When you run a commercial real estate agency, you are or should be always on the lookout for good commercial salespeople. It is always a challenge to find the right people, train them to do the right thing for your business, and then keep them for the long term.
Careers in commercial property are very rewarding for those people that work hard to a system and specific property type. It pays to specialise in commercial property given the unique nature of the local property precinct.
Choose a property type that is popular and active; monitor the trends in supply and demand for office, industrial, and retail property and then specialize in the market that has the best future.
Don’t Lose Your Good Commercial Real Estate Staff
Be aware that the competition will be trying to attract your good people to other offices. How you keep your people happy and contented to stay with you can be a complex issue and depends on a number of things including:
- Age of staff
- Commission Structures
- Base salaries
- Marketing processes for the team members
- Profile of office
- Type of properties sold and listed
- Market share
- Business profile
- Reward systems for high achievers
Be open to ideas and issues that are presented to you in staffing and strive to create the right employment solutions each year.
Commercial Real Estate Careers Nights?
So why not do a ‘Careers Night’ every 6 months to see what new people you can flush out of the property industry to talk to you about employment? There are lots of residential salespeople that would like to know about commercial real estate. There is no reason why a good residential salesperson cannot be similarly good in commercial property. They just need to be willing to pick up some fresh property knowledge and commit to a new type of market and client base.
If anything the commercial property market is more logical and less emotional than residential; you are commonly dealing with business people and established property investors that make choices based on sound business logic.
Attract the Best Property People
Great salespeople are professionally so and should be encouraged to move to your office to be on the lookout for good people and proven performers. Quality in a sales team really stems from the people that you employ and upskill. It all takes effort.
Common problems in the industry are:
- Finding new salespeople that are prepared to learn the right skills and put them into practice
- Some salespeople not committing to the right prospecting processes to build more leads and opportunities
- Competition pressures from other local agents in the area
- Other agents trying to take your best salespeople away from you
- Salespeople gaining and keeping the market share of good quality listings
- Clients demanding quality services from your office and your sales team
- Pressures on commissions and fees in listing and marketing commercial real estate
These things are not unusual and should be expected in commercial property sales and leasing. Good salespeople will help you as principal dominate your market and territory. Make your staffing strategy a priority in your business plan for the real estate office.