In commercial real estate brokerage it is easy to get distracted and diverted from the things that matter. If your business relies heavily on sales commissions then it pays to have a good long look at your action goals. Get the most important issues well under control and ensure that they are helping you grow market share and commission income.
Far too many agents fail to get a system of action going at a personal level to help grow their business; they then struggle for too long with low listing numbers and slower deal conversions.
Action and focus are facts of the industry that cannot be delegated to others; we are individually responsible for the results we achieve. To get to good listing growth and negotiation outcomes, real effort is required. Are you up to the challenges?
What are the important facts?
So what should you focus on in your real estate business? What are the things that matter in helping you grow opportunity? Try some of these:
- Database numbers – Understand how many people you have in your database now. Set targets for growing those numbers each week. If you are prospecting for new business every day then that should not be a difficult process.
- Listing types and numbers – There is a big difference in conversions between exclusive listings and open listings. Open listings will generally waste a lot of time, so seek to convert more listings exclusively, and design your property presentations to suit.
- Levels of inbound inquiry – From all of your marketing efforts understand who is calling you and why that is the case. Soon you will see the types of advertising that attracts people to your business. You will also see the property types that are creating better levels of inquiry.
- Marketing money (vendor paid marketing) – As part of any exclusive listing process, the marketing funds that you convert from your clients as ‘vendor paid’ will help greatly in building inquiry. Any quality listing should be treated in that way. Design your listing pitch and presentation so that vendor marketing funds are integrated into the client’s final listing decision and appointment. To achieve greater levels of marketing money conversion you should make every marketing campaign special and unique.
- Prospecting processes – In setting up a prospecting model for new business generation, you can look at the ratios of calls to meetings, and meetings to listings. Over time the sheer volume of client contact that you implement should see a compounding process happening.
To get results in commercial real estate brokerage, watch the actions that you take, and then look for the indicators or results occurring in each case. Improve your actions each day as an agent and soon the market share you are creating will grow.