When you work in commercial real estate as a broker or an agent, undertake a regular assessment of your territory and designated listing area, so you know what is happening and where the opportunities are coming from. You need to understand what is happening when it comes to time on market, listing activity, enquiry, and property opportunity. Things change in commercial real estate brokerage, and that change is always a point of leverage for any agent or broker with both clients and listings.
In your area or territory, there will be investors to identify, clients to serve, tenants to track, enquiries to satisfy, and businesses to connect with. A defined area or precinct will help you do that effectively and to do so under some form of a system.
Set your geographical boundaries so that you can build some specific momentum and logical accuracy in prospecting on a street by street basis with property owners, businesses, and tenants in occupation.
Precinct Assessments for Brokerage Coverage
Here are some ideas to help you assess your precinct accurately and efficiently:
Identify the number of properties within the precinct by type and by location. Get to know the locations and the streets and make a list the property owners and local businesses. The greater your depth of ownership and investor knowledge across the location, the easier it is to find opportunities in property sales and leasing. The local businesses may also own the properties in which they are located. Questions and connections will help you find the information you need for future ongoing property opportunity.
Do a signboard count across the area and in all your targeted precincts. Differentiate between open listings and exclusive listings. Split the signboard count into agent groupings and property types. Identify the agents that have the market dominance and understand why that is the case.
Do an advertisement count on the Internet of all relevant and current listings. Split those listings into locations, property types, and brokerages. Throughout the year, those listing numbers will change seasonally, as will any property pressures that apply to the economy and the town or city. In some respects, you need to be a good predictor of market circumstances and changes to find the best listings and clients that you need. Work the opportunities and the changes that can provide you with listings.
Given the three factors mentioned above, it is necessary to understand time on market by precinct and by region. Some properties will stay on the market longer than others. Get to know why that is the case and develop some marketing strategies to position your properties and listings more favourably from a promotional perspective.
All these numbers will help you with your market awareness and future property opportunities. In assessing these situations, you will find new people and business owners to connect with.
Systemize your real estate business in all respects so that you can grow your opportunities and grow market share. Luck has nothing to do with commercial real estate brokerage today. Deliberate effort and logical systemization will help you get to the market penetration that you need.
In commercial real estate brokerage sales, the focus that you create on certain things will help you get results. Many agents and brokers get diverted and distracted away from the things that really matter. (NB – get more sales tips in commmercial brokerage right here in Snapshot – its free)
In this audio program by John Highman, you can learn some of the important daily tasks in brokerage sales that can give you more traction in your market place with clients and listings. Isn’t that what its all about?
Fast track your career in the industry by using some of these ideas.
You can talk about recent levels of enquiry, trends in prices or rentals, the best methods of marketing, and feedback from recent inspections. You can display your information graphically, as statistics in the form of the chart, and also pictorially. Recognise the different ways to engage your client in the listing presentation with valuable local property market information.
In this audio by John Highman, you can learn some of the very specific ways to improve your sales pitch and presentation with a new client when it comes to listing their property in today’s market. You can listen to the audio below, where you can download it as required.
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.
When you work in commercial property sales you will soon know the pressures of the day, the listings that you work with, your clients, and the prevailing property market. There are lots of things that can distract or divert you into many different activities. That diversion can lead to a loss of listing opportunity and ultimately commissions.
In investment sales your main focus should always be on:
Prospecting for new business
Clients currently served
Listings on your books now
Inspections of listings
Negotiations of property offers
Documentation of listings, sales, and contracts
Followup of transactions
You could add other items to this list given your location and client base. The fact of the matter is that you will always be busy in commercial real estate brokerage. There are plenty of things to do. Systems and factors of focus will help you get through the working day and the week. Always track your progress in what you are doing, so you can see where improvements are required.
In this audio program, John Highman talks about setting the right priorities in your real estate business and how that will help you with sales and listing results.
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