In commercial real estate agency today, you need to manage the most important roles that help you build your listing and commission business. When you do this efficiently and effectively, market share and client growth will get a lot easier.
The generic approach to commercial real estate agency really doesn’t work. Today each and every agent needs to be quite specialised and focused when it comes to the services that they provide, and the sales territory that they work.
The roles that are central to your real estate business and your sales territory will be all of the following:
Prospecting through the local area to identify the right properties and the right property owners to act for. Connecting with new clients and prospects should be a daily event. The prospecting process will take approximately 2 or 3 hours per day from your diary. Regardless of that time commitment, the process needs to be implemented and maintained. That is how you grow market share.
Maintaining a profile locally when it comes to your specialized property skills as a real estate agent. Personal branding is a central part of a real estate agents profile.
Tracking the activities of other agents when it comes to competing properties in your sales territory or patch.
Helping clients when it comes to solving property challenges in sales leasing or property management.
Understanding the activities in the market today relating to prices, rentals, time on market, and marketing solutions.
Building a personal profile on the Internet that will help you to be recognized as a relevant and specialized real estate agent for the local area
Taking a client and their property through the requirements of listing, marketing, negotiation, and property documentation.
Understanding the factors of property performance that will help you package an asset for improved income and potential sale.
You can probably add to this list based on your area and your property specialty. Clarity is important when it comes to understanding your roles as a specialized property agent. The generic approach to real estate agency really has no place in this market. Generic agents lose a lot of money and waste a lot of time as part of the process. Top agents drive much more business and deliberately so.
Some of the things in this list above will be much more important than others if you are to be a top agent. When you set the right priorities and stick to the process of implementation, the business gets a lot easier. This then says that you must protect your time as it is the most important resource that you have as real estate agent.
When you look at your average business day and the tasks that need to be undertaken, three and four issues will be far more important than the other things on the list. Recognizing the differences in the tasks and taking the right action towards them will help you consolidate your market and listing growth. Control your day and control your agency efforts. The rewards will soon come.
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:
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.
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.
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.
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.
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.
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.
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:
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.
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.
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.
Enjoy what you do. Passion and attitude has a lot to do with moving your market share forward.
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.
When you grab the attention of the property investors and tenants in the local commercial property market, you can rise to the status of a top agent locally. In this way you can attract more listings and clients. Every agent wants to do this; but you need a plan to get there.
It is not overly easy to rise to the top of the industry. It takes real effort from you personally and the establishment of your own marketing plan that you can stick to. Each and every day you follow the steps in your plan.
Here are some ideas to help you get started:
Signboards throughout the local area will be very important. Most of the deals that we do in sales and leasing are done with people from the local area. The signboard will help you get the message across the region of just who you are and what you have available by way of quality listings.
Direct marketing around every listing will be critical. Every listing is a great opportunity for you to talk to other business owners and investors in the area.
Success letters and flyers should go out into the local area from each successful marketing and listing campaign. Sell your successes into the region.
Prospecting requirements will always exist. They do not go away. Get on the telephone to make cold calls every day, and also visit people in your territory. Personal contact is really important.
Top marketing systems and campaigns will strengthen your profile as an agent to be watched. If you market a listing in an effective and special way, the people in the market place will notice you. That’s what you want.
The best listings will produce more enquiry than ordinary ones. Get the best listings on your books and market them comprehensively. Be known as the agent with the best properties to sell or lease.
Conversions of listings to sales or leases will be a factor of importance. You can have a lot of listings, but if they are not moving, then you have some more work to do. Promote each exclusive listing in a comprehensive and positive way.
Editorials for each good property should be encouraged where the media will cooperate with you. The fact of the matter is that the traditional newspaper media is fast becoming redundant in property promotion, however they do like to boost readership and a quality local property will help them do that.
Internet based marketing, Blogs, and Social media, are all parts of the more mainstream marketing effort in commercial and retail property today. Make sure that you have everything under control.
Today you must market yourself as well as your properties. When you get the balance right, it is much easier to rise to the top of the local property market as the agent of choice.
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.
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.
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.
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.
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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