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How to Build a Commercial Real Estate Sales Team

Selling or Leasing Commercial Office Buildings
You need great people to handle commercial buildings like these. Choose your sales team well.

When it comes to commercial property sales and leasing, it is really important to have a great sales team behind you as the agency principal.  Finding the right people or getting the best performance from every person can be very difficult.

It needs to be said that out of every 10 salespeople there are on average only 2 that are really very good at what they do.  Everyone else is rated in some variation of ‘average’.  To be ‘very good’ I mean the following:

  • The consistency to prospect for new business every day no matter what is on the agenda
  • Knowing how to negotiate at all levels with all types of landlords, property owners, investors, business leaders, and tenants
  • To pitch and present commercial property services in ways that really match the client or the market
  • To have a comprehensive market awareness and how to build opportunity from that
  • To understand how to close and document any type of sales or leasing agreement for all property types
  • To list and sell or lease at better than the industry average and to have a shorter time on market factor in closing sales or leases
  • To know how to target market commercial property to capture the best levels of enquiry locally
  • To dominate the local property market by area and property type
  • To close on exclusive listings and vendor paid advertising each and every time
  • To be the agent of choice for the local property investors and business leaders
  • To be excellent managers of their own time on a daily basis.

It’s a challenging list for many salespeople and agents.

There is a choice here and it comes down to each and every salesperson that you may employ.  Do they have the personal discipline to improve themselves and make their mark in the local property market?

My ‘cut’ on this is that as agent principals we have to be very careful in the employment of new people.  The poor selection of staff costs tens of thousands of dollars and hundreds of man hours.

I once had something to do with a large agency where the principal would only employ new members of staff for the sales team if they passed the test on a Psyche Sales Analysis.  The criteria on the analysis were centred on ‘sales’ and ‘negotiation’ skills.  In hindsight the business was very successful and remains so.  Any person that did not pass the ‘analysis’ would not be employed.  The right character and drive had to exist in the salesperson before they would be considered for employment.

Can you train existing salespeople to improve and grow their personal skills in commercial real estate?  Yes you can.

Should salespeople be open to learning and change to improve their market share and performance?  Yes they should.

How long should you tolerate average salespeople that fail to improve and grow their skills?  Not long.

If you want some more ideas on commercial real estate agency sales and leasing, you can get that at our parent website http://www.commercial-realestate-training.com/

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Closing More Commercial Property Listings – Tips for Real Estate Agents

Today we find many commercial properties available for sale or lease in most locations.  The difficult global economy has produced a glut of commercial properties that have to be sold or leased.  Either way the owner of the property needs help from a great real estate agent.  Are you an agent of that calibre?

Rarely can an owner of a property capture the entire local property enquiry themselves when it comes to the time for selling or leasing.  Sure, they can place an advert in the local paper or on the internet and hope that something happens, but the reality is that they do not have the database of contacts those agents should or do have.

It is in property markets like these that the great agents with a good database really do come to the fore.  They know so many people that the ‘advertising and hoping’ process does not have to occur to make a property sell or lease.

It is in markets like these that a good agent has plenty of stories and experiences to tell the property owner at the time of listing, that give real evidence of the ability for that agent to cover the right target market and attract the best price or rent.

If you work in commercial real estate, it is time for you to look at the value or experience you bring your client in tougher property markets.  Can you specifically provide your client with real strategy to solve their property problem?  Are you different that the others in the market?

Before you answer those questions, I can tell you that the best answers are not generic.  Do not bother with such common things that most agents give:

  • Best local agent
  • Know the area
  • Sold more properties
  • Have great staff
  • Will do a great job

My comment here is that you have to drill down on anything you say or do.  Tell the client why you make these claims and give evidence.  Show them why you make the claims.  Many agents do not do that and simply rely on the generic comments to close a listing.  On that basis the client can chose from the cheapest agent with the lowest fees, simply because one agent does not stand out as being the best choice.

Make no mistake here, the property market today is highly competitive for many agents and on that basis you really do have to connect well in your sales pitch or presentation.  That is what I am saying.  Are you up to the process?

You can get more free tips for commercial real estate agents at our website http://www.commercial-realestate-training.com/

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Building a Better Commercial Real Estate Business

When you understand the basic simplicity of commercial real estate, you can see what you have to do to improve your market share and commissions. It is really quite simple. Here are the keys:

  1. Find and talk to all the owners of good property in your local area. One day they will need an agent to help them take the property to the market. You must set up some relationships here to help you capture that need when it happens.
  2.  Get to know all the owners of all the major businesses in you local area. They may own or lease property, but either way they will need a local propert expert to help them.
  3.  Watch all the listings that come to the market. Some will sell and others will not. Position yourself to take the listing when the vendor needs another agent to help them.
  4. Monitor all the prices and rents that are achieved in the local area. These facts will help you negotiate and list property.
  5. Keep in close contact with the local council and planning approvals office so you hear about the new developments as they come through.
  6. Look for changes in the business community that can have an impact on property owners and tenants.
  7. Every listing should be an exclusive listing. On that basis you can market property listings well without the threat of other agents jumping your client.
  8. If you work on commission, make sure you know lots about leases as well as sales. The two are linked and frequently create opportunities either way.
  9. Build your knowledge of the local area and the deals every day. Quoting facts and figures is part of the real estate game. Without figures you cannot negotiate.
  10. Practice your presentations and pitch. You will be up against others frequently in a listing presentation opportunity. Make sure that your offering and services are more relevant than the rest.  That does not mean that you have to discount; but it does mean that you should know why you are better than the competition and be able to prove it.

This is all logical stuff; its just that it takes hard work and real effort on the part of the individual. Are you up to the challenge?

If you want some more ideas about commercial property agency practice, check out our website at http://www.commercial-realestate-training.com/