Building market share in commercial real estate sales is not a ‘switch on’ and ‘switch off’ process for brokers and agents. It is a gradual incremental process that takes time and effort as well as a good degree of personal focus.
Show me an agent that is struggling in the market place, and usually I will show you an agent that has not got themselves organised to a plan of prospecting, listing, marketing, and negotiating. These four things are the essential skill elements of commercial real estate brokerage today.
Growth Strategies and Systems
So let’s focus on a typical brokerage. In looking at the growth of things and particularly property opportunities in a positive way, a good agent or broker can improve their market share over time by working to a daily system of activities at a personal level. Here are some of the most effective ways of doing that:
- Segmenting clients – Understanding the best clients to work for will help when it comes to a prospecting model; split your clients up into groups and property types or priorities. Some clients are more valuable than others and can offer repeat and referral business over time.
- Time to prospect – Every day a certain amount of new business prospecting needs to occur. When that happens in a logical and progressive way, fresh listings will be easier to find. Set aside 2 or 3 hours in your daily diary for that prospecting process.
- List exclusively – As a general rule don’t take on listings ‘openly’ as you will not have control of the listing. Only list exclusively. Over time that means you will have a small group of listings (perhaps 5 to 15) but you will control all of them and your conversions to successful transactions will be higher.
- Stay local – Don’t list property that is too far out of your listing territory; it is too hard to understand from a price or rent perspective, and it will be very hard to market, inspect and negotiate on.
- Internet coverage – Promote yourself comprehensively on the internet. Listings will help you do that but other things also need to occur so that your name comes up on the search engines for property in the location. To get a deeper coverage on the internet, set up a matrix of information feeds such as blogs, and social media. Load up information that can show that you are the expert. Let the search engines see you frequently as the top agent that you want to be.
Simple things like these can be built into your business activities as a broker or agent. They can help you significantly in building market share, listings, and a client base.