In commercial real estate agency sales and leasing, there are many things to do each and every working day. Some of the tasks required to be done will be non-negotiable and simply need to occur if an agent is to rise to the top of the market or dominate their market share.
Here are some of the key issues that require attention as part of an average working day for a commercial real estate agent:
- Researching the local property market to understand the changes and trends that apply to listings, sales, rental activity, and vacancies.
- Prospecting through the local area in a systemized way so that the best properties and best clients can be identified and captured for future listing opportunity.
- Database maintenance relative to daily meetings and conversations.
- Presenting and pitching for listings so that the conversion rate of new listings will be on the increase for the agency. The conversion rate for your office and agency should be better than that which is achieved by competing agents.
- Designing marketing campaigns to attract the best levels of enquiry from the target markets.
- Taking inspections and negotiating as required with qualified prospects on all listings.
- Reporting to clients on a regular basis regards the trends and the activity on the listings
- Negotiating with landlords, tenants, sellers, and buyers to achieve timely and productive results in sales and leasing.
- Documenting a transaction correctly and legally to facilitate a satisfactory outcome for the client
- Moving a transaction through the documentary phase to the final settlement or lease occupancy as the case may be.
- Maintaining relevant and real relationships with clients to encourage referral and repeat business.
All of these points and issues are extremely important to the success of an agent and an agency in commercial real estate. The process of delegation and administrative support will help greatly when it comes to agent effectiveness. Many of the things in the list can be delegated.
It should be said that any administrative support process, whilst desirable for the real estate agency business is a cost component for consideration and control. As a general rule, administrative support should be a cost that is taken from the gross commissions before the sales and leasing commissions are applied to agency splits and salesperson salary. Every office should have an administrative levy as part of its business structure.
This fact may upset a few salespeople, however the effectiveness that they can achieve through delegation will allow them to create a lot more new business, listings, and commissions. A small administrative cost strategy will allow them to radically improve gross income.
The advantages of delegation are clearly summarised as:
- You will free up your top performers to improve market share and income.
- Key clients and priority listings will get better service.
- The relevant skills and knowledge of each salesperson can be more effectively applied to the challenges of the market
Take a serious look at your agency administrative structure and how the salespeople can improve their performance from it. Over time the benefits will become clear and apparent.