In commercial real estate and brokerage, the exclusive listings that you convert and create will help you build market share. Open listings are generally a waste of time and any results that you get from the open listing process will be a process of luck more than anything else.
In some markets and with some agents, it is common to hear that the open listing process is the only way to build listing stock. The problem is quite common when it comes to industrial property and with the newer brokerages or agents. Those agents are quite generic in quality of service and marketing activity. They have no point of difference to help their listing process and marketing plan.
Your conversions to exclusive listings will elevate when you are working as a property specialist, and are regarded as the local expert to solve the client’s property problem. It is very difficult for a client or a prospect to walk away from or ignore the services of a top agent.
Generic agents take on open listings just to get the stock; specialized agents take on exclusive listings only. If you want to improve your market share, you will need to practice your processes when it comes to pitching for an exclusive listing. You will need more exclusive listings.
To improve your conversions for exclusive listings, here are some ideas:
- To convert more of these listings, you do need to feed your contact pipeline with a systematic prospecting process. Every day connect with new people that you have not spoken to before. Over time, repeating the connection process with the same people will allow you to convert more meetings and make more presentations. On average, it takes about three or four telephone calls to get a meeting with some property owners and property investors. Establish your call contact system, and implement it every day so that your pipeline of opportunity is growing.
- There are two reasons why you will get an exclusive listing. The first will be that you are regarded as an expert in the local area, and the second will be that you are regarded as a marketing specialist. It directly follows that you will need to build your brand and prospect model accordingly. Every pitch and proposal that you make should be structured with those two issues in mind.
- A good quality property will always create more enquiries from your marketing efforts. Top agents will usually focus on the best properties and the best clients. Those top agents walk away from poor quality listings, open listings, and unrealistic clients. Protect your time and your agency procedures as part of that process. Don’t take on a listing that you regard as unnecessarily difficult and unrealistically priced.
As mentioned earlier, the exclusive listing process will help take you to the top of your market with a commanding market share. Practice your pitch and your proposals accordingly. Role-play your presentations in each sales meeting so that both you and the team can provide special services and solutions for the clients that you serve.
You can get more tips like this in our Newsletter for Agents and Brokers.