When you are establishing yourself in commercial real estate brokerage, look for the right feedback as you work through your property market issues and opportunities. When you win a listing, find out why that happened. When you lose a listing, ask the client about their perceptions and the reasons that loss occurred.
You can’t win all your listing presentations in the industry, but you should win better than 50% of the properties that you pitch for. That ratio improves when you are highly relevant to the clients that you serve. You can’t win relevance; you earn it. Top agents will convert most of the listings that they pitch for, and relevance will be part of that. They know what to say to the client and how to say it; they have done their homework. They have built a brand that the client cannot ignore.
So here are the focus points that are the critical feedback channels to watch and work on:
- The listing pitch – The most obvious factor is that of listing conversion. Some clients will have unique factors of priority when it comes to choosing the right agent. Why should they choose you? Have an answer that is relevant to them and not you. Make sure that you have a great answer and that answer feeds into the listing pitch about the client’s property. Research all the facts that you can about the client and their property before you prepare the listing recommendations and strategy. Match their property into the local market conditions. Show the client that you really understand the property market and how to promote their property into it.
- Inspections – Every listing inspection will give you some feedback that is useful in some form or another. It doesn’t matter whether the inspection is on a lease or for a sale. Ask for feedback about what the inspecting party thinks about the property and what they have seen and inspected elsewhere. Third party information will help in client conditioning.
- Marketing – When a person enquires about a listed property, ask about how they have found the property or found you. Soon you will know the channels of the media that are more successful than others. There are major differences to watch for and track in the marketing process both online and offline.
- Client service – So let’s say you have completed a successful transaction for a client. Ask for a testimonial where you think you are justified to receive such. Good client service will allow you to build a valuable client contact profile and grow your database through referrals. Testimonials are valuable in other property presentations.
- Case studies – You can also write some case studies about a successful transaction that you can use and promote through your social media efforts. The average property transaction today can be complicated and protracted. Your job is to simplify things for your client whilst you promote the property and find a tenant or buyer.
From this feedback you can build a good understanding of what the property market is doing and how you can optimise your results from that.