After you have been in the commercial property industry for a short time, you will soon see that the quality of your clients and listings will have a lot to do with your commissions and results. If you want to profit from your efforts within the market today, take a serious look at your client profiles and listing qualities. Any weaknesses in those profiles need to be resolved, and improvements should be planned with those clients and properties.
Let’s say that you have determined your sales territory and property speciality. You will now know exactly where your commissions are to be coming from geographically. Assuming that the town or city has sufficient property churn and growth, it is now necessary to tap into those quality clients and quality properties. Your plan and your system need to be created.
Here are some rules to help you build on these critical factors:
- Identify the major properties in the area that would be regarded as being of high quality and or located in a desirable area. Research the property owners in each case. Understand how long they have held the properties. Some of those property owners may have a number of properties in their respective portfolios. A direct approach is required with each owner and property investor; that is the job of the agent or broker. That will also involve identifying the right telephone numbers, addresses, and e-mail contact.
- You cannot delegate the prospecting process in our industry. Long-term relationships are built on personal contact. Every day is a matter of the broker or agent connecting with the right people and establishing the required long-term relationships.
- If you work a large town or city, the sheer numbers of people and properties to work with can be overwhelming. To simplify matters, split up the streets and the owners into groups or property types. Consistency is the key to progressing with your contact model. Every day make it a target to connect with five new property owners. I go back to the point that the research undertaken will be critical to building a list of quality properties and quality clients.
- It is worthwhile remembering that the relationships we build in this industry underpin the opportunities for new business in both sales and leasing. It can take some time for clients to respect your knowledge and skills as a broker, and then develop the levels of trust required to give you a listing. On a consistent basis, relationships with clients and prospects need to be established, improved and encouraged.
So the message here is quite clear. Focus on the better properties and the quality clients. This is not a random approach that happens easily. It requires specific planning and directed effort by the broker or the agent. Reach into the local property market to find the right people to work with. Brand yourself as a top agent with the required skills and local market knowledge. Build relationships with the right people at every possible opportunity.