Every agent or broker wants to create more inbound property enquiry. When you have people talking to you, it is easier to influence property inspections and move towards negotiations with the right people. Conversely if the telephone is not ringing then that can be the start of a series of brokerage problems, not the least of which will be a lack of commissions and listings.
Understand the Signs of Slowdown
Any agent that is struggling in the local property market is generally not talking to enough people in a relevant way. Prospecting every day is a critical part of the business. Trust and opportunities spin out of conversations over time. Get to know plenty of people in commercial real estate brokerage.
When you have that enquiry then you also have something to work with over time. Interestingly a greater number of quality listings in any brokerage will lift the enquiry rate, and a focus on exclusivity will help lift it further.
The exclusive listing process allows an agent to put considerable direct effort into property marketing and hence facilitate more inspections. It is just so logical, and yet you still see some agents taking on ‘open listings’. What a waste! They are in effect allowing the clients and property owners to dictate marketing arrangements and circumstances.
Don’t Make this Listing Mistake
If you run your commercial real estate business from a base of ‘open listings’ then you have no control; any deals that you create are a process of luck and not much else.
So the formula for any broker looking to expand market share is quite basic and easy to understand. The focus for every agent should be on:
- Listing quality properties locally, and then
- Converting listings exclusively
All new business opportunities evolve from those two things. Both strategies working in parallel are a valuable foundation for establishing a quality new commercial real estate business.
Most agents will unfortunately struggle at the start of their career simply because they do not know enough people and have not established a profile in the market. They also fail to recognize the 2 points mentioned earlier.
The Key Industry Business Segments
So how we can attract and get involved with some valuable people locally that may be interested in property activity? Try this list for starters:
- Buyers – Every person that inquires about a property listing should be entered into a database for ongoing contact. Every buyer conversation will be a valuable source of feedback to condition sellers and other clients.
- Sellers – Any seller will be a good source of referral business. Go back through your sales records and client interaction to get the referrals opportunities from people that you know and that trust you.
- Landlords – Canvass the local area for people that already own investment properties. Make direct contact and understand the broader portfolio of properties that they may own. You can create plenty of leads from a small group of landlords in your location.
The message here is that you can work the classifications of people and dig deeper into property needs and opportunities. There are always plenty of things to help with in sales, leasing and property management.