An action plan for commercial real estate agents
Every commercial real estate agent should have an action plan to focus their activities in the market and to build opportunity with listings and clients. The action plan should be established around the elements of the agent’s business plan for the year. Every agent should have a business plan and strategy that they work to each month and each quarter throughout the financial year. Failure to do so will frustrate progress with both clients and listings.
So let’s look at the most effective action processes for a property agent today. See how you rank when it comes to these special activities:
- Client contact should occur regularly and frequently. As a general rule, it is wise to stay in touch with your client base at least once every 60 to 90 days. If a client seems to be moving to a level of action or property decision, then the level of approach and the frequency of contact should shorten significantly to monthly or weekly. Don’t give the client the chance to talk to other agents or brokers locally. Be the best choice and the first choice that a client will make when it comes to moving on the property need or transaction opportunity.
- Build your database on a daily basis through direct prospecting and door knocking. Spend at least 3 hours per day talking to new people. You will need a system of contact to ensure that you have every property owner, investor, business owner, and tenant covered as part of that process. Systematically work through every street talking to the local people about property needs and what they have seen when it comes to local property activity. Selected questions and a directed conversation will lead to a lot of valuable property information that other agents and brokers have overlooked.
- Specialise locally within a property type. It is then relatively easy to understand the current prices, rents, incentives, marketing strategies, and available listings when you specialise. Soon you will be gathering listings and clients within your location, given that you are recognised as the property specialist achieving the best results in today’s market. To further expand your brand as the property specialist you can write articles and editorials; they can then be published online and in the local media. Analyse the levels of enquiry, best methods of marketing, pricing trends, and rental levels; it is information like this that will help you attract the interest of the local business owners and Property Investors.
You can build an action plan effectively and directly in commercial real estate around these three things. These three simple strategies will help you get a lot closer to the activity in your property market today and the opportunities that are soon to be available. Track the information that you gather through a good database and ongoing contact process. Remember the need to connect with the right people in a regular way. Success in our industry is something that comes to those that work hard, work to a plan, and improve their skills as part of the process.