When it comes to your career in commercial real estate agency today, you should have some goals and targets as part of an ongoing business process. These goals and targets will help you stay on track when it comes to improving your market position and growing your listing base. Here are some tips from our Newsletter.
It is notable that many agents set goals and targets at the beginning of the year with little regard for commitment and the actions required to achieve those numbers. Less than 10% of the salespeople and agents in the industry really do track themselves to the required targets; this is a massive opportunity for those agents that can get their business processes under control.
So what figures should you track as part of the goal and targeting process as an agent? Here are some ideas to help you:
- Define your territory and marketing area so that the targets that you set are confined geographically and also by property type. In this way your numbers will be relevant and focus on the future. You will be able to see where results are happening, and where other changes are needed.
- Target a particular number of listings that you personally require as part of your business process. Those listings should be exclusively controlled. Open listings really do not count when it comes to a business plan or setting goals and targets. In most cases you should be able to work with between 10 and 15 exclusive listings at any one time. Most of those exclusive listings should be for the duration of six months to nine months. It can take that long to get results with some high quality properties.
- Every exclusive listing should encourage and attract vendor paid marketing. As to the amount of money that should be paid here is dependent on the property and location. That being said, most ordinary commercial listings will attract an advertising and marketing campaign that is equivalent to approximately 1% of the property value. On this basis, you should track the dollar value of vendor paid marketing that you achieve with your exclusive listings. More vendors paid marketing will usually reflect in better listings and inspection results.
- When it comes to the marketing of each listing, you should track the time on market that applies to each listing. The first 4 to 6 weeks of every marketing campaign are really important. After that time, the attention of the market moves away from the listing. If you want to encourage more transactions, focus on the first 4 to 6 weeks of each marketing effort with each listing.
- Understand your market share when it comes to exclusive listings currently. On a weekly basis, survey the local area and all of the listings that apply through the region. Understand where you are positioned as an agent when it comes to listing numbers and successful transactions.
When you set your figures and goals, you have got something to work with when it comes to building your career as a top commercial real estate agent. It is interesting to note that regular results from your tracked numbers will help you see where things are improving, and what things require adjustment.
Nothing remains the same in this industry for very long, and on that basis you should be prepared to shift your processes and roles as required throughout the year. A flexible but proactive commercial real estate agent will win more market share over time.
You can get more free tips for Commercial Real Estate Agents in our Newsletter.