When it comes to real estate agency performance and particularly that which applies to commercial and retail property, you should be really looking at agency benchmarks and previous levels of performance. Your business is unique and different to any other competitor in the local area. Understand the differences, and then assess your commissions and listings against your previous levels of best performance. As part of that, take into account your levels of resources and how they are used.
You can always look at other agents in the marketplace and then compare your business to theirs based on income and market share, but the reality of the situation is that you should improve your agencies current level of best performance. In other words, rate your business today against your business historically.
When you seek to improve your previous levels of best performance, you are taking into account your current levels of resources as you apply them to the attributes of the marketplace. Unless you change your levels of resources to match that of the competitors in the marketplace, it is very difficult to compare or reach their levels of output, listings, and commissions.
So let’s start with some resource analysis that applies to your agency team. Break down the resources that you have into the following groups:
- The numbers of sales people that work within the business
- The numbers of sales people working on sales transactions
- The numbers of sales people working on leasing transactions
- The salespeople that can successfully and willingly work on both sales and leasing
- The numbers of property management people
- Personal assistant support for the sales team
- Administrative support for the business to function
- Trust account support people to run the property transaction financials
When you look at resources from an application and task based perspective, and apply income and listing figures to them, you can soon see your commissions and listings improvement and more readily apply strategies and changes to the individuals.