A sales plan in commercial real estate is essential to personal progress and is the key to getting traction in any location or property market. It is a fact that we all get distracted in our business, and priorities shift or are ‘overridden’ by other things. That is why the plan is so important to bring us back to the actions, targets, and segments of the industry that we know will help us to the ‘top of our game’.
When you are struggling with new business or transactions, it is likely that you are ‘off track’ with focus and attention. We all have issues with clients, listings, and negotiations every day, but the sales plan we operate must go on and strengthen at a personal level.
Build the Sales Plan You Have Dreamed Of
So, what is your plan? What does it look like? Where do you start? Here are the five core elements of the planning process that will help you get your ‘sales system’ sorted:
- You must have a plan at a personal level so take specific steps to build one. Don’t make it too complex, as complexity tends to delay implementation. You can easily start a simple plan and refine it over time as you see what is working and what needs to be done in other property types or business segments.
- The strategies should be reviewed monthly and quarterly; know how things are improving and use KPI processes for that tracking. Nothing is static in our industry. Expect changes and challenges and shift your plan accordingly as you see what is working and where the next opportunities could be evolving. As different property types take priority in the location or with your target market segments, talk to more people in the VIP groups that you know can bring you leads and listings.
- Focus on property types so you can build a dominance in your location as the specialist locally. Get your profile on the media channels, on the internet, in the newspapers, and in social media, with a bias towards providing not just listings, but specific property comment for the location and the property types. Say something that people want to know about or could get value from and merge your comments into your marketing plan for the property types that you work on. Get the message out.
- Focus on client types and geographical precincts for your target markets. When you drill down in your business with client and locational focus, you can find things, and that then helps with market information and comparable listings as you grow your market share. Get to know the streets and buildings in your precinct and become an indispensable resource and specialist for commercial property owners and business leaders locally. Why will people use your services in property? Make sure you have the answers to that question in your sales plan.
- Progress is inevitable when you do the right things each day. Understand what you have to do with your property types, business segments or preferences and, clients, and then start the calls, contacts, door knocking, and meetings. Your sales plan will help you ‘knit’ all those things together.
Find a property niche that suits your commercial real estate career and put it firmly into your real estate sales plan. Focus your knowledge and business direction into that. Use the five elements above to model your approach to clients across property types in specific locations. Ensure that you track your results as you go, so the monthly review of the sales plan can be meaningful and fruitful. Enjoy commercial real estate brokerage on that basis. Enjoy the sales plan ebook right here.