To achieve the best results in commercial real estate brokerage and a high degree of sales excellence look to the market for opportunities, direction and action. There are messages to be interpreted when it comes to the current levels of enquiry, listing activity, and marketing methods. In a regular way track the levels of enquiry coming to you so that you can identify what people are looking for when it comes to property investment or occupation.
The property market leaves hints and gives ideas to real estate agents when it comes to property activity. In every year of business and property activity there will be peaks and troughs in market trends; I call them the seasons of opportunity. There are the big cycles relating to the global or national economy, and then there are the smaller cycles and requirements within your town or city. There is a lag time in each case and the cycles need to be understood.
Make the right choices as a real estate broker or agent and select the important issues to control in the property market today. Look for the signs of opportunity and build your action plan around those important facts.
Here are some ideas to help you get further traction in commercial real estate investment sales so that you can create a level of excellence as a top agent:
- Cycles and Needs – The properties cycles are always occurring so take the time to research them from a local perspective in your town or city. Understand what local businesses are looking for when it comes to property occupancy, renting, and purchasing. The predictable changes in the property market will allow you to move from leasing to sales as the client or property opportunity may allow. Property knowledge and your versatility within both market segments will help you convert commissions in each case. A leasing opportunity today can be a sales opportunity in the future.
- Sales Commissions – It is the case that an average or typical sales transaction will create more commission income per transaction if you compare it to a leasing transaction. In some cases there will be more work in a leasing campaign for the level of commission created. Always be on the lookout for property sales potential; look for the vacancies, tenant movement, and the pressures on property investors to shift their investments. Get to know lots of property owners as part of monitoring that segment of the market. Understand the trends in prices and yields locally and within property segments.
- Work with Better Listings and Good Clients – A good quality property will create more property interest and genuine enquiry through directed marketing; you can also talk confidently to local business owners and property investors about a quality listing. Use your listing stock in that way to create better market share and listing churn. Take every exclusive property listing to the market personally so you get to know what people are looking for and how the market is reacting to levels of occupancy and property use.
- Avoid Low Quality Listings – From the previous point and given small and low quality listings you can definitely waste a lot of your time if you are not careful; so you have some choices to make as to what properties you should work with and clients you should serve. It is easier to build your real estate career around high quality properties and clients than it is to take on every property listing that comes your way.
- Monitor Changes Locally – The local property zones will be changed from time to time by shifts in the local development plan, and upcoming new developments and buildings. Keep close to the people that work in the local planning office or building authority so you can move on zoning or road changes as they are introduced.
These 5 simple things can help you grow your sales results consistently. It is a personal process and every top agent has a system like this that works for them across their market and property speciality.