Its the middle of the year and we all have plenty of things to do over the coming 5 months to the end of 2014. Part of this podcast focuses on Goals and Targets; I hope you have been tracking your targets for this year. Now would be a good time to assess the way in which you can get more results towards the end of the year.
In this audio file I am also covering leasing issues being ‘construction plans and drawings’, as well as how you can qualify and lease to more tenants in this market.
Thanks for being part of this online community. I hope the audio is of use in giving you ideas and momentum.
In this property market there are many things to consider. In this podcast I have covered 3 issues that are so common across many brokerages. Here they are:
How to structure a commercial real estate property management budget in a large building
How to remove negativity from the sales team
What you should look for when it comes to results and team performance this year
We are 7 months into the calendar year. Now is the time to get things really moving so the end of the year finishes with good results. It doesn’t matter if you work in property sales, leasing or property management, now is a good time to consider and plan important actions that will create results over the next 6 months. This training audio will help:
In a commercial real estate team, you cannot have negativity in any way or form. Individual agents performing poorly can easily influence the activities of others simply through sharing their negativity in the office and during sales meetings.
If this is a problem for you, the particular team member will need to be personally managed and redirected to solve their listings slump or commission problem. If the problem cannot be solved quickly, the person should be removed from the team.
It is a fact that most under-performing agents in any property market will have created the problem for themselves through lack of planning, a lack of action and poor focus. Training and skill development can help redirect those agents back to the important tasks and industry standards to build the business. That being said, any agent or broker with a negative attitude needs to be willing to learn and improve under the pressures of poor performance. That is where the leadership skills of the sales manager or team leader become very relevant.
Here are some good ways to control and remove negativity within the real estate agency team:
Whilst the property market will have variations of enquiry and seasonal change, there will be listings to attract, properties to market, and deals to negotiate. The attitude of the team and the actions of individual people within the team should be encouraged and promoted to a high level. You can do that through regular role playing, team meetings, and industry updates. Every sales meeting should be a positive event encouraging feedback from every team members and discussing market opportunity; high performing team members can be encouraged to share their experiences with others. The story of success goes a long way towards building ideas and momentum across the team.
Agents and brokers that are struggling with any part of their business may need to work with high performing agents for a period of time to experience and see the successful ways of working in the industry. Whilst every top agent or broker will do things differently, it is the advantage of a personal system that takes them forward; their system takes them into the opportunities of the property market in sales, leasing, and property management.
Every broker or agent should have a specific business plan relating to personal performance, territory management, prospecting, and new business focus. The plan should set the momentum for the financial year and be tracked on a monthly basis. It is unfortunately common to see agents create their plan for the year and then forget about the document and its application from that point onwards. Top performing agents structure a plan based on their skills, the property market, the location, and the identified opportunities of the property segment. In the case of top agents, that plan will be formulated prior to the beginning of the financial year and will be pursued vigorously each week and each month through the year. Adjustments will be made by the agent when necessary to ensure that growth of listings and commissions occur efficiently and directly in any property market.
On a weekly basis, every agent and broker should be tracking their results when it comes to essential activities such as cold call prospecting, meetings, listings, negotiations, and commissions. The best way for them to track the results will be through a chart or graphing process. That information can then be shared with the team leader, and on that basis by compared across the team. The team leader can then see areas of poor performance in agents that are struggling with certain segments of property activity. In identifying problems early, it is easy for the team leader to provide the necessary guidance and professional training. For
So the message here is that any negativity can be removed from a commercial real estate brokerage team through direct action and close monitoring. The skills of the team leader will have a lot to do with the results achieved.
In this podcast audio for agents I have covered a number of related skills that are quite common today. What I was looking to do here was deal with the core skills of client and prospect contact. So see what you think.
The topics in the audio file are:
An important key skill to develop when cold call prospecting
How to use some valuable reference points of information when building your database
Some thoughts about technology in commercial real estate brokerage today
It really doesn’t matter how difficult the economy may be or the levels of enquiry for property may be; everything in commercial real estate brokerage really comes down to the individual and how they focus their efforts.
In commercial real estate brokerage today it pays for every agent to have a definite plan of approach to bring together all of the many things that need to be controlled and actioned. If you like it is a bit like having a blueprint to the business at a personal level.
I have put together some of the more important issues to get under control personally and to help you formulate your commercial real estate agent blueprint. You can add to the list based on your property type and location:
Define your property type – Some property types will be more relevant to your skills and or marketing confidence. Understand what you are good at and focus on that property type; that will give you required confidence and then help you with listing conversions.
Define your services – There are differences between sales, leasing, and property management. Sales and leasing activity are strongly linked and one leasing deal can lead to a sales opportunity in the future; that is why I say that all agents should be able to jump from sales to leasing and back again quickly and effectively. You will normally earn greater commissions from a typical sales deal than from a leasing deal (based on averages), and the people that you target as prospects in each group are different so understand those differences and track both types of people. As the property market shifts from a buyers focus to a tenants focus, you can move with it.
Set your marketing zone – Limit your zone of activity in your town or city to a number of properties and inside a precinct of main roads. The focus inside a geographical area allows you to track property activity, rents, prices, time on market, and marketing strategies. That focus will also help you a lot when it comes to connecting with clients in a property presentation.
Define your clients – What does your ideal client look like? Where are they located? How are they involved in the property market? What will they need from someone like you? When you know the answers to these questions you have something significant to merge into your personal marketing efforts. Your prospecting and cold calling will become a lot more centred on market segments.
Research the property market – In each year there are changes, dips, troughs and peaks in market activity. Some are predictable due to seasonal holidays and business calendars. Your prospecting and listing efforts should have due regard to those seasonal changes. Only take a property to the market when all targeted segments are active and looking for something to buy or lease.
Determine key indicators to track – Some of the main indicators that can show you how you are performing as an agent are centred on prospecting, listings and negotiations. Each week take those indicators such as commissions, listings, and presentations into account so you can see where things are developing. Build on your strengths and fix your weaknesses. That’s how you progress in our industry.
Set up action processes – Every day a system of actions will take you forward. It really matters what you do in a regular way. Consistency will take you forward; random actions will not do much at all.
Set your goals and targets in listings, commissions, and clients – These 3 categories of activity are most important. They are simple numbers to track so start charting the progress you are making in each. Ratios will soon be seen and that is when you can improve your skills in key business generation activities; start practicing!
So these numbers and categories of activities will show you where you are heading as an agent. You can strive to improve in so many different ways in our industry; it’s a personal process.
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