When you work in commercial real estate, you really do need a good quality database that you can rely on to find the right people and properties as part of a matching process. Whilst it seems so logical, most agents struggle with the discipline of a database. They have issue with things like:
Finding the time to make the calls
Capturing all of the information from meetings and calls
Keeping up the call momentum
Integrating the client list with emails and brochure dispatch systems, etc.
So the list can go on. The database is the prime way to find real estate opportunities and do something with them. Today there are plenty of options with software brands, data collation methods, and pipeline tracking, for some positive results to be achieved by any broker or agent in commercial real estate. Everything comes down to personal application and effort.
You don’t have to pay a lot of money to have such a program helping you grow your real estate business. One key decision in all of this is whether you should go ‘cloud based’ in your data storage. Common consensus says you should, given that most people like to access their client and prospect information from a variety of devices when they are away from the office.
In this audio, John Highman talks about the client list processes and how you can work the data that you gather from your clients today.
As you work through your career as a broker or an agent, take the time to understand where you are positioned professionally and competitively in your town or region taking into account the levels of broker and agent competition. (NB – you can get our free commercial real estate broker course right here)
In the property market today, it is best if you take the time and make the effort to stand out as an industry professional.
Top agents of the market understand exactly where they are professionally in today’s market terms; by professionally I mean listings, market share, commissions, and client service. They also understand exactly what they are going to do to improve their market position over time.
Here are some ideas to help you establish some performance indicators and professional targets for commercial real estate clients, as a broker or an agent. You can very likely add to the list based on your property specialty and location:
Signboards – do a signboard count on a monthly basis so that you can understand and relate to the numbers of signs that you have in the market by comparison to the other agents and competitors around you. Local area presence and signboard activity will always help you attract more inquiries and activities from your exclusive listings. Your signboards are a marketing process to refine and optimize.
Listings by type – compare the numbers of listings that you have in your territory by way of open versus exclusivity. Your exclusive listings are the only ones that really matter when it comes to market share. At least 75% of your property presentations should convert to exclusivity. Open listings are generally a waste of time although the strategy can be a last resort if necessary with a difficult client or a unique property.
Database – review your database on a monthly basis so that you can understand the levels of improvement and the growth of activity with meetings, calls, conversions, and inquiries. You cannot easily delegate the data base process to others within your business. Ultimately the database supports your commercial real estate activities into the future and that client list will be a critical component of your growth of market share. If you are struggling with commissions, listings, or clients, then it is very likely that your database is lacking in some respect. Take the time to understand that client list now and your prospecting activities to grow the database.
Internet – on a weekly basis, review the new listings coming onto the market across all the Internet portals. Compare your online listing numbers to those of your competitors. Understand the positioning and the ranking of your listings within your targeted suburbs and locations. To boost your business, you will really need to take the time to bolster your online profile and the exclusive listings that you have placed on the portals. There are various strategies that you can use online such as search engine optimization, social media, and article marketing. They are all very effective when it comes to establishing and growing a personal marketing profile for any broker or agent.
Commissions – look at your commissions and conversions as they exist today in both sales and leasing activity. Break the commissions down to a transaction level so that you can see the size and the types of property that you are working on per transaction. This simple strategy will allow you to assess preferred listing types and listing sizes. Focus on the listings that the market requires and where the enquiry may be centred at the moment.
A successful career in commercial real estate brokerage will usually be centred on predictable trends and activities.