The listing process in commercial real estate is quite random for many agents and that is why commissions are all that harder to convert. If you want to get anywhere in this property industry it is a matter of looking at the front end of the business, and building listing systems that attract quality clients and properties.
A good listing system is a profitable system. Top agents know exactly the conversions and results that they are getting from following their listing procedures every day. They tweak and refine their system to make it more profitable. They also market themselves specifically in a relevant way.
There are some things that you can do in establishing the very processes that can produce better real estate results. Being different and relevant locally will help you build your market share as an agent:
- High quality listings – It is a fact that high quality listings will always attract better inbound property enquiry. In that way you will find the right property investors looking for that ‘perfect’ purchase. So many agents ask that question early in their career, ‘How do I find the high quality buyers?’ The answer is simple; find the high quality listings and market them well.
- Other Agents Listings – In your town or city there will be other agent’s listings coming on the market all the time in and around your ‘territory’. Use those listings as triggers to talk to other property owners in the same street near those recent listings. You will soon find other property owners that want to compete and take their property to the market at the same time as the competitors listing.
- Repeat contact – You will be (or should be) connecting and communicating with many people in your local area as part of your daily real estate prospecting. Most prospects take time to ‘warm’ to an agent and respect them for the skills that they take to a listing. For that very reason you should establish an ongoing contact program to talk to people that may need your help one day. Every prospect that you talk to should be contacted again in 90 day cycles until you know that they are ready to do something. The mechanism to do this involves a good database program and logical processes.
- Development approvals – You will regularly find new developments coming into the property market or at the very least being considered for construction and change. The planning approvals process will be quite specific; it is likely to be something that you can monitor for change.
- Redundant properties – Many properties locally will be redundant from an investment perspective. They will be ready to move the next phase of property opportunity; that usually means a material change of use. Understand the local planning regulations and look for those properties that are ready for change. Approach the owners accordingly.
Take these things and put them into your business model. They will help you in finding new clients and prospects to serve in sales, leasing, and property management.