Sustained effort in commercial real estate sales will help you build market share faster and more effectively. The commercial real estate industry is built on relationships and particularly those relationships with the right people. In most circumstances those people can be summarized as:
- Local property investors
- Business leaders
- Business owners
- Franchise groups and operators
- Property developers
Reaching out to find and connect with these people can be a real challenge. It is the sustained effort and persistent systems that you put in place that will help you build your database of contacts. Even in the toughest of markets, commercial properties will sell and there are buyers available. It all comes down to just how much effort you put into the contact process, and just how many people you know locally throughout the region.
So we come back to the factor of sustained effort. Through doing the right things every day, you will gradually build your group of contacts and prospects. Thousands of individual activities directed in the same way will produce sustained growth and change.
So exactly what things will help you when it comes to improving your business as a commercial real estate agent? Here are some other big things that will help you build the sales and listing opportunity.
- Checking out other listings throughout the region should be an ongoing process. That means talking to property owners that may have posted their property for sale personally, watching the other listings with other agencies, checking out the Internet for fresh activity and changes to prices, and doing a signboard count throughout your region to see what agencies are more successful with market share.
- Talking to your clients should be a daily event. Over time you will be shaping their thinking to the trends of the market and the levels of enquiry. This will then help the final negotiation when it occurs.
- Focus on exclusive listings because they are the only things that will help you build market share. You can control the client, inspections, and the negotiations. It is interesting to note that the newer agents to the industry struggle with exclusive listings. The sales pitch or presentation that they make usually results in an open listing. Over time this has to change so that you can build a better group of clients and properties.
- Prospecting by the telephone should happen every day at the same time. Set a target so that you will be establishing a number of outbound calls, meetings, and listings. A typical ratio would be 25 outbound calls per day creating two meetings per day, and on a weekly basis creating one listing. Providing you stick to the process, the listings and the conversions increase and improve.
- Checking on current deals and negotiations is of prime importance. If you have negotiated or transaction, it is not the end of the matter. You must keep in contact with all parties including the relative solicitors to the transaction. Many a property transaction has been delayed or derailed for reasons that the salesperson should have controlled.
- Advertising and marketing should occur every day, with a focus on the end of the week to get most of your important marketing messages to your prospects. In commercial real estate, most of the enquiry comes in between the days of Wednesday and Saturday.
- Door knocking on businesses should occur reach day. This then allows you to keep in contact with local business leaders, and tenants so that you can identify exactly what they need when it comes to property change, expansion, or contraction.
All of these things are quite specific and time consuming. This then means that the best salespeople in commercial real estate are highly organized and systemized. Do you have the discipline required? With practice you can develop real habits to take you forward.