man showing charts and plans on ipad screen

Figure Driven Goals and Targets in Commercial Real Estate Agency

When it comes to your career in commercial real estate agency today, you should have some goals and targets as part of an ongoing business process.  These goals and targets will help you stay on track regarding improving your market position and growing your listing base.

It is notable that many agents set goals and targets at the beginning of the year with little regard for commitment and the actions required to achieve those numbers. 

Less than 10% of the salespeople and agents in the industry really do track themselves to the required targets; this is a massive opportunity for those agents that can get their business processes under control.

sales graphs on table

Figures and Facts

So what figures should you track as part of the goal and targeting process as an agent?  Here are some ideas to help you:

  1. Define your territory and marketing area so that the targets that you set are confined geographically and also by property type.  In this way, your numbers will be relevant to your focus on the future.  You will be able to see where results are happening and where other changes are needed.
  2. Target a particular number of listings you require as part of your business process.  Those listings should be exclusively controlled.  Open listings do not count regarding a business plan or setting goals and targets.  In most cases, you should be able to work with between 10 and 15 exclusive listings simultaneously.  Most of those exclusive listings should be for the duration of six months to nine months.  It can take that long to get results with some high-quality properties.
  3. Every exclusive listing should encourage and attract vendor-paid marketing.  The money that should be paid here depends on the property and location.  That said, most ordinary commercial listings will attract an advertising and marketing campaign equivalent to approximately 1% of the property value.  On this basis, you should track the dollar value of vendor-paid marketing that you achieve with your exclusive listings.  More vendor paid marketing will usually reflect in better listings and inspection results over time; its all about generating the enquiry.
  4. When it comes to the marketing of each listing, you should track the time on the market that applies to each listing.  The first 4 to 6 weeks of every marketing campaign are really important to get some listing ‘churn’.  After that time, the attention of the market moves away from the listing.  If you want to encourage more transactions, focus on the first 4 to 6 weeks of each marketing effort with each listing.
  5. Understand your market share when it comes to exclusive listings currently.  Every week, survey the local area and all the listings that apply to the region.  Understand where you are positioned as an agent regarding new listing numbers and successful transactions.

Top Agent Career

When you set your figures and goals, you have something to work with when building your career as a top commercial real estate agent.  It is interesting to note that regular results from your tracked numbers will help you see where things are improving and what things require adjustment.

Nothing remains the same in this industry for very long, so you should be prepared to shift your processes and roles as required throughout the year. A flexible but proactive commercial real estate agent will win more market share.

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