The opportunities in commercial real estate sales are always available for the astute and active broker or agent to tap into. A strategic plan of approach, professional skills, and marketing activities will help any agent or broker get traction and improve results. Sales and listing results all lead to commissions over time. Strategy is important.
So what can you do here? Look into the specific selling segments of our industry, and review the opportunities of property types, precincts, and client types. Focus on the opportunities and understand how the property market is changing. The sales momentum will be in those opportunities.
Look for the changes in local property
Adjust your efforts and your focus accordingly; an emphasis should be made here when it comes to a strategic plan of approach to get things started. The actions taken, tracked, and refined over time will help you shape improved brokerage performance. It’s a personal thing, and you can’t delegate it.
Here are some ideas to help you boost your local area coverage and hence the sales results that you achieve as a broker or an agent. You can merge these ideas into your current business plan and strategic approach to the property market:
- Restrict your area coverage – don’t spread yourself too far as you look for clients and listings. Concentrate into an area defined geographically and physically. Stay inside your primary zone of prospecting activity. You may achieve some listings from outside of that zone, but a full 80% of your new business should come from within your prospecting primary zone. The only question that you need to consider here is that you have sufficient property activity and listing stock within your primary prospecting zone. When you have confirmed that fact, you can start to drill down on the property ownership records and the business leaders through the area. You can make plenty of calls and contacts as a direct result. That is how you will find things.
- Specialize within certain properties – work with the properties that you understand by type and location. When you focus into groups of property types you can then track rents, prices, improvements, time on market, and the specialized approaches to marketing. In simple terms, you can understand what is working in property promotion and how to approach that strategically. Specialization will also allow you to increase your inquiry and conversions.
- Always work with quality properties in top locations – when you work with high quality local properties, the levels of inquiry that you create will generally be substantial. That will help you drive greater numbers of inspections and offers, and at the same time lifting inquiry momentum and improving your database.
- Don’t waste time with difficult and unqualified people – some clients are better than others, the same can be said for prospects and inquiries. Qualify the people that you talk to, and then devote time and resources to those people that can act in today’s property market. Ask the right questions as part of the qualification process. Look into the capabilities of the people that you talk to with particular focus on their local area knowledge and their financial backing. Do they really understand what is happening in the local area? Do they have the capability and the backing to undertake a property transaction today?
- Track your key performance indicators – determine the indicators that you should work with as a broker or an agent in tracking personal results. Those indicators will generally be listing numbers, client numbers, prospect list, time on market, marketing monies, and commissions per transaction. The latter three are perhaps the most important to consider.
So there are some good things that you can do here to boost your sales results in commercial property brokerage. Focus on the people that you know and their property challenges. Build solid relationships over time and match your personal skills into the specific property types and the locations.