How to Get to Know Your Commercial Property Market Deeply

audio sml
Commercial Real Estate Brokerage Audio

In every town or city there are things that you can find that relate to commercial property sales, leasing, or property management.  You can get plenty of leads if you drill down into the location.  Meet people and ask questions.   A good conversation will take you closer to a property activity.

Having a good database will always help with new business generation.  For the new people in the industry, the priority to establish a good database is high.  Three to six months of effort will usually get a contact list established; from that point on it is a matter of keeping the data fresh and accurate.

To help my friends in the industry get established and stay on top of the right market trends, this audio will probably help.  It talks about who you should know and why that should be done.  Enjoy.

Commercial Real Estate Agents – Goals to Improve Your Market Share Faster

two business men walking and talking
Top agents know all about goals.

Goals in commercial real estate agency are a good thing.  They help you understand where you are headed and give you some benchmarks to achieve the results that you seek.  Unfortunately many real estate agents set goals at the beginning of the year that have little or no relevance to their performance throughout the year.  Here are some tips from our Newsletter for Agents…..

If you as an agent are about to embark on a personal business planning process, goals will form part of the overall strategy.  That being said, you will need to hold yourself accountable to the required actions and benchmarks that your business plan requires.  Far too many agents establish goals for the purposes of personal and convenient satisfaction at the beginning of the year, with little regard for the actions and systems to back them up.

It should be said that your goals and targets should be reviewed weekly so that appropriate adjustments can be made when necessary and any achievements or opportunities can be optimised.  Top agents do that all the time.  A systemised approach to the industry is required.

Throughout the year there will be significant changes to the industry and your local market.  It is impossible to predict all the changes and pressures that will occur to the industry throughout the year.  Your goals and targets program can be the one consistent thread that can keep you on track, providing you make the required adjustments as the market changes.

Here are some ideas to help you with the targets and goals that you require.

  1. Review the local property market to understand what has happened over the last two years to your specialised property type and geographical territory.  You do need to know what’s going on locally before you can set your own benchmarks and targets.
  2. Check out all of the competing agents that cover your territory and property type.  Some of those agents will be better than others.  With careful attention to the top agents, seek to understand why they are so successful and determine the factors that can be replicated.
  3. Understand where your property type or speciality is heading.  Check out the supply and demand throughout the local region.  Review the business demographics as part of that process.
  4. You will need to set targets when it comes to listings and commissions.  It is an established fact that any quality property will produce better enquiry.  For this very reason the top agents in the industry tend to focus on the quality properties and only take exclusive listings.  In this way you can attract the enquiry and control the listing stock.
  5. Determine the ratio of listings between agents locally.  That should occur both in signage counts, and Internet listings.  When you have both of these numbers, you can review the time on market when it comes to your region and speciality.
  6. Your database is the backbone of your personal real estate business and market share.  Review the database that you use currently, and its existing quality.  Over time you will need to improve this database, so systemised prospecting should form part of your marketing effort.

You can add to this list based on your local area.  When you have the correct information, your goals and targets become more relative to the future income and listings that you require.  Set your goals and targets with the future in mind.

You can get more tips like this in our Agents Newsletter.

Goal Setting in Commercial Real Estate Agency Today

business woman climbing ladder
Set your goals and targets to achieve results in commercial real estateagency today.

In commercial real estate sales and leasing, the process of setting goals will help you stay on track in your personal business and marketing plan.  In this property market one thing is certain, everything changes quite frequently.  For this very reason, a good goals focus system will help you maintain your momentum to the market share and commissions that you require.

When the property market is slow and tough, it is very tempting to absorb the negative comments of underperforming salespeople in your office.  Excuses are very common in this industry.  It is best to shut out these people from your business practices and your social activities.  They can offer nothing to your end result as a professional commercial real estate agent.

Here are some tips for setting stimulating goals that can drive your business ahead.

  1. Understand the market that you serve both geographically and by property type.  When you narrow your activities in this way, you can be far more specific in your marketing efforts.
  2. Look into the history of the area over the last few years.  Make sure that you are working on the market segments that are attractive and active.  Also make sure that you are specialising in a part of the market that is growing and vibrant.
  3. Your goals should be specific to your end result.  That will normally be commissions, listings, closed transactions, and active clients.  All of these things are personally controlled through your prospecting efforts.  On that basis you should build prospecting into your daily diary activities.
  4. Given that our industry changes so frequently, set goals for a period of 12 months that are quite specific.  Beyond 12 months is almost like a wish list where the goal posts will change subject to property market conditions.
  5. When you set goals for the period of 12 months, they should be reviewed on a weekly and monthly basis.  In that way you will know if progress is being made, and on that basis you can make adjustments.
  6. Measuring your success towards your goals should be achieved through ratios and results.  In the first instance, you will need to know where you are right now.  That is in the number of listings, commissions, and percentage of market share.  Beyond this current point, everything will be an improvement.

One of the biggest problems in setting goals is that most people will forget the process after a short period of time.  Other issues take over and daily events become more random.  If you want to proceed in this industry, your goals become points of the compass to keep you on track to your business plan.