Here are some ideas to help you track your progress in commercial real estate brokerage particularly with sales, leasing, and property management. The idea here is that you should have a plan of attack. That is to ensure that you are doing the right things in the right way, and most importantly the results are coming back to you. Track your results through the ideas in this brokerage podcast.
Use these ideas to help you understand where you are today in a competitive position in your town or city when it comes to brokerage activities. Assess your activities and refine them where appropriate.
The commercial brokerage business today is one of adjustment and opportunity. There are always opportunities to be had by the proactive agent or broker taking steps towards self-improvement and self-growth over time. Do the right things that matter in your real estate business.
This commercial real estate brokerage podcast will help you understand some of the things that you can and should do to improve your results over time.
Commercial real estate agents and brokers do need a territory sales plan and a strategy to build market share. The plan itself needs to be quite specific and allow for ongoing tracking and monitoring. Without a plan of this nature, it is very difficult to build client contacts and new listings.
Here are some clear reasons to help you see the relevance and importance of the sales planning and prospecting process:
You can identify the right people to serve as part of your professional services.
You can establish an ongoing contact system with relevant people.
Over time you will find referral business opportunities get a lot easier.
Repeat business and cross over business will help with commission growth.
In any market and at any time, you will have a reasonable source of clients and prospects to connect with.
From these things, it is easy to see that you can grow your market share above and beyond that of your competitors. It simply comes down to a personal process and ongoing discipline. It really doesn’t matter what agency or brokerage you work for, but it does really matter what you do every day with your time and your tasks. Attracting sales and leasing opportunities is a strategic process. Don’t waste your time; take the right actions. Control your personal focus and your diary.
Many agents struggle with a sales plan simply because they do not have the commitment and the focus at a personal level. You can change that by developing the right habits into your business day and working week. Here are some ideas to help you:
Review the levels of current activity in your market today. That investigation should cover the existing listings, and all of your competitors. Take a look at the history of property sales and leasing activity over the last two years as part of that process. Understand what is actually selling and leasing when it comes to property types and locations. Is your property market in decline or is it growing? Understand the reasons for both trends.
Your property market today will be impacted by competition, economic circumstances, business sentiment, and property availability. Within all of that, your database needs to put you in front of the right people at the right time. For this reason, prospecting needs to occur at a personal level for approximately 2 or 3 hours every day. That will mean reaching out into the marketplace to new people that you have not spoken to before. You should be making lots of cold calls and creating meetings from that process. Understand the local laws and legislation that apply to the use of the telephone when it comes to prospecting. The do not call register may have some impact on how you approach certain people.
Growth of market share typically comes from exclusive listings and closed transactions. Your sales pitch or presentation needs to be structured accordingly so that you can convert more clients into exclusive listings that you can control. Open listings may be a fallback strategy however they will give you little control when it comes to the client, the property, and any negotiations. Many clients in an open listing situation cannot be trusted. They will be talking to many agents at the same time and therefore not assisting your negotiation process.
From these simple and yet time intense processes, you can see some ways to build your market share and your client connection processes. That is how you create a strategic sales plan applying to commercial real estate agency and brokerage.
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Every broker or agent should have a sales plan in brokerage. That plan will give momentum and focus to listing growth and client contact. In this video today, we share some specific ideas behind creating a successful sale plan in your career. Something that you can build momentum around. Here is the video:
In today’s commercial real estate podcast we share some ideas across some very practical and useful strategies in sales and leasing. If you are wanting to boost your results as an agent or broker, there are plenty of things in today’s program that you can do locally in your town or city. There are five […]