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Take Quality Action in Commercial Real Estate Brokerage

man giving thumbs up
Take the right action in commercial real estate brokerage.

Any opportunity in commercial real estate today should be acted on quickly and effectively.  If you ‘sleep overnight’ on the issue you will likely find that is not going to be there in the morning.  There are many competing agents and brokers waiting to jump on the listing opportunities around you.

Here are some important rules to understand:

  1. Real estate today is becoming a global business that is traded on any day of the week at any time.  You must be prepared to talk to a client or prospect on the telephone when he rings.
  2. The marketing process for commercial property has become timeless.  Internet listings promote properties globally and across the country.  Be prepared to take the enquiry when it occurs.  Carry some standard forms as part of capturing inbound enquiry.  Also carry a full set of current property listings ready to take the questions and inspections at short notice.
  3. Quality listings and good properties will create significant enquiry in any market.  When you take a quality listing to the market today, be prepared to respond to the enquiries as they occur.  A quality listing will create a significant amount of calls, and as a consequence, a good number of inspections.  Time can be a precious commodity when you have a few high quality listings on the market are the same time.  That being said, you still need to take the required actions and capture the enquiries effectively and efficiently.
  4. If the person wants to see you later in the evening or over the weekend as part of progressing to the next stage of a property enquiry, then create the meeting and let it occur.  Far too many brokers are selective when it comes to critical meetings and property inspections.  Certainly you should qualify the prospect before you arrange a time to meet, but be prepared to work the longer hours and over the weekend.  A career in commercial sales is totally different to a standard 9 to 5 job.  The rewards are many; however you do need to work hard.
  5. Every property inspection is an opportunity to get information.  The person you are showing the property to may not necessarily move to the next stage of offer; however you will get valuable market intelligence from the connection.  Ask the questions, and put that information into your database.
  6. In every property inspection, build a degree of urgency to encourage the buyer to move to the next stage.  Local property knowledge about competing listings, prices, and time on market will help you with the urgency factor.  Understand the other listings that are available and the differences that exist between those listings and your property.  I go back to the point that a quality listing will always encourage and create a good number of inbound enquiries.  Be prepared to work on those leads and opportunities as they occur.

From these points, it is easy to see that a commercial real estate agent or broker should be focused and diligent.  A lead or an opportunity today needs to be actioned as soon as possible.  In that way you will grow your market share quickly and beat the competition.

You can get more tips like this for commercial real estate brokers in our newsletter.

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Reputations Really Matter in Commercial Real Estate Brokerage

man smiling
Build a positive reputation as a great broker.

In commercial real estate brokerage, your reputation will make or break your career. That is because the cycle of property activity is so long and listing success will be largely formed on the back of ‘trust’.

It doesn’t take long for a poor reputation to spread in the industry. Some agents and brokers that under-perform with their client’s property requirements are soon to suffer the implications of those actions.

So it is a fact that the clients that we serve like to know that they are working with an agent or broker of integrity and skill; someone that has the right knowledge to make the property pain for the client disappear as quickly as possible at the best level of outcome. So what would that be? Try some of these:

  • Best price
  • Best rent
  • Quick sale or lease
  • Unconditional sale
  • Nil incentives in leasing
  • Best buyer profile
  • Qualified tenant
  • Timely transaction
  • Confidentiality

For this reason, every exclusive property listing should be worked to a plan and a process that gets the message to the right target segment of buyers or tenants as the case may be.

Notice that I did say ‘exclusive listing’? Any open listings are a process of luck and should only be serviced when you see opportunity. It is the controlled stock in this market that really matters and ‘exclusive listings’ will give you that.

So let’s go back to the point that ‘reputations matter’. What can you do to strengthen your reputation? Try these:

  1. Write a blog about property activity locally on a regular basis. Talk about your property speciality in many different ways and make that blog of interest and of use to the readers on-line. It is remarkable how often useful information is seen online by property investors and sellers or tenants as the case may be.
  2. From your blog you can link the posts into your social media platforms such as Facebook, LinkedIn, and Twitter. Don’t spread yourself too thin on the ground by using too many platforms. You only need 2 or 3 to make the process work.
  3. Write articles for your on-line newsletter and add those articles to the listing detail that you send out. The articles will help show the market that you are skilled and knowledgeable in many different ways.

Make these things a regular process that you can stick to. Over time your relevance and reputation as a good agent or broker will build.

You can get more tips like this in our Newsletter right here.

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Tips for Being Entrepreneurial in Commercial Real Estate Agency

business people meeting
Focus your commercial real estate agent efforts.

In commercial real estate agency today, you need to be an entrepreneur in your business practices and your focus.  Your successes in the industry as an agent will come from your personal endeavors.

The agency that you work for will have little to do with the process of building greater personal commissions and generating listings.  Successful agents are individually driven and have a comprehensive marketing plan to promote themselves comprehensively through the region that they work in.

There are some very simple strategies to apply here if you wish to rise to the top of the market.  That being said, all of those strategies require personal effort and deliberate focus.  They take time and effort each and every working day to implement effectively.

Here are some of those strategies to help you develop the entrepreneurial mindset of a top commercial real estate agent:

  1. They say that you can learn a lot from experience.  You can also learn a lot from the other top agents in the area.  Whilst some of those top agents may work with competing agencies, you can observe what they are doing and how they do it.  You can replicate their successful processes when it comes to knowledge, skill, and marketing.
  2. Every client that you serve today will be an opportunity for repeat business in the future.  The cycle of commercial real estate is quite long and on that basis your relationships will need to be built and nurtured.  Focus on quality clients and quality properties.  It is the quality properties that will bring you more enquiries from any marketing campaign.  Poor quality properties bring poor results.
  3. Referral opportunities can be generated from successful transactions.  Stay close to your clients, customers, buyers, and tenants as part of closing a transaction and moving on.  Ask for the referral at the right time.
  4. There are certain skills which are absolutely critical to the services that you provide as an agent.  You should have significant skills in prospecting, presenting, marketing, inspections, negotiations, and documentation.  These six aspects of your career require constant upgrade and practice.  When you do this, it makes it a lot easier for you to rise up in the ranks of the commercial property industry.
  5. Every listing, sale, or lease is an opportunity to talk to other people in the local area.  Send a direct letters to the local property owners and the property investors as part of your marketing efforts.  In many respects, one single listing can allow you to talk to several hundred people.  It is simply a matter of developing a mindset to do it and commencing the process.

If you choose to be an entrepreneur in commercial real estate agency today, you do need to take a serious look at your business activities and systems.  They will help you take advantage of the local property market providing you implement the appropriate action on a daily basis.  Success in this industry is driven from personal activity and nothing else.

Want more? You can get more tips or join our Newsletter at our main website http://commercial-realestate-training.com/

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How to Sustain Peak Performance as a Commercial Real Estate Agent

graph of sales results
A top agent requires a performance plan.

In commercial real estate agency it is essential that you sustain peak performance when it comes to undertaking the daily business of an agent.  Peak performance can be many different things for each of us, however in our property industry it usually relates to client contact, prospecting, marketing, and negotiations.  It is a very personal process.

Here are some tips from our Newsletter.

The agents that are struggling are usually the ones that have little focus on the key issues that really matter.  It is very easy to get tied up in mundane and ordinary issues.  You can be ‘busy’ doing all the wrong things; you can also be ‘busy’ chasing hope in a sale or lease, and distant deals that you have been working on for months if not years.  A good degree of selective work is required to build and maintain your income.  Understand the difference between a good deal that has a reasonable chance of success and one that is really a great waste of time.

The key issues in our industry relate to building the business, converting the business, and establishing a strong market share.  Peak performance has something to do with that.  Here are some tips to help you:

  1. Segment or split your day into the things that really matter.  They are the things that will help you build your business, listings and commissions.  If you put a title to the tasks they will be prospecting, client contact, and marketing.  Those three things will allow you to inspect properties with the right people and negotiate on more deals.
  2. Identify the key issues, clients, actions, and tasks that are closest to the money and commissions.  Avoid anything that cannot give you a lead or a commission.  Your income depends on your focus and actions.
  3. What exactly are you really good at (in commercial real estate business)?  Hopefully your skills are in connecting with clients, finding listings, and marketing.  When you understand what you are good at you can do more of it.  If you are not a top performer in some critical things then you will need to improve.  Practice will be required.
  4. Enjoy what you do.  Passion and attitude has a lot to do with moving your market share forward.
  5. Look for the top agents in the local area.  See what they do and how it works for them.  You can replicate their skills and actions.  Watch and learn.

Simple things like these five will help you move ahead as an agent in commercial real estate.  Control your time and your focus.

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Success Planning a Commercial Real Estate Career

Plan your commercial real estate career

In commercial real estate agency today you really do need to set come clear goals and plans to keep you on track with the things that you want in listings, market share, and commissions.  An agent without this focus will struggle with momentum.

So you need a ‘success plan’ to take you forward.  What does a plan of this type look like and when do you create one?  It is created once a year and it is monitored monthly. 

As part of this process you can then see what is working, changing, and lacking.  Adjusting your plan is important to keep you heading to the targets that you need.

Key Performance Indicators

Commercial real estate agency is a personal thing.  It is something that is driven from the actions and skills of a salesperson.  It doesn’t really matter who you work for, but it does matter what you do as an individual in your job.  Every day the key and important things should be done.

Now I know that many agencies will impose on the salesperson a series of key performance indicators for the year.  Each week and each month those KPI’s will be tracked by the agency leader or principal.  Unfortunately the KPI’s set by the agency are for the convenience of the agency only, and most individual agents will not take ownership or commit to the numbers.

So how do you get around this problem?  You work in reverse. You ask the agent or salesperson to set the Key Performance numbers that are real and relevant to where they think that can and should go in performance for the year ahead.  I call it ‘Success Planning’.

The individual agent sets the numbers as part of the ‘plan’ and gives them to the team leader.  Those numbers can then be merged into the bigger picture.  Perhaps they will need shaping, but the numbers are ‘owned’ by the salesperson.

What numbers should you have in one of these plans?  Here are some things to help you.

  1. Size of database
  2. Client list growth
  3. Exclusive listings
  4. Time on market
  5. Referral business
  6. Commissions written
  7. Sales in $ terms per quarter
  8. Leasing in $ terms per quarter
  9. Property management leads for the quarter
  10. Calls outbound per week
  11. Meetings per week
  12. Presentations per week

When a salesperson commits to a list of key performance indicators like this, they can see what they have to do and how it occurs. The fact of taking action is much easier because the salesperson can see what has to be done.  In this commercial real estate market, that is a good thing.

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Top Tips for Building Your Sales Character and Mindset in Commercial Real Estate

two business men talking in street
Develop a sales character to grow your market share in commercial real estate.

In commercial real estate agency today, we need salespeople that can take deliberate action and remain focused on the task at hand.  Whilst many will say that they can do this, reality says that most won’t.  The discipline required is lacking for many.

Discipline in action is a common problem when it comes to sales people today in commercial real estate.  There are ways to deal with this.  When you understand the matter and how it impacts your work style, you can make massive changes in your commercial real estate business.

Here are some ideas from our Newsletter for Commerical real estate agents…..

The property market today is reasonably challenging in many different ways.  Here is a list of the things that I see around the property market today:

  • Vacant premises that have remained vacant for some time
  • Properties remain unsold after lengthy marketing campaigns
  • Some tenants are struggling to pay rental in accordance with the terms of the lease
  • Some landlords have over committed when it comes to borrowing funds on property investments.

These things are massive opportunities for us as commercial real estate people to help clients and resolve problems.  Whilst some will say that the market is in a ‘slow patch’ today, it is at this time that our specialist property services are required.  You can dominate the market today.

Assuming that you can see this opportunity, it is just a matter of you focusing on the right properties, the right clients, and segments of the market.  The character and commitment of a salesperson to the task will have a lot to do with the results that they achieve.  Your sales character and commitment is a key factor to take you forward.

Over recent years, a lot has been written regards the required character of a salesperson and a business person in different job roles.  Psychologists have determined that there are four basic characters that have an impact on the work that we do.  Most people will have a predominant character which will influence their thinking and the work that they undertake.  When it comes to selling, leasing, and managing commercial real estate, the character of the salesperson needs to be matched to the task at hand.

This market requires salespeople that are prepared to drive themselves towards the opportunity that is available.  This is a market today that requires action and focus.  Some salespeople struggle with achieving those two skills.

As mentioned earlier, the predominant character will have great influence on how we work and what we achieve.  If you are struggling to get results in this market today, it is likely that your predominant character needs to be reshaped and redirected towards the right skills that the market requires.  In other words you need to practice and develop change.

The good news is that characters and work styles can be changed.  When change is achieved and firmly established with ongoing habits, the salesperson can move to the top of their market as a specialist in commercial real estate.  We all have a choice, it is simply a matter of understanding the factors involved, what you need to do, and taking the required actions.  Set the foundations for a better client base, quality listings, and more transactions.

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Base Line Procedures to Build Better Commercial Real Estate Agents

man looking at paper
Build your agency systems in commercial real estate

As a commercial real estate sales agent, you will get benefit from establishing systems to list, market, and negotiate on your listings.  The fact of the matter is that systems will help you stay under control when things get busy or change.

The property market changes from time to time.  Currently there are lots of properties for sale and fewer buyers that can put a purchase together.  Given that our primary task is to sell a listing, you can develop some dedicated processes to help the overall sales and marketing process.

Commercial real estate sales is all about finding the quality listings, attracting the right enquiry, and converting the transaction.  To help you with the process and the outcomes, you can take a serious look at the procedures that can be improved in your agency, or personally.

Here are some core procedures that apply to the commercial real estate sales process today.  Review the ideas and test your existing processes and strategies.

  1. Create a marketing packet of information that can be sent easily and quickly to any person that requires more information from you.  The marketing packet will relate to a particular listing or a service that you can provide.  The marketing packet should be dispatched by e-mail and or mail very easily and quickly.  If you are sending the marketing packet via e-mail, ensure that the documentation is converted to PDF format.  In this way the layout and the presentational aspects of the information will be preserved.
  2. When it comes to commercial, industrial, and retail property, you can have specific prelisting kits that apply to the property type and the location.  Those kits will contain the latest market information, samples of advertising and marketing, some details regards your agency and the key staff, plus testimonials from previous happy customers and clients.  You may also have some market share information that proves your agencies relevance and specialty in the local area.
  3. Canvassing and prospecting will always be a critical component of commercial real estate sales.  Every salesperson should have a specific canvassing and prospecting program that they undertake daily and weekly.  In this way they can build their pipeline of opportunity.  On average, a top agent should be bringing in at least two exclusive listings per week.  Those listings should be controlled for a period of at least six months.  In this way those top agents can control the property enquiry and the client communication.  Over time these factors will give you better market share and better clients.  If you find it difficult to convert exclusive listings, then you need to improve your listing sales pitch and presentation.  That will require some practice, but over time you can achieve better conversions of exclusive listings.
  4. The marketing campaigns for the properties that you sell will be unique and different.  On this basis you will need to track the results of every marketing effort with every exclusive listed property.  Each week your marketing efforts should be adjusted to optimise the enquiry that you can achieve.  Be quite specific in your marketing effort, and ensure that every quality listing is the subject of a specific and well directed promotional activity.

A top agent in commercial real estate sales will have their job and their market share totally under control.  You can’t do this without having significant systems and focus into the local area.  If you are looking to improve your client base, commissions, or listings in commercial real estate this year, take a serious look at the procedures and systems that are currently being utilized in your agency and by you personally.

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Get Results as a Commercial Real Estate Agent in this Market

two commercial real estate agents talking in car
Top commercial real estate agents get results.

The commercial real estate market of today has some challenges to deal with.  In most cases it is a slow market or there is an abundance of unsold properties, and or vacant premises for lease.

The property market doesn’t disappear; it just changes.  That change factor is what we as commercial real estate agents can help with.  We become the ‘agents of change’ and can provide the right solutions for property investors, business owners, and tenants.  People need our help in many different ways.

If you are finding that things are a bit tough at the moment for you as a Real Estate Agent, have a look at the way in which you are doing things.  Today you need a ‘toolbox’ of solutions to help the clients and prospects in today’s property market.

Creativity and relevance are the two facts to aim for here.  Are you creative in marketing your properties for sale or lease?  Are you relevant as a top agent in this type of property market?  Generic agents struggle in this type of market because they do not have the ideas and strategies active to solve property problems for clients.

So let’s give you some ideas to put into your agent toolbox for commercial real estate sales and leasing.

  • Have all the market facts and information at your fingertips for the particular property type and deal that needs to be done.  You cannot change the client’s perception without the right information.
  • Check out all the competing properties locally before you meet with your client.  Be very familiar with prices and rents that are being asked.  Time on market assessments will also be of value in helping the client see what is going on today.
  • Have stories of success with other local properties and listings that you can share.  Most clients will listen to the experiences of other properties and clients.
  • Have alternatives for the client to choose from.  When alternatives are available, the decision to be made is less difficult.  Most clients will choose the ‘middle ground’ alternative.
  • When you list any property, set the rents and prices for today’s market.  The client’s perspective on price or rent should be challenged if it is too unrealistic.  You do not want to waste your time or theirs in the listing process.
  • Provide the solutions that the market needs including personal marketing systems that will allow you to take the listing to the right people in your database and the right local property owners.

Help the parties make decisions.  In many respects our clients and prospects are just looking for the right agent that can solve their issues quickly and effectively.

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Direct Mail Strategies for Commercial Real Estate Agents

commercial real estate agent climbing ladder
Direct mail systems and strategies will help you rise to the top of the market as a commercial real estate agent.

In this time of technology and e-mail, the traditional letter is even more effective and powerful as a marketing tool.  Far too many commercial agents rely solely or largely on e-mail as part of their marketing effort.  Develop a direct mail strategy to add to any other marketing activities that you currently undertake.

In saying all of this, the direct mail process should only occur if you are prepared to follow-up each and every letter sent.  When it comes to commercial property, most of the new business we create is through trust and personal contact.  For this reason the letters that you send should be focused on two things.  They are:

  • To introduce yourself as a local commercial real estate expert of relevance to the prospect.
  • To seek a meeting with the prospect and provide them with local market information and knowledge.

If you send a letter on this basis, you are not confusing the marketing message and you are simply introducing yourself.  This makes the telephone follow-up process quite easy and specific.

Here are some specific tips to apply to the direct mail strategy and letters sent today.

  1. The letter that you send should be simple in format.  Three or four simple paragraphs are sufficient to send right the message and request a meeting.  Keep the letters simple in every respect.  You want the person to take your call when you make it in a few days’ time.  The letter is really encouraging them to take your call.  When you make the call, you are then encouraging them to a allow you to meet with them.  Keep things simple and centered on these basic processes.
  2. The only thing that you should include in your letter should be a business card.  Far too many agents send bulky marketing material and brochures.  Most of that will be put in the rubbish bin fairly quickly.  If you send only a business card, that is likely to stay within the possession of the client for some time.  That is exactly the goal of your letter.
  3. Break your letter up into three simple paragraphs of two or three sentences each.  Tell the client about the local property market and recent changes that may be of interest to them.  Tell the client that you will be ringing them in the next few days to talk about those facts.  The primary goal of your letter is for the client to take your call.  When you make that call, you want them to remember you.  That is why the business card mentioned earlier is part of the contact strategy.
  4. When you sign off the letter, do it personally in blue ink.  That will then show the prospect that you have personally committed to the dispatch of the letter.  If your standard letter signature is somewhat illegible, it is better to develop a legible signing process for your marketing letters.  That will then show the client that you have taken time to identify yourself formally and correctly at the base of the correspondence.  You have a name; make sure the client can read it.

The traditional direct mail strategy is of importance and significance when it comes to marketing yourself today.  Make sure you follow the above points so that your correspondence can be converted to the meeting that you require.

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Commercial Real Estate Agents – Networking Local Businesses for Real Market Opportunity

commercial real estate agent looking to the sky
Local business owners are a great source of leads and opportunity for commercial real estate agents.

When you work in a commercial real estate agency you can get a lot of valuable information from the local business owners.  For this reason they should feature in your cold calling efforts every day.

Many agents will focus on just property owners as part of their networking process for new business; whilst that in fine, the reality is that the process is hard and slow.  It takes a lot of time to find the right property owners and chase them down for a conversation.  I am not saying that you should not do it; I am just saying that you should mix it up a bit and add the local business owners into the networking process.

Talking to new people every day is part of building your business and your market share.  When you do this regularly you will find that the property market and opportunities within it will open up for you.

How do you do it?

So how do you get to these local business owners?  The easiest process is in using the local business telephone book.  You can also door knock the businesses locally on a street by street basis.  Either way the process is easy.

Many commercial real estate salespeople tend to analyse the process of networking far too quickly and critically.  They think that they should get results from just talking to just a few people.  That is not the case.  On average, you do need to talk to perhaps 40 people to get one opportunity.  For this very reason, the networking process should be a daily event and continue throughout the year.  Keep yourself organised as you speak to new people; gather any leads and information into your database.

Not interested?

Many of the people that you talk to will not be interested in commercial real estate. For this reason, you should simply be asking a few questions to see if they have a need or a future interest in commercial or retail property.  There will always be plenty of business owners and property owners to talk to providing you get yourself organised and talk to lots of new people.

Commercial real estate is a specialised part of the property industry.  Landlords, tenants, and business proprietors will need your assistance from time to time providing you show them your relevance and provide local market knowledge.

When you establish the initial connection with new people, and have satisfactorily qualified them as relevant to you, keep the contact open so they can find you when the commercial real estate need arises.  You should be networking all of your contacts at least once every 90 days.  That is the secret to building market share.

Through this connecting and networking strategy, the following information will help you with future business opportunities.

  1. The business owners will tell you what is going on in the local area.  They will likely know the intentions of some of their neighbouring businesses when it comes to property activity.  They will also have observed changes and pressures that exist with their neighbouring businesses.  Asking the right questions will help you here.
  2. Some of those business owners will be tenants in occupancy.  For this reason they will one day require potential relocation and or market information relating to rental and leases.  Building a relationship over time with these people will help you tap into that opportunity when the need arises.
  3. Some of those business owners may share information with you regards the landlord that owns the property in which they are located.  That can then short circuit the process of finding the property owner.
  4. Some businesses today will own the property in which they are located.  Over time they can have pressures of occupancy, expansion, contraction, or relocation.  They may also consider a sale and leaseback strategy.  You can help with all of these things.  It is simply a matter of building the right relationship.

Sometimes we tend to complicate the networking and cold calling process.  It is not hard or difficult, it is simply a system.  When you understand that, and develop your own processes within the system, you can create massive opportunity in your local property market.

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Commercial Real Estate Agents – Tips for Finding New Salespeople

man standing on grass with hands outstretched
Look for commercial real estate salespeople that have a real drive to succeed and a professional approach to the business.

When you run a commercial real estate business, it is always hard to find the right people to help you build your business.  Most new salespeople will claim to have the necessary drive and commitment to do what is required, but in the majority of cases, they will not have the factors that produce great success in the industry in all markets.

When the property market is at the top of the cycle, just about any salesperson can make commissions simply by going to the office and sitting at their desk.  It is the more ordinary markets where listings are hard to move and enquiry is difficult to generate where the top agents stand out as being the best in the local area.

Here are some strategies to help you with choosing the right salespeople, and running your commercial real estate business.

  1. Always be on the lookout for good people.  That can include other agents in other real estate offices.  The right people should be able to show sales results and discipline when it comes to the commercial property market.
  2. The industry is largely based around relationships and networking.  This then says that every top agent will usually have a significant group of clients and contacts to work with.  Good agents will always have a database of several hundred clients or prospects that they work with.  The accuracy and the up to date nature of that database will be important.
  3. Divide the sales territory into precincts and property types.  Some salespeople will be working a defined geographical area, whilst others will be working a specific property type in which they specialise.  Such is the case when it comes to retail property given the specific and the unique nature of the property and the people involved.
  4. When employing future salespeople, it pays to undertake a psychological assessment of their sales skills.  Top salespeople are quite unique when it comes to business style and performance.  They also require special types of management and leadership.  That being said, a salesperson is employed to generate commissions and listings.  Have each potential new salesperson for your business or agency checked out thoroughly at a skill and mindset level, before you employ them.  Make sure they have the necessary character traits that a salesperson requires in this industry.
  5. When it comes to employing new sales people in the industry, two factors stand out as critical to ongoing performance.  The first factor is market share, and the second factor is conversions.  For this very reason, it is essential that you monitor the market share of each salesperson relative to their location or property speciality.  When you can see that the market share is consolidating and growing for a team member, the next factor to watch and observe will be the conversions of listings to completed transactions. It is one thing to list a property, and it is another to convert the transaction.  Some salespeople list very well, but cannot sell or lease at a satisfactory level.

We need more top agents, or people that can reach that level of the industry.  Can any salesperson reach the top of their industry in their location?  The answer is absolutely and yes.  The right people will learn and adapt their skills to improve and grow in the industry.

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Top Ideas for Success Letters – Building Market Share for Commercial Property Agents

commercial real estate agents standing outside office building
Use ‘success letters’ to strengthen your market share and commercial property listings today.

Success letters in commercial real estate are the letters that you put out into your business community and database to tell them of your success in leasing or selling a significant local property.  Every sale or lease is a great opportunity to connect with these groups, and a success letter is the way to do it.

Why send a letter and not an email?  The fact of the matter is that letters will be read far more frequently and effectively than emails.  Most emails are ‘culled’ by the email filter or the user so that they do not have to read unnecessary material on many different things.

If you send a success letter communication to your clients or prospects, ensure that you follow up every letter with a telephone call.  Every letter sent will give you the opportunity to open up the relationship with more people; this is a ‘people-based’ business remember!

If you want to send a message about your success, send a letter and enclose your business card.  It’s that simple.  Forget about complex brochures and flyers; just send your business card.  A business card is more likely to be kept than any fancy brochure that you send.

Here are some rules regards sending these letters:

  1. Have a local area focus so send the letters into a defined area that could include people and businesses that know the property that you are referring to.
  2. Sale or leasing results should be ‘bragged’ about, so get a signboard onto the property as soon as the deal is done (subject to client approval).  The signboard should feature a ‘sold now’ or ‘leased now’ sticker and your telephone number.
  3. Every person that has been through the property that has been sold or leased should be communicated with to see if they are still in the property market and if you can still help them.
  4. Businesses and property investors locally should get all of your success letters on the basis that you will be telephoning them after the letter to see if they have a ‘need or interest’ in other property activity.
  5. From your letter sent out, encourage calls back to you about the deal done or the local area trends.  Talk to people and spread the word about the deal (with suitable restraints given confidentiality).  A successful transaction is worth talking about.
  6. Try sending 2 separate letters and not just 1.  The letters should be about a week apart and encourage dialogue if the person has a need to know more about the local area and the property trends.

As simple as this process seems, the difference in the marketing approach helps you stand out as an agent of success and choice in the local area.  That is the type of agent that businesses and property investors like to work with.