Each year the commercial real estate brokerage market changes, and as part of that you need goals to stay on task and on track when it comes to achieving results in your real estate business. Luck does not have much of a place in our industry. Goals and targets on the other hand have a big role to play in helping you get somewhere; at an individual level you must have your plan and approach to your property business firmly set with achievable and relevant results to achieve.
Real Goals and Targets
Here are some facts that you should understand and remember as part of this process:
- Number of clients – When you know a lot of local property people in a comprehensive way, you cannot fail to attract new property leads, listings, and interest. Delve into your database growth strategies so you are finding ever more clients and interacting with them constantly. There will of course be a limit on how many people you can escalate to this higher level of contact, and on that basis you will then start to be selective with your client contact list and processes.
- Number of exclusive listings – You must control your listing stock; exclusivity matters. There is no other way of dominating your real estate market. When a prospect or client wants your services in solving their property problem, demand exclusivity before you close on the listing. Be prepared to walk out the door and away from the issue if you are not given a listing on that exclusive basis. If you are really the top agent in the local property market, it will be hard for a client to ignore your listing specifications and standards. You are the professional (or should be) and on that basis your skills are very marketable and attractive to the clients or prospects that you serve.
- Volumes of commissions per transaction and transaction type – There is always a degree of complexity with every property transaction and client challenge. When you analyse things you will see that the smaller listings are just as much work if not more than the better and larger listings. Simplify your real estate business. It stands to reason that you should focus your prospecting and business activities on the larger and better properties.
- Meetings created – Understand just how many new meetings you are creating each day and each week. Set yourself some targets so that you are connecting with new people in a regular and ongoing way; new meetings create the relationships with property people that can open up into listings and commissions. The agents that are struggling in the industry are those that do not get out and about to find new people requiring property help.
- Presentations made – Can you make a fresh new listing presentation every day? What are your averages now in winning that new business? Given that you will have an average conversion factor with all of the listing presentations that you make, strive to achieve a ‘presentation’ strike rate. Get in front of new people and present your high quality property ideas and strategies. A good agent with real and relevant ideas is always hard to ignore.
- Inquiries created – From all of your listings, track and measure how many inquiries are coming in to you from your marketing efforts. Soon you will know exactly the marketing solutions that are pulling in the new business and the inquiries.
- Inspections held – Property offers follow from inspections. Inspections are generated from inquiries. Inquiries come from good quality marketing solutions. You now can see why understanding the equation of real estate is just so important. You are the catalyst and the common factor to make all of that happen. Track your inspection numbers and review how you can improve the number of inspections that you can hold with qualified prospects. Get on the telephone so you can find more people to work with and inspect your listings with.
So you have some things to do here. Your goals and targets in commercial real estate brokerage should incorporate these key performance indicators; in that way you will know where things are changing in the property market and how you can move on the opportunities.