There are various things that you can do when it comes to growing your commercial property brokerage activities locally over time. You can do those things consistently and effectively over time. Every broker and agent should have a marketing plan dedicated to that focus, and that plan should be activated every day. At a personal level, that is how the flow of listings and commissions starts and continues.
Differences in approach
Certainly there are different new business strategies that work for each location and the various property types, but the requirement for a promotional plan and client generation process should never be underestimated or neglected. It is something that must be personally created and actioned in a regular way.
So what can you do here? What you need is a recipe for a booming business selling or leasing commercial property in your town or city. To cover the market and the prospect types that can give you the fullest pipeline of activity. Commercial real estate is a ‘one on one’ process of business generation; that is how you pull in most of the business. Don’t rely on luck to get your property business underway; take action every day to a planned approach.
You are the key to getting results locally with property owners, business proprietors, and tenants. Look at your marketing and prospecting systems. Create some momentum around those factors. Track and measure the results that you get each day and each week.
New business focus
Here are some valuable ideas to help you establish this new business focus as you strive to achieve a solid flow of quality property listings and better clients. See how your processes now compare to the following items and strategies:
- CURRENT FACTS: Understand the property market for the opportunities and activities currently. Look at what is happening when it comes to sales and leasing activities. Look comprehensively into the supply and demand factors that apply to the location and the sections of the property market. When you know how the levels of supply and demand are changing, you can adjust your prospecting activities and professional services.
- SHIFTS AND CHANGES: Throughout the year there will be fluctuations between sales and leasing enquiry. At all times you must have the listing base to support the inbound enquiry. When I say listings, I mean exclusive listings. Open listings have very little relevance when it comes to building a real estate business. Taking this a bit further, you will need to consider how you can attract listings and new business over time through the people you now put in your database, the listings that you create locally, and the inspections that you hold for any property or client. One good quality listing will always create many links into opportunities and people where transactions can be attracted and converted. Look at your current listings and market your services around them. Talk to the locals.
- PEOPLE CONTACT SYSTEMS: Talk to plenty of new people in an ongoing way. Make it a specific part of your business focus each day. Understand how you can reach out to new people comprehensively and directly as the industry specialist for the location within certain property types. Specialization will always attract the industry players and participants. By way of specialization, I mean certain property types such as bulky goods warehouse, retail showrooms, general industry industrial, and vacant land. Every industry segment of specialization will have participants that you can drill down into as part of your prospecting model.
- CLIENT LIST: Build a database directly and professionally. As you talk to new people, ensure that your database is the capture point for enquiry and opportunity. The conversations that you create and the feedback that you identify should be entered into the database with the right people in the right way. The capture of information will always lead to a future opportunity providing you segment your database accordingly into values, locations, and timing. Understand how a person can be of value to you and categorize them as tenants, business owners, investors, or developers. All segments will have that opportunity base for you.
- PRIORITIES: Understand what people are looking for within the property groupings and the locations. You will always find levels of improvements and property precincts that are more attractive when it comes to marketing and enquiry. Choose your listings and listing opportunities accordingly.
- RENOVATION AND RELOCATION: Redundant properties and those properties with vacancies will always have churn factors that you can tap into. The property owners and/or investors are likely to be under some change or requirement to change. Adjust your professional services to suit the changes necessary to move redundant property to the next level of investment.
- DEVELOPMENT APPLICATIONS: Connect with a number of local property developers. A change in the future supply and demand for property will always activate local property developers to take action in a new project. Some of those developers will be ready to move when the right parcel of land is identified, and the financial attributes of a new development are viable and defined. Stay in contact with a good number of developers for this very reason.
- TRUST: One thing should be said here and that is the levels of trust that needs to be observed and encouraged in any agent relationship with clients, prospects, business owners, and developers. For example, many property developers move around the marketplace, and on that basis will work with a number of agents and brokerages depending on the attributes of the brokerage and the people. The trust and the commitment has to be there with any developer before you spend too much time in helping them move their property challenge to a successful development reality.
So there are some good things that you can do here when it comes to establishing a booming business in commercial real estate brokerage. Results are always achievable in any town or city when you consider the changes applicable to property ownership, business activity, and investment.
You are the key to progress
Put yourself at the centre of the property market and the people that are looking for help in a specialized way. The emphasis here is on specialization as that will take you further and faster into your property market. Choose the right segments that offer the best opportunity in both listing churn, client focus, and enquiry.