In commercial real estate brokerage, you need to work with, and or know, plenty of people that you would consider as customers or prospects. Over time you can build the strong bonds of trust and respect within that group, and that in turn will help in converting more inquiry, listing opportunities, and potential income. An ‘auto-pilot’ approach to the industry is valuable. Are you ready for the challenge? (NB – you can get your free broker course right here)
Make it Happen
What then, is this ‘auto-pilot’ approach to our business and can you achieve that? Try some of these indicators for starters:
- Inquiries leading to inspections and transactions
- Marketing methods that allow area dominance
- Database contacts opening into leads and listings
- Regular communication processes providing referrals
- Property sales in the local area leading to repeat business
These things can happen if you keep your business focus on the local businesses, investors, and property owners. Build your system. Control the listing stock; that is the rule. When you manage and control the listings, then everyone should seek you out to inquire, inspect, and or negotiate on property matters.
Property Market Changes
Of course, the levels of inquiry in our industry will always shift and change in any location and throughout the year. If you have a good selection of properties and clients in your database, the factors of growth and conversion will very likely be there for you to optimize. Focus your daily research and communication efforts on people and properties.
So, the focus here is on local and regional clients and lots of them. You want to have them converting into your business model. Think about these strategies to achieve that:
- Use current listings – with every current listing, use the property as a reason to talk to lots of local people in the immediate location. You will soon glean a lot more information about property change in the area.
- Use other agent’s listings – when one of your competitors puts a sale or lease signboard on a property, use that sign as a reason to talk to the nearby property owners and business proprietors. A new listing in a location always generates precinct interest and potentially other changes.
- Location based contact – research the streets, the properties, and the property owners. Do that in a logical and direct way. Stay committed to the process of local area coverage and awareness.
- Success letters – every completed transaction is a reason to talk to the ‘locals.’ Use progress letters and emails to spread the word about a local property transaction that you were involved in or part of. Use your database to dispatch letters and personalized emails to the local people around the zone of a transaction.
- High-end campaigns – each exclusive listing should be marketed locally in a targeted way. That is why exclusivity is so important in what we do. When you do that, the dominance that you have in the market will show. An exhaustively promoted property listing will help you convert other listings.
- Referral business – as you build client and prospect relationships locally, there will be ways to explore referral leads and introductions. Ask the questions of people that you know and help now in commercial real estate. It is good deal easier to convert new business from a referral than it is from a cold call.
Let’s not complicate our commercial real estate business any more than it needs to be. Take these simple systems and merge them into your property business. Regular action every day in this way will help you with market growth and commission opportunity.