city at sunset

In commercial real estate agency today, market share is one of the most important factors that you must watch.  Top agents dominate the market and have the best market share.  It is a matter of where you sit in relation to the top agents.

When you build your market around you with the right tools, you get more property enquiry and that is a great advantage in this property market.  In an ideal world you want a combination of the following:

  • The property investors to know that you are the agent of choice to solve their property problem.
  • The buyers and tenants to know that they must talk to you about their property needs.
  • Business owners to know that you are the best agent to talk to about the local property market.

So how do you create this profile where people look out for you and chase you down to help them with property problems?  In one simple word, you prospect.  You spread the word about your skills and relevance to everyone that could be a player in the local property market.  You prospect every day.  In this way you build more market share.

Far too many agents and salespeople do not prospect enough and then they get into difficulty when the market is slow or tough.  Prospecting will help you grow your market and that is a fact.  Do you prospect enough now?  Could you do more?  They are interesting questions to ask.

Here are some tools to help your prospecting efforts and market share:

  1. Get signboards on to all of your listings. The signs should feature your name and your mobile telephone number. The more signboards that you can get into your area, the more calls will come to you from local people.
  2. When you get a signboard onto a listed property, door-knock the businesses in the local area.  At least 40 businesses should be approached regards every listing.  That should cover the surrounding precinct quite well.  When you do this, you get a lot of fresh information about the local area and the property needs of some of those businesses.
  3. Every listed property should be put onto the internet as a priority. As part of that process, make sure that you are sending a consistent message about the property to the right target market.  Use keywords that relate to the property and the area.  You can get some keyword ideas from the search engines such as Google.  Use their ‘keyword search tool’ to identify the right words that are ranking high in the internet hits for property in your area.

Simple ideas like this will help you with market share and creating the enquiry from your listings.  Establish your plan and start taking action.