As a sales agent in commercial real estate it pays for you to have a plan of action. The plan of action can keep you on track when it comes to listing and commission focus.
The process sounds logical, but so many agents take each day as it comes. They then struggle with market share and client growth. Commissions are then harder to achieve. So let’s look at fixing the problem.
Real Estate Agents Plan
What does a plan of this type look like? I have put some factors here for you, to which you can add your property speciality and locational issues.
- Properties on the market – get to know the properties that are on the market now. That will be both with other agents and those that are for sale by owner. Prices and time on market factors with each of those listings should be compared to market trends. Some properties will be keenly priced whilst others will be ‘time wasters’. Understand recent pricing trends and then form a list of price results that can be shared with potential clients. As a general rule, don’t take on overpriced listings unless you believe you have a reasonable chance of converting the property to closed contract.
- Other agents – check out the other agents and understand their skills and relevance locally. They may have an impact on your presentations and client contact strategies. Top agents can command a large market share, so identify who those agents are and what they are doing. Perhaps you can replicate or improve on their offering.
- Prospecting – you will need a prospecting model that is focused on a territory and property type. On a street by street and property by property process you can contact the property owners. It directly follows that the agent that knows the property owners, can list more properties on an exclusive basis. If you convert more controlled listings over time, the commissions are a lot easier to attract. You control the client, the property, and the negotiation. Other agents and buyers need to come to you. That is the best solution for building a real estate business.
- Marketing systems – if you are to attract the listings, your marketing systems should be locally relevant and quite specific for each exclusive listing. Don’t market a property generically; it is a waste of time. Only open listings should get the ‘generic’ approach. Exclusive listings are the ‘bread and butter’ of the industry and they will help you build a better identity in your area or town. How can you market your top listings in ways that will attract enquiry?
In looking at all of the above factors, understand what a ‘good client’ looks and feels like within your area. You will need to find them and connect for future business leads and listings. Build your prospecting efforts around the ‘good client profile’.