In commercial real estate agency, we need listings and a good ongoing supply of them. It is a fact that quality listings are central to the process of building market share. Ordinary listings are something we will accept and work with as agents, but the fact of the matter is that quality listings will drive better enquiry and more inspections for us. When the property market is a bit slow, that is a good process to encourage.
I recently came across a top agent in a suburban area where the listing stock was predominantly large industrial sheds, office properties, and some retail. The top agent had a cadet working for him, and the cadet was taking the mundane tasks away from the agent; in doing that the cadet was learning the job and the skills to be a good agent.
It was interesting to note that the top agent had two rules of business. He was driving business and good listings using these rules.
- Do not under any circumstances take on open listings.
- Do not under any circumstances take on low quality properties.
These two rules created what this agent salesperson called a ‘listing environment’. The agent did not want to waste time on the things that were going to be hard to sell or lease.
The rule was working because the agent had a small number of good listings and just about all of them were creating good enquiry.
Desperate is Not a Good Look for Salespeople
Sometimes we are too desperate for the business in commercial real estate and it influences our actions and client listings. Sometimes we take on a listing when we know that it is a real tough property to move. If you want to move to the top of your market, it is the quality of the listings that will help you get there. Make your listing decisions with care.
Now some agents will say that they are not winning the top listings; that the top listings are going elsewhere. If that is the case for you, have a serious look at how you are pitching your services. Are you relevant to the local market? Are you the best choice of agent to market a property, or are you just like everyone else? Are you prospecting enough today?
It is very easy to blame the market, the office, or your colleagues when it comes to missing out on a top listing. Yes, I know that you won’t win everything, but I do know that when you give it your best ‘shot’, the averages take care of themselves. Many salespeople do not take enough ‘shots at the target’. Target marketing and target listing is what it is all about.