The commercial property market will change throughout the year and as part of that, every salesperson should have a focus on individual performance both in commissions and listings. The challenges of the property market need to be seen and optimized at a local level by an agent. That is a personal process for every salesperson in the industry.
Expect the property market changes to occur for a variety of reasons including economic business changes, shifts in property zoning, and changes with investment sentiment. The top agents in the market will usually thrive when the property market is generally tough and slow; they have the leads to find the business opportunities. The top agents know how to find the right people with the motivation and also the money to take action.
One thing needs to be remembered here; a quality property will create interest in any property market. On that basis focus your efforts with intensity towards the clients and the quality listings locally.
Here are some other tips to help you with your sales performance as a commercial real estate agent or broker. The strategies can be merged into your business plan as an individual:
- Track the key performance indicators that have relevance to your location and property market. They will usually include time on market, prices, level of enquiry, and the numbers of listings locally. From these things you can see exactly what is happening with listings or property ownership, and therefore understand how the industry is changing throughout the year. Adjust your property prospecting and marketing activities accordingly.
- Concentrate your prospecting efforts into a location or zone of streets and property types. In that way you will find it a lot easier to monitor current prices and listing trends. When it comes to any sales pitch or presentation for a listing, the factors of the market will help you convince the client to proceed and move ahead. In saying that, the factors that you present should be relevant to the property type and convincingly displayed. Your key property indicators should be graphed for visual display in any presentation. Carry a series of charts and facts about the local property market with you for that very reason. You never really know when you will be presenting your ideas and pitching for a listing.
- The strategies that you use in every marketing campaign should be well designed and creatively different. Most of the top agents in our industry stand out with unique methods of marketing. Any exclusive listing should include vendor paid marketing funds supported by a comprehensive campaign. That campaign needs to be creatively different and attractive to the target audience. Carry with you a selection of marketing tools and samples of successful property marketing campaigns. Have 3 types of campaigns (gold, silver, and bronze) as examples for a target market or a client type.
- A quality listing that is well priced will create plenty of interest. On that basis it is essential that you refine your presentation and listing processes to focus on quality properties when possible. As a general rule, avoid an overpriced property and or unrealistic clients. If a client is too far away from the realities of the property market with their listing, then it is better to move on to other properties. Your time as an agent is precious.
- The type of listing that you achieve will be a direct result of the listing pitch and marketing presentation made to the client. Information and relevance will help you convert more exclusive listings of a quality nature. Base your recommendations on real facts from the market so that the logical choices for the client are easy to see and easy to take.
- Stories from the market will help your client understand the alternatives and the facts that they can work through. Your clients like to know how other people have worked with the challenges of the property market. Have available a series of market related stories covering property situations, negotiation all issues, marketing strategies, and successful outcomes.
To build your success as a commercial real estate agent you will need a plan and a process that is actioned every day. Those things will need to be adjusted has the property market changes throughout the year. Track and measure the listing activity, as well as client feedback, and deal results. Work with your strengths, and then resolve any weaknesses that you may have as a commercial real estate agent. There are plenty of things to learn in the industry and on that basis self-improvement and practice will be part of a good business strategy.