Its the middle of the year and lots of commercial real estate brokerage going on. In this commercial real estate podcast I have decided to cover three specific issues to help real estate brokers and agents as they strive to improve market share. Most particularly the topics are:
Some of the common problems today with commercial real estate websites and how to deal with that
How to build the systems and strategies surrounding effective territory planning and new business farming in commercial real estate brokerage
The facts and issues surrounding the use of marketing cards as part of a commercial real estate brokerage prospecting model
This audio program is provided in MP 3 format for ease of download and ongoing access. You can share the file around your real estate brokerage as well as access the file across a number of different electronic platforms including smart phone, computer, and audio sound system. You can also listen to the recordings as you drive to work or work out in the gym.
We have loaded some more charts and templates to our e-course this week. You can get our Commercial Brokerage E-Course right here.
It is no secret that the commercial real estate industry is quite competitive. Most of the clients and the listings that you work with will have some impact or involvement with competing agents. This then says that you need to stand out as the best agent of choice with the correct amount of experience and knowledge to the property type.
Let the client make the choice when it comes to the best agent for the property listing. Show that you have the confidence and knowledge that’s more relevant to the client than those competitors around you.
This then says that your presentation and sales pitch process needs to be of the highest quality. This is a positioning process and requires ongoing daily strategy. Here are some ideas to help you dominate your market share and increase your client or customer profile:
Don’t be too eager to take on every listing that comes your way. Look for quality properties and quality clients. Stay away from the bottom end of the market where listings are too hard to move or distressed clients are not being flexible on price.
Specialise in a property type in your local area. Research the trends when it comes to time on market, supply and demand, pricing, rentals, and marketing strategies. Understand what works and give your clients clear reasons for accepting that information.
Use a checklist as part of your client meetings and client discussions. Let the checklist improve your questioning process and responses. In that way you will be more professional than those agents that rely on memory rather than establish systems.
Develop a series of stories that relate to the local market and your property speciality. Stories will always help you when it comes to the property presentation and the interest of the client.
Carry with you a selection of marketing alternatives and marketing successes in the local area. Chart the trends from the inbound property enquiry when it comes to each property type.
Build your profile personally on the Internet through social media, blogging, and article writing. Those three things would do a lot for your personal branding as an industry specialist. That being said, they do require time and ongoing effort.
When a competing agent puts a signboard on a listing in your territory, talk to the other property owners and the businesses in the immediate vicinity. They may wish to compete with that property already listed.
Build a database that you can use as leverage with your client meetings and discussions. Is very hard for a client to ignore a large database of relevant and accurate information. Show the client as part of your sales presentation that you have a number of prospects already available to inspect the property when the listing has been agreed.
Simple processes like these allow you to position yourself as a top agent of relevance and success. The clients that we serve, like to work with the best agents in the local area; we need to give them the reasons to choose our services over others. Develop the skills, the knowledge and the experience that will help the client work with you when it comes to existing property needs and challenges.
In commercial real estate agency you need strict daily procedures and market knowledge to help you build market share. When you start your career in the industry it is very easy to develop poor or incorrect habits that can threaten to derail your career. This is certainly the case if you are modelling your activities off some other agent that is less than professional or somewhat ordinary when it comes to business skills.
Time in the industry does not always build the skills of an individual agent or salesperson. Personal effort is required. Learn and grow your skills and knowledge in every way possible.
It is wise to watch and assess the activities of the best people in the market. Find out what they do and why. Check out their marketing and prospecting skills; see if there is something that you can replicate.
To help you in building your commercial real estate business and listing focus, here are some tips and ideas to develop:
Define your sales territory by location and property type. You can then focus your prospecting into a zone on a ‘street by street’ and ‘property by property’ basis.
Organisation is the key; get a good database to help you with tracking information and leads.
Your ability to prospect will greatly impact the results that you get in listings and commissions. Top agents are great prospectors. This is a very specific skill and it can be refined to suit your market and territory. Practice in dialogue is the key.
Create a marketing folder that contains everything that you need in the field when talking with sellers, landlords, buyers, and tenants. You will need ‘visual’ material including charts, photographs, and comparable properties. Include with that a selection of listing forms and marketing proposals.
Create a set of 3 typical marketing strategies for the property types you work with. They can be used with the clients and prospects that you pitch your services to. The clients that we work with like to see and compare before they make choices in marketing and listing.
Start a weekly assessment of comparable properties, signboard counts, and current internet listings. From those facts you can check out the priorities when it comes to leasing and sale requirements from the market.
Quality listings will always give you better inbound enquiries from buyers and tenants. Assess you territory or sales patch for the best property locations and businesses. Those zones should contain the property targets and property investors that will help you with reaching market dominance.
Talk to more people every day. Always take the opportunity to fill your contact cycle and database with new prospects.
The commercial real estate industry has plenty of opportunity for those agents that work to a system and focus on growth of market share. Take charge of your career and get your systems and action plans in place.