In commercial real estate agency it is essential that you have targets and goals to take you and your career forward as a top agent. Luck is not a factor in growth of commercial real estate listings and commissions. Build your progress on the back of specific personal skills and systems. You can build the system that will work for you.
I don’t know about you, but I hate wasting time. In commercial real estate it is very easy to waste plenty of time on a daily basis. Many people will impose on you in different ways. Clients, fellow workers, and property enquiries will come at you each day; how you qualify those things and control them is really important to the business that you create.
The best way to control these pressures is through setting targets. Those targets should be specific so you can keep to a focus of business growth and forward momentum. I like to remind salespeople in the commercial real estate industry that they will not get back the time that they waste; it is gone. Don’t waste any more time; control your day to a specific plan and set of targets.
So let’s look at some of those targets that you can set as an agent. Here is a list of critical things that are part of expanding your sphere of opportunity.
- Commissions – From a new business perspective you should understand where you are now on your commissions and then decide how much more growth you want from what is available in your market.
- Listings – You do need to know what your market share is when it comes to listings. Perhaps you can do this from an agency perspective, but you should also do this on an individual basis. Who are the top agents in the area and what are they doing at the moment to attract that business? How can you improve your market share? How long will that take you? What processes will you use to do that?
- Meetings – You should track the numbers of meetings that you create each week through prospecting and client contact. In an ideal world you should be generating at least one new meeting per day with a new client or prospect. That frequency and opportunity will only come to you if you are prospecting regularly every day.
- Presentations – How many presentations are you doing per week to prospects with quality listings? It’s an interesting question. Your success rate or conversion factor will come into that. Your conversion factor per presentation should be better than 60%.
- Exclusive listings – All your listings should be tracked. You should be chasing and converting exclusive listings as they are the only listings that will help you build market share.
- Time on market – The time on market for listings will change throughout the year. Your ratios and time on market should be better than the averages.
- Marketing systems – There are many marketing tools and systems to use. Use the ones that bring in the best results, not the ones that the client can afford. Remember that the client wants a result. Sell your marketing packages accordingly.
- Prospecting – Do you have a defined and active prospecting system? If you are like many agents you will struggle with this. If you overlook prospecting, you are on a slow ride to a declining market. Take action here and make sure that your prospecting model works and is actioned every day.
- Client list – Your client list has to grow and that will occur only if you put in the effort. That is effort in prospecting and ongoing contact. This industry is based on relationships and knowledge. Make sure that you have both.
You should now quite clearly see the importance of targets and tracking in commercial real estate agency. Take these things and shape them to your business goals.