In commercial real estate there are particular stages of competence that will allow you to succeed and progress in the industry. Should you choose to improve these factors deliberately, your success in the industry will be fast tracked.
The Fast or Slow Track?
Most salespeople in the industry struggle for a number of years with the factors of competence. They gain competence slowly through experience. This can be changed and fast tracked through practice and education, however it always comes down to the individual and what they do to push themselves forward in the process.
The main stages of competence that will help you consolidate your personal marketing and convert more business are most particularly the following:
- NEW BUSINESS FOCUS: Prospecting for new business is the most important factor that will change your results in commercial real estate. Most agents struggle with this and will only do a small amount of prospecting on a regular basis. Some will avoid the prospecting process at every opportunity. The rule is that you must prospect on a daily basis for at least 2 hours with new people that you have not spoken to before.
- GATHER YOUR DATABASE OF CONTACTS: Database usage and collation of information directly follows from the prospecting process. Someone has to take over the tedious daily task of recording information from all of your telephone calls and personal meetings. Most of the top agents will do this themselves understanding that it is central to their success in the industry. If you get involved with your database each and every day, you start to connect with the opportunity that lies within.
- PRACTICE YOUR SALES PITCH: Your sales pitch and presentation process for new listings follows from the initial prospecting process. Given that the industry is highly competitive, you will need to have some consistently professional and unique way of presenting your commercial real estate services. Many listing opportunities are competitive with three or four agents chasing the same listing. The best agent will usually win the business given that they are highly experienced and relevant to the challenges of the property. The client has to see that you satisfy these factors.
- KNOW THE LISTING AND MARKET FACTS: The listing process will be the gathering of information relative to the future marketing of the property. Whilst this may seem a routine process, the reality is that the listing process will consolidate and prepare the property for effective marketing and inspections. Your listing system should be accurate and comprehensive.
- FOCUS ON OPPORTUNITIES: The marketing systems and campaigns that you develop for all of your listings should be specific and well designed. They should address the opportunities and challenges of each property so that inquiry can be generated. When the property market gets tough, it is the marketing that you do and the leads that you create that will help you strengthen your database and convert more transactions.
- QUALIFY ALL INQUIRIES: The marketing process directly leads to inquiries from potential prospects. When first interacting with any prospects, you should have a process of qualification before you spend too much time on them. Get to understand the needs of the prospect before you spend time taking them to the property. Qualify their suitability for the price range, the property improvements, and the method of sale or lease as the case may be.
- INSPECT THE PROPERTY COMPREHENSIVELY: The inspection of a property should always be comprehensive so that the prospects can understand the features that are available should they choose to proceed in making an offer. The inspection process is therefore something that can be improved and optimized through practice.
- NEGOTIATION SKILLS: From a successful inspection, it directly follows that negotiation can occur. Many salespeople are very ordinary when it comes to negotiation. This can be changed through simple processes of practice and research.
- SPECIALIZE IN PROPERTY TYPES: Your market knowledge should always be improved at each opportunity. Most top agents specialise in a property area and or property type. This allows their knowledge to underpin their progress as the best agent in the area. It is very difficult to be the best agent across all property types in a large geographical area, so don’t try.