How to Get Out of a Sales Slump in Commercial Real Estate

In commercial real estate agency the property market will change frequently during the year for all types of reasons including the economy, seasonal holidays, business sentiment, and changes in government.  For some agents this can create a commission slump or a drop in listings.  The only ways you can get through this with minimal discomfort will be through your revised actions and systems.

Now it should be said that some agents have little or no systems to take their business forward; they then rely on ‘luck’ more than anything else to win the next listing or deal.  That’s the hard way to do commercial real estate and it’s not recommended for anyone.

The top agents of the market have a system of approach that they use every day to put consistency into their prospecting and client contact.  That then helps them ride out the slow market issues.

If you are in that ‘sales slump’ situation, here are some ideas to help you get more results and put yourself back on track as a real estate agent:

  1. Understand what you are not doing now that should be done.  Address any ‘comfort zone’ problems that may be holding you back.
  2. Do the hard things first every day.  If you are lacking the skills or if you do not like doing some of the essential things (like prospecting), it is time to get some practice underway.  Start the day with some personal dialogue practice before you get to the office.
  3. Revisit your database.  There will be lots of people in the database that you can talk to.  See what they are doing in property now.  Are they still interested in some current property updates from the region?  Would they like to catch up for a meeting where you can tell them about market trends in their area?
  4. It’s not unusual for some salespeople to have a ‘drop in attitude’ from a few missed deals or lost listings.  There will always be challenges to what we do and the people that we work with.  Rising above the problems can only be achieved by action and refocus.
  5. Review your current listings to see if you can get a price adjustment or shift in marketing.  That could very well improve the enquiries that you are getting.
  6. Remember your successes from the past.  There will be deals and clients that were quite successful for you; things that were hard and yet you got through and achieved a great result.  Focus on the achievements that you have made.  They will support you when times are slow or challenging.
  7. Talk to more people.  There are lots of business people, tenants, landlords, and property investors out there for us to connect with.  Freshen up your contacts and prospecting systems with some ‘new blood’.
  8. Walk the streets where good businesses and properties are located.  It will help you with fresh ideas about possible deals and people to connect with.

In many respects a ‘sales slump’ is a personal thing.  It is internally generated by a lack of focus and attention to new business generation.  Get active again and you will find what you are looking for.

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