In commercial real estate today, high grade commercial agents win more business due to the comprehensive nature of the services that they offer. Given that the current property market is under some challenge and stress, it is the top agents that are earning more commission and capturing the quality listings.
A top commercial agent is of a higher grade when it comes to promoting the property and getting the results. They know how to package the property correctly for the target market and then encourage the inspections. They know how to get negotiations underway. They know how to work this property market.
This is a finely balanced equation that requires diligence and hard work. We can never be sure how a transaction will head, so systems and focus will help you greatly. Exclusive listings are also part of the best business model that most top agents use.
Many if not most agents would say that they already provide high quality services to the clients in the local property market. The reality is that most agents are quite ordinary and are yet to comprehensively structure their business model to rise to the top of the market. We all have choices as to the way we do things.
Here are some differences between the very best agents and everyone else.
- Market knowledge is maintained and is updated frequently. This means that the agent deliberately chases down the deals that are occurring, and gets the facts that apply. Understanding what is happening to prices, rents, incentives, and property enquiry will help you achieve many more successful transactions.
- Dominant market share is essential if you are to be a top agent. Getting signboards into your area will help you build that image as a top agent. Get your name onto the best listings and work those listings comprehensively.
- The database that you create is part of growing your business. Every day some new people should be put into the database after you have spoken to them. It is a personal process and you cannot delegate it; take ownership of your database and make it grow. Your database will either be a tool or a liability to you; I know what I would prefer.
- Client contacts are always ongoing. When you have an exclusive listing, the rule is to talk to your clients frequently and at least every 2 or 3 days. Tell them what is going on and provide feedback on the marketing efforts undertaken. These connections will help you when it comes to negotiations at a later stage. Trust is really important in our industry.
- Comprehensive marketing services together with special inspection strategies should apply to every sales or leasing appointment. It is important that the exclusive listings that you get are handled with a lot more focus than the ‘open’ listings. It is the exclusive listings that will give you more market share and ultimately help get to the top of the industry.
In any property market and at any time you can be better than your competitors. It all comes down to your approach, actions, and consistency. The commercial real estate industry offers lots of opportunity to those that work hard. Develop your system and stick to it.