Commissions get easier in commercial real estate when you understand that one single listing or one deal can easily be used as the foundation for other things and particularly opportunities. That’s when you can refine your actions and focus.
Take your single client, listing, or transaction and open up the opportunities that exist around you.
Need some more real estate business?
Here are the facts and some valuable ideas:
- A good listing in any location can be the basis of making lots of calls to property owners in your town or city. Talk about your listings with the local people.
- A signboard that you place on a property will be the foundation of connecting with nearby business owners and property owners. A signboard is a great business tool and will give you conversational leverage locally.
- A quality property listing will (or should) be the origin of a door knocking program in your business precincts or territory. Get into your local area and talk to people about your listing stock.
- Every time you get a call from an advertisement, ask the person calling you about what they have seen locally. They may have looked at other properties and therefore be an active buyer or tenant.
- When you hold a property inspection, get the fuller perspective from the inspecting party about where they are now, what they are doing, where they want to be with their property needs, and when they have to do something. Ask good questions and make lots of notes.
- List exclusively so that you can control your listing stock. Some agents just take on open listings for the sake of having a property on their books. Whilst I can understand the basic idea, open listings give you little leverage and ability to grow your market share. Exclusivity is the only thing with listing that will help you build your real estate business.
- Know the market locally. Your comprehensive awareness of the listings, deals, negotiations, and time on market will help you through any client conversation and listing process. Be prepared to quote the facts.
- Build on your successes and tell the ‘world’. When you have done a deal, get the message out to your location, your database, and your clients. Let people know that you are the person that has created a result. Encourage them to talk to you and discuss what happened.
- Look for referrals in each contact and relationship. Use the power of referral business to grow your database with ‘warm contacts’. It is very easy to open a new opportunity from the basis of a referral.
This list is just the start of the process, and particularly so when you look at all the opportunities that are around you.
Every conversation, every lead, and client relationship can be expanded into something else. Ask and you shall receive.