In commercial real estate agency it is critical that the sales team works together and that each member of the team is committed to the processes, rules, and systems of the office. Remember the old saying, ‘One bad egg can ruin the cake’. If you have problems or signs of problems with any member of the sales team, it is time to deal with it before it has an impact on others. Performance in commercial real estate agency is a requirement of the business; underperformance should be dealt with before it drags the team backwards.
It should be said that the characters and mindset behind many salespeople can be different and unique. They frequently must drive themselves forward into the market and find the deals or opportunities. The required focus can be a challenge to manage, but that is what they make ‘sales managers’ for. In many respects the sales manager can help and guide ordinary agents to the top of the market. The sales manager can gain the commitment of the salesperson or agent, and then keep them on track during each business cycle.
Here are some tips to help with the sales team commitment process:
- Regular performance reviews should happen monthly and quarterly. They should be a ‘one on one’ process between each member of the sales team and the team leader. Minutes of the meeting should be kept so progress on agreed items can occur.
- Targets should be set when it comes to new listings created and most particularly open listings versus exclusive listings. There is a good reason for this focus. Exclusive listings help build market share; open listings do not do that.
- Time on market should be tracked with all exclusive listings. A longer time on market can tell you if the property market is changing but also if the agent is neglecting the client or marketing focus.
- Commission results should be watched so that the size of the average sale or leasing transaction becomes a benchmark of improvement.
- Our commercial real estate industry is always under a change of some type. Agents and salespeople should be prepared to learn and grow their skills to adjust to the pressures of the market and those changes. It really doesn’t matter how long you have been in the industry, always be prepared to learn. Practicing your weak or underdeveloped skills in listing, marketing or negotiation, will help you rise up in the ranks of the industry.
- Many things have been said about the need for goals in a sales based career. The requirement is real and relevant to commercial property agents. Set goals and help the agents stick to them. Goal focus and review will help the agent understand just what they have to do with goal setting and targeting.
A good agent will be systemised and driven. If you have an agent that is not showing those tendencies then you have a problem that requires action.