When you consider your property market and particularly the commercial properties in your location, there will be a good selection of quality clients and quality properties for you to work on. You can and should shortlist a number of those clients and properties for future focus within your prospecting activities. Determine where the best levels of new business will be for the coming 12 months and then create a plan to tap into it.
The message here is that you can focus your prospecting efforts on those properties and clients that can give you the best momentum into the future; that is from a sales, leasing, or property management perspective. Some clients will need help in all three categories of activity. They are the best clients to work for.
Target your clients and listings
Effectively you can and should start your own target list of potential clients and future new business. You can determine the right people and the right listings to focus on within the brokerage, and in doing so have a bias towards the best outcomes in one or more of the following:
- Multiple sources of commission from the one property over time
- Select the high profile properties in prominent locations and traffic corridors
- High value leasing and or sales activity (that is on a per transaction average)
- Property management requirements to improve the property over time
- The opportunity to change or improve the tenancy mix and thereby the property gross income
- Future renovation or redevelopment activities producing project and commission opportunity
- Stable, trusting, and reliable client relationships
- The opportunity for future referral business from your VIP clients
So the message here is quite simple and direct. You can focus your efforts on the best clients and the best properties from a prospecting and new business perspective. Over time in the brokerage you can convert an improved list of quality of new business and property listings.
Probe and understand
When you probe the activities of the property market today you will find that some agents simply list everything and anything that comes their way; the commission results they achieve are at the very best random. They then have little control on the marketing image and profile they are projecting for the brokerage and as individual agents.
Focus on the high quality listings and good quality clients in your town or city. From a prospecting perspective select the properties that can produce good levels of market interest and enquiry for you as the local broker.
High quality marketing campaigns
From every high quality marketing campaign and quality listing you will then produce a good amount of leads and future buyer or tenant contact information; that information can go straight into a database to allow future and ongoing contact.
So this becomes a very simple and yet effective plan for commercial real estate brokers seeking to improve market share. Over time that then means that the commission averages per sale or lease transaction will improve. In other words you are working for less time per transaction and yet better commissions.