A good sales meeting in commercial real estate brokerage helps the performance of the team and allows the sharing of market facts and information. In saying that, too many meetings each week will frustrate the top agents and brokers and discourage involvement.
Good salespeople like the freedom of getting on with the job and starting the day in that way; they hate distractions and unnecessary meetings that have no purpose. There only needs to be one sales meeting per week providing the process is well managed and the members of the team are correctly involved.
Here are my rules for a sales meeting in commercial real estate:
- Start the meeting on time each week – Regularity is important so the members of the team can structure their day around the meeting knowing when it starts and when it finishes.
- Keep to a fixed time frame – Most sales meetings should be over inside one hour and at the absolute extreme case, 90 minutes. Any issues that require longer discussion can and should be handled outside the meeting.
- Praise Performances – Don’t discuss individual performance results in the team unless they are positive. Certainly praise someone when results are positive, but talk with the under-performers and deal with problems away from the sales meeting. In only that way will you retain the respect of the team and the involvement of all concerned.
- Stick to a firm agenda – The agenda will help the sales people with collating and providing the right information and updates from their part of the territory or sales area.
- Minutes are required – With salespeople and particularly those in commercial real estate, many actions are discussed and agreed. From that process, a good minutes system will help all parties keep to the facts and bring back the expected results.
- Action – Action commitments should be followed through. When it is agreed that a task or a job is given to a person to undertake, ensure that the process occurs to a time frame. Action is a big issue in commercial real estate brokerage.
- Market updates are of value – Share information in the team about prices, rents, incentives, inquiries, and client requirements.
- Listing refresh discussions -Don’t let listings stay on the market too long without a refresh. Discuss the changes to listings that can make them more attractive to the market.
- Closed and Negotiated deals – Updates on current deals are good barometers of market inquiry. Share information across the team regards current and closed negotiations.
- Talk about client and market place challenges -During the average working week, the different agents and brokers will come across situations and challenges. It is worthwhile sharing those facts and if necessary undertaking some brief role play to help with strategy and improving performance.
Over the years I have seen many poorly run real estate meetings and only a few very good meetings. That then says that we can and should improve the meeting process so the sales and leasing agents can get back out into the market and find the business.
A well run sales meeting will improve team and business performance for your brokerage.