Without a doubt, a career in commercial real estate brokerage can be very rewarding. That being said, if this is a career for you, then you will require a personal focus and commitment to make the necessary commissions and listings grow over time. Market share is everything when it comes to converting new business opportunity. The only way to grow market share is through personal effort.
There are many agents and brokers in every town or city that will be competing for your listings and clients. Many of the presentations undertaken for new listing opportunities will be quite competitive. The way to deal with this is to have a plan of activity to keep yourself on track.
It is a fact that you will not win every property listing that you pitch for. You will however improve your averages through practice, and by developing a prospecting plan to grow your market share. Here are some tips to help you do that:
- Assess your town or city for property market activity. Over the last few years there will have been sales and leasing activity within your targeted property types. Assess the turnover of properties and the commission opportunities for future listings.
- Looking at your town or city, and precinct, what are the opportunities for growth and change over the coming years? Would you regard your sales territory as one of growth or neutrality? Can you see how more sales and leasing opportunities can evolve from your defined sales territory?
- Review the other agents and brokers in the market. Some will be better than others. Understand exactly who the best agents are locally, and determine why that is so. Can you replicate some of the activities of these quality agents? Is there room for you in the market today? How will you stand out as a top agent against the existing competitors?
- What property types show the best opportunity for growth? Are there any new property developments coming through the approval process locally within the property type? The factors of supply and demand within the town or city should be regularly assessed as they will have impact on your listing and commission results. On a monthly basis check out the new properties under planning approval consideration.
- Understand the resources that you will require as part of a personal marketing process and client contact system. Whilst some of those resources may be provided by your brokerage, many of them will be personally implemented and controlled. That is why you need a plan and a process to keep you on track.
Given all of the above factors, what will make use special in the market as a top agent or broker? What can you do to attract the clients and prospects to you as opposed to those competitors around you? Certainly the brokerage that you work for will have some relevance to the equation, but most of the listings and commissions that you convert will be as a direct result of the personal marketing efforts you implement. I go back to the point that you do need a plan to make all of this work.