Every agent or broker in commercial real estate should have established goals and targets to work to throughout the year. Those factors should be merged into a business plan at a personal level.
There are many challenges and diversions occurring in the industry, and in many cases they can shift the focus and the opportunities in your market. The only way to achieve real results will be through the use of goals and targets based on local property market activity and your segment of property specialty.
Getting results in our industry, be it in sales, leasing or property management, is a mind game first and foremost, and it can at that level be a challenge for some individuals. Some agents take a long time to learn that fact. You must convince yourself that you really understand exactly what is going on in the market, and that your actions are correctly matching the listing and inquiry opportunities. Consistency is really important in so many ways to helping you build market share.
Plan Your Goals and Targets
Here are some ideas to help you establish a plan of goals and targets for the coming year:
- Understand where you are today when it comes to property activities, listings, and commissions earned. From these numbers you can determine what will be sensible goals to work to into the future. Be realistic when it comes to setting those new targets.
- Split your targets up into important methods of measurement. In most cases the numbers to track will be based around prospecting, listings, negotiations, commissions, and closed deals. These the numbers that you do need to improve over time. Strategy supports actions taken, and those actions should be well planned as part of the personal business plan you are working to.
- The best agents convert listing stock in a systematized way to a completed transaction. The best way to do that is through exclusivity and the exclusive listing process. When you control your stock, you can work with the client and the listing in a productive and focused way. Any other agents wanting to introduce a buyer or a tenant will need to come to you as the person controlling the listing; you then will have choices as to whether you should entertain buyer introductions through other brokerages or agents.
- Establish a marketing process and a prospecting system. Both of these issues will support you strongly towards your targets and goals. A prospecting system can be quite specific taking into account your property specialty and the prevailing market conditions. You can also track your results when it comes to cold calling, meetings, and listing conversions.
So the idea here is that every agent should have a business plan, an action plan, and specific goals and targets that they can work to throughout the year. Small changes will allow that plan and that process to improve over time. That’s how you achieve results as a commercial real estate agent.