There is a ‘chain reaction’ process that applies to commercial real estate brokerage and that can be of great help to you as an agent. I say that in the sense that you may need to build your market share and grow your commission opportunities.
So what is the chain reaction and how can you use it? It is a very simple rule and it is centred on quality listings. It goes something like this:
‘When you focus your efforts on attracting and converting good quality commercial real estate listings, the best buyers and tenants in the property market will seek you out to inspect the property you have listed.’
It then directly follows that your database will grow faster from your focus on quality listings. You can also qualify a lot more people that may have a current or future interest in leasing or buying a good property in your town or city. Here are some special factors to help this strategy work for you:
- Make sure that you build your listing base around exclusive listings. In that way you will be able to control the property marketing, the client, the inspections, the negotiations, and the deal outcome.
- Always push for vendor paid marketing funds with all the ‘exclusive listings’ taken to the market. A good property is worth talking about. You need marketing funds to do that. As a special note, most top agents would be prepared to walk away from an ‘open listing’. Be selective with the clients that you take on; the same rule applies to the properties that you list.
- When a good quality property is publicly marketed you have plenty of reasons to talk to other property owners and business owners. One good listing can lead to many others.
- Seek referrals from the people that you talk to or that you inspect a listed property with.
- Monitor the enquiries coming in for each exclusive listing. Tally your numbers each week so you can understand what is working from a marketing and property type perspective.
From these 5 simple points you can build business momentum as a real estate agent, and get some leads and commission opportunities underway. That’s where the ‘chain reaction’ process happens. The quality listing stock that you create is the start of the process and will help you be recognised as a top class real estate agent.