Commercial Real Estate Brokers – The 4 Biggest Barriers to Getting the Commissions You Are Worth
In commercial real estate brokerage today, many pressures exist when it comes to achieving the commissions and listings that you require as an agent. Market competition has something to do with it although there are some other things to consider.
Exactly what are you worth as an agent in today’s market? It’s an interesting question. We all have perceptions of personal importance and skill that might cloud the presentations and pitches we make for new business. Are you really the best agent for the job? If so, why is that? Can the client or prospect see that you are a top agent? How do you prove that?
Here is a fact that cannot be avoided:
Your clients will almost always choose the best agent for the job.
That choice will normally be based on the client’s perception of getting a timely and positive result from the chosen agent. Marketing a commercial property is not an ‘experiment’. Have you got what it takes to impress the client?
It is a fact that most top agents win the greater share of new business based on their experience, relevance, and skill. It directly follows that any agent should focus on their value as an industry specialist. It is hard for a client to ignore an agent that is highly experienced and dominant in a segment of the market.
In any property market there will always be clients and prospects to tap into. Converting them is the essential stage of capturing the listing or the opportunity. That is why presentation skills for agents are so important on a personal level. In saying that I go back to the point that relevance is the key.
After being involved with many agents in the industry for many years, I know that the most common barriers for an agent not winning the listing or not charging what they are worth in commissions can be summarised as:
- Competing agents and brokers that are pitching on the same property
- Client indecision to move to a final commitment to list
- Desperation for listings on the part of the agent
- Lack of knowledge and skill when it comes to the location and or property type
All of these things can be solved quickly when the agent is truly operating at the top of their game in skill and market relevance. A top agent attracts clients and listings because the clients know that they must have the best agent for the job.
