what way?
- Assess the competitors that you will be working against when it comes to new listings. Are there any competitors that will present you with challenges when it comes to market share? What can you do to be different and better than those competitors?
- Understand the role that technology and marketing plays in the local area when it comes to new listings. Can you bring anything new and fresh by way of technology and marketing to your listings?
- Your property location and market share is likely to show some trends and have relevant indicators when it comes to average deal size and average deal type. That will then drive a commission average from every transaction. How many transactions will you need to make from your target market segment on an annual basis to achieve your income? Is there business available for you in that segment, and how would you tap into it? What can you do that is different when it comes to building your market share?
Taking all of these things into account, you really do need a business plan or a strategic plan to take your listing and commission opportunity forward. In an average calendar or financial year, you have approximately 10 months of listing and deal opportunity. The rest of the time will be absorbed in community festivities and school holidays. For this very reason, your plan is critical to your progress and success in the industry as an agent. Focus your efforts in that 10 months of time so that you can build a pipeline of solid income and client growth in commercial real estate.
You can get more tips like this at our main website http://commercial-realestate-training.com/
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.
In commercial real estate agency, the marketing process that you choose today will have significant impact on the outcomes that you require with new inspections and fresh negotiations. Every property that you take to the market should be carefully structured into a targeted marketing campaign.
Here are some more marketing tips from our main commercial real estate training website.
It is interesting to note that most commercial real estate markets change throughout the year and will have seasonal selling and leasing cycles. This then says that the timing process and the method of marketing that you choose for a property will be quite important and seasonally adjusted.
Here are some marketing tips to help you with promoting a listing and optimizing the enquiry that you achieve from the promotion.
- Review the property with the client prior to forming any opinion on marketing or promotion. Walk around the property together to look at the strengths and weaknesses that the property provides. Ask the client about the history of the property and the reasons for their actions today in seeking a sale or a lease. Get to the key facts of client motivation today.
- Given the previous point, you can now relate to the other properties in the market that may be competing against the subject listing. Show the client some of those other properties and provide details of current marketing efforts, prices, and rents. Your new listing needs to be well positioned in comparison to other listings for attracting better enquiry. That can very well mean a particular method of sale or lease and choices about marketing.
- At any given point of time, the enquiry coming into your office relative to different property types should be tracked. The tracking process will help you with conditioning clients in the listing and marketing process. When you understand what is working to get more enquiries, you can take better actions with each property type.
- Will the property require any preparation work prior to marketing? The first three or four weeks of any marketing campaign are quite important. Your enquiry rate needs to be optimized for that time frame. Any hurdles or obstacles that can be seen in the property when inspecting should be removed prior to commencing the campaign.
- Clearly define the target market for the listed property. Ensure that the choices you make in promotion are matched to the target market in every respect. Exclusive listings require much more effort when it comes to promotion. They also have a significantly higher conversion factor to a successful transaction. On this basis you should be encouraging the client to choose the exclusive listing process for their property.
Today we are blessed with the technology and the resources that will help us promote a property listing directly and effectively. Package the listing correctly for the client so that you can optimize the inbound enquiries for the property, and therefore gain more inspections and negotiations.
You can get some more training tips and ideas for commercial real estate agents from our main website.
In commercial real estate agency your sales presentation or pitch should be simple and direct. In saying that I still see so many agents front up to the client’s office for the presentation looking like a ‘pack-horse’ with every conceivable marketing tool imaginable. What a big mistake!
Here are a few tips from our main commercial real estate training website ……
First impressions mean a lot in our industry. As you enter the client’s office or work environment, the message you send must be simple and professional; you must look the part in every respect. How you dress, what you say, and what you do in the first 2 minutes of the meeting will impact the remainder of the client connection.
Your sales pitch or presentation has to be simple. The client has to grasp what you are talking about and see some clear and relevant solutions to their property challenge. When you complicate things, you lose the clients attention.
Top commercial real estate agents know how to be relevant and real for the current property market. They prepare the right information that connects to the current market conditions, the property, and solutions available to the client.
The agent that wins the listing is usually the one that has fully prepared for the meeting with high level content and facts about the market. They also offer specific strategies that go beyond the ‘generic rubbish’ that ordinary inexperienced agents provide.
Here are some ways to connect with the client in a professional sales pitch or presentation today:
- Ensure that you have seen the property before the meeting so you can relate to it in many different ways.
- Check out the other competing properties on the market nearby. Be prepared to talk about them and how they are being marketed (successfully or unsuccessfully).
- The only tools you need for a presentation will be your marketing folder, and perhaps a laptop computer.
- In your marketing folder have listing forms, samples of marketing, maps of the area, subject property details (searched and checked), Gantt charts of sales and leasing processes, testimonials, and market research information.
- In your laptop (or tablet computer) have plenty of photographs of the property so you can run a slide show as part of the client connection.
- Have a brief marketing proposal ready with recommendations as part of taking the subject property to the right target market.
- Get away from long and tedious proposals for the client to read. Use dot points, checklists, graphs, and photographs in the proposal. That will help capture the client’s attention.
- Ensure that you have a few good stories to tell about some other property owners locally that have gone through the same pressures as the client you are talking to. Stories always help the connection and will be appreciated by the client in the presentation. Good stories will be remembered.
Simplify your strategies when it comes to meeting new potential clients. Take less information and clutter with you, but make sure that the things that you do have are of the highest and most relevant quality. Practice your pitch beforehand. Show the confidence that the client wants to see in the listing process.
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