In commercial real estate brokerage, there are common reasons why some agents struggle to get market share. That being said, there are always new clients to serve and properties to list. Everything comes down to the focus and activities of the individual agent.
When you know the ‘struggle factors’ you can adjust your new business efforts and convert more clients relatively quickly. Don’t repeat the errors of other agents; establish your own business systems that really drive opportunity your way.
Common Problems for Most Agents
So what are the problems that agents have? Here are some of the main ones:
- Cold Call reluctance – Like it or not, agents are required to talk to new people each and every day. They must talk to lots of local people to find the leads and opportunities that are coming up. The new business must be found and nurtured through building relationships with the right people.
- No prospecting or contact system – Whilst the brokerage office may have a prospecting model for you to use, the realities of using it can be daunting or confusing. Personal time management helps a lot when it comes to establishing a new business prospecting system as an agent. Every day at the same time it is wise to do your prospecting for new business.
- Lack of market knowledge – Some clients and prospects will test you to see just what you know about the prices, rents, and listings locally. To get around that, you can and should research everything you can about current and recent deals in the property market.
- No Database of any consequence – The database that you create will be the foundation of new business opportunity. Over time you should be talking to lots of new people in the local area. To do that successfully you should track all relevant conversations and property facts about your clients in the database.
- Poor listing presentations – The listing presentation that you make will quite likely be the one and only opportunity you have to convert the client to accepting your real estate services. Practice your listing presentations so that all of the facts you raise are quite specific to the property and the client’s situation.
- Problems with marketing – Each property listing will be marketed in some way or form. To attract the best levels of property enquiry, ensure that your marketing campaigns are very special and specific to the property. Work the strengths of the property as part of creating the advertising copy. Every advertising program requires top effort and creativity on the part of the agent driving the property campaign.
- No points of difference – Have you got a few points of difference that you can work to as part of pitching for a listing? Top agents know how to use points of difference to attract listings and convert more property inspections. Ultimately you must have a system of interaction with people that creates need and encourages results. Your points of difference should feature through that.
Simple things like these all have solutions, and just require a plan of action. Are you up to the challenge?