When you work a zone or a precinct of properties in commercial real estate brokerage, you will soon know just who your competitors are and whether they are any good at what they do. You will also know how they position themselves in the property market to attract new business. What can you do now to stand out as the local property specialist? A few clear answers will be required and those answers will need to be backed up by specific action.
What do you want?
Ideally you will want to dislodge the competitors from their market position and improve your market share. You need a good strategy to achieve that together with plenty of skills that are relevant to your clients and prospects.
Above all else, new clients and prospects will not flock to you unless they know that you have all the knowledge and skills to do the job. Will you need to improve with either of those two factors? Relevance and results are key indicators for achieving market dominance in commercial real estate brokerage. How do you rate?
Market dominance strategies
Here are some valuable ideas to help you dislodge a competitor from their property market position, and for you to take over that dominance:
- Know the segments that you are chasing – Determine the location and the property types that are important to your real estate business. Be quite specific here as you cannot be a specialist in everything property related.
- Business expectations – When you set specific segments to your real estate targeting, you should assess the potential and current commission and listing business that could come from that segmentation. There is no point specializing in something that has little property activity or future movement.
- Signboards – You must get plenty of signboards into your location. Do a quick assessment of what boards are there now, and then look at your board ratio to the overall total. More signboards on exclusive listings will be required. That target requires a business approach of converting exclusive listings.
- Listing types – From the previous point you will now know why exclusivity is really important to you and what you do. Your property presentation and sales pitch should be refined accordingly. Practice your listing pitch so you convert more exclusive listings.
- Market coverage – Split your location up so you can improve your prospecting and listing base by zones. If you concentrate your prospecting into streets and locations, you will easily find people and property owners looking for help and assistance. Gradually you can then improve.
- Special property types – Choose the property types that have a specialization factor where good agents are needed and can excel. Segments such as medical and dental are good examples where special skills and market awareness will be required.
- Investor coverage – When you pick a zone of property owners you can drill down into property ownership; from those investigations you will find investors to work with and help over time.
- Listings push – When you get a listing in a location, use it as the basis of target prospecting and marketing locally. Take that listing to local businesses and property owners. Talk to lots of people on that basis.
- Case studies and Industry briefings – When something happens in your location (sale, lease, new development, etc.) create a property briefing paper or case study about the event. Get that information into your database and location. Put your name on the document so that others can come back to you to talk about things and ask questions.
- Prices, Rents, and Activities – To be a top agent for a location you must know everything possible about the location when it comes to property activity and results. That information will include prices, rents and results. When a prospective client or business owner asks questions, your available local information and property market assessment can help you stand out as the specialist that they need.
In using all of these 10 factors you can strategically dislodge a competitor from their position in the commercial investment property market. That’s what top agents and brokers do on a regular basis. What’s your strategy?