Too many commercial real estate brokers and agents just focus on what they have done (or what they want) with commissions. They look at the end result with very little understanding of what really matters in the middle of the equation. The commissions will generally come to those agents that take specific actions and refine that action based on feedback.
Our business does not need to be complicated but it does need to be specific. Certain things should be done every day without fail. That is why and where ‘action’ becomes the critical factor in the commission equation for brokers and agents.
Here are some valuable ‘action’ targets and goals to help you get traction and momentum in your real estate business:
- How many people do you know? – This is a difficult question for some brokers and agents; they typically don’t know enough people in a deep and relevant way.
- How many new people do you talk to every day? – You must put new people into your contact ‘pipeline’ every day in an ongoing way. Grow your database and understand how that is happening.
- How many prospecting letters do you get out every day? – A small number of prospecting letters sent every day and followed up by telephone call, is far better than hundreds or thousands of letters and direct mail pieces that are not followed up.
- How many cold calls do you make each week? – Every agent should be making a good number of cold calls every day.
- How many exclusive listings have you taken on average for the last 6 months? – Exclusivity in the listing process is really important. Some agents struggle with that process thinking that they cannot convert exclusively because ‘that’s the way things are’. How wrong could they be! Exclusivity comes to those agents that are highly relevant to the clients and prospects that they serve. That’s the rule.
- How many inspections have you taken this week? – You must have inspections happening. If your inspection numbers are low then you have some work to do in marketing. Refresh your listings and improve your marketing both online and offline.
- How many referrals have you collected this week?
- How much vendor paid marketing money have you converted in your listing processes?
This is a good ‘action list’ to work with. These simple questions will help you see what results you are getting in your brokerage business and where you can improve. Understand the numbers and then lift them through action planning.