In commercial real estate brokerage, the salesperson has some big roles to play out, and those roles are the real foundations of a successful commercial real estate business. They are firstly in creating and serving the client base, and secondly in building cash flow through specialized services.
Those factors are critical to the success of the real estate business, and everything is linked. Top agents and brokers are needed to do that linkage. Top agents are usually ‘created’ through their effort and growth into a property market. Luck has nothing to do with getting real estate results.
Top Agent Aspirations?
How long does it take to be a ‘top agent”? I don’t think that there is a single answer to that question, as there are many ways to get brokerage results consistently over time; its a personal process. Take note that consistency and persistence are important words to use here as part of a brokerage ‘results formula’.
It directly follows that a good brokerage or agency firm cannot do much in market share without top-performing salespeople, with those salespeople then constantly working to a plan and looking for new avenues of revenue or potential transactions. It is a common problem for Brokerage Principals to find the right people and to encourage them to levels of personal performance.
Brokerage Formula of Action
So, the growth of the real estate business depends on building the client base with good prospects that could be needing property help. From that client base, it is just a matter of converting the listings with those active people at the right time. That’s where those valuable top agents fill a critical role.
Here are some facts across the commercial brokerage and the broader industry:
- In any real estate team, the best agents are (on average) in the minority; perhaps less than 10% of those people in any team. That says that all the other agents are working in the ‘average zone’ of achievement. Systems and daily action help build the profile of a top agent.
- Getting results in commercial real estate sales and leasing is usually from a personal formula or process of action sustained over a period.
- The real estate brokerage brand and business only have minor factors of impact on the results of a salesperson. Everything is ‘personal’ when it comes to a ‘results formula’.
- Clients and prospects relate to a salesperson and the skills of that person relevant to the property type and the local area.
- Quality listings on an exclusive basis are part of a real estate business, its control and growth.
- Local area property information will help form the basis of ongoing contact. That information is the recipe for clear and comfortable conversations.
- Market coverage, growth of market share, prospecting for new business, and constant contact with a database list will generate more listing opportunities than anything else.
- A sales or leasing client can become a property management client at a later time by offering the right services. That is then fee diversification and client retention.
- A current client will be transacting more property at different times. Constant contact is required to tap into that process.
- Referral business will help top agents build market share. Encourage the ‘referral’ questions.
There is a ‘definite blueprint here that is worth considering if you are working in commercial real estate brokerage. Given the above points, the whole process of contact is combined with a good database software program. Find prospects and talk to them frequently.