Every commercial real estate broker or agent should have a sales plan. In that way they can track their progress when it comes to market share, commissions, and listings.
The property market will change substantially during the calendar year. It changes for a number of reasons including economic pressures, business sentiment, seasonal festivities, and client enquiry. One way to remove the volatility from the market is to have a substantial sales plan that you work with and shape as you move ahead.
The plan should be created at a personal level so that you can track your efforts and activities; the end result can mean improve listings, client activity, and commissions.
Every top agent or broker will have a plan of this nature. They understand exactly what they need to do every day to move ahead with their market activities.
Here are some ideas to help you with this activity:
- The sales plan integrates into the business plan. Whilst the business plan will contain targets and goals, the sales plan will show you how to move towards those targets. That being said, you do need to consider the elements of the market and your town or city: a and into the future.
- Determine the property type that you will be focusing on and the geographical location that is to be your sales territory or prospecting patch. If that zone is rather large, split it up into separate areas of about 1000 properties. Step by step and zone by zone you can move through the regions to understand opportunity and market activity.
- Every suburb or segment of your market will have particular trends that relate to market share, prices, and rentals. You need to know the numbers before you can pitch for a listing and connect with the client. Those numbers will relate to established prices and rentals over recent time.
- Within your sales territory, identify the quality clients and properties. They should be the focus points of your prospecting activity. Once identified, you then need to determine how you will be connecting with the right people and the right properties. Relevance within the local market is the key. When you control the listing, you control the opportunity. Other agents and property buyers or tenants as the case may be will need to come to you as the controlling agent. That is the advantage of a controlled listing.
- Test and measure all of your marketing activities together with all prospecting processes. Understand what works for you and then start to improve the processes. In every market there will be differences between the available marketing and prospecting activities. Some will be more acceptable than others as will the choices that you make with the methods of sale and the methods of lease.
- Be prepared to walk away from low quality listings and unrealistic clients. You cannot waste your time in this industry. Difficult listings and clients can take a lot of your valuable time.
- Don’t allow the clients to force you into a discount in process on fees or commissions. Discounts do not achieve results when it comes to marketing and promotion. A quality property presentation requires sufficient marketing funds and the commitment of the agent. Discounts will discourage the marketing process.
- Every sales pitch or property presentation should be aligned to the current market conditions. Local knowledge of the market will help you when it comes to this level of focus.
- Split your sales plan up into regions and property types; then take steps to determine the necessary targets relating to listings of a particular size, and commissions per transaction. As a general rule, stick to the quality properties and the better locations. That will always help you with levels of property enquiry and inspections.
- Build your market share on the back of exclusive listings. Get plenty of signboards into your territory as part of that process. To achieve this basic goal, you will need to align your sales pitch or presentation to the process of exclusive listing. Give the client plenty of reasons to use your special and well designed promotional activities. Every pitch or presentation needs to be relevant and real to the current market conditions. Put yourself into the promotional process at a personal level. Tell the client how you will reach out to the target market in that way.
So there are plenty of things to do here if you are to drive your sales plan forward as a broker or an agent. A well crafted plan will integrate into your personal business plan. In that way you can achieve listing and commission momentum. Once created, keep your plan active and correctly adjusted as the year progresses. Be prepared for the shifts and changes in market conditions; alter your plan accordingly.