As you move through your commercial property career, you will come across some top agents and brokers who are seemingly consistently clever and professional when it comes to picking the right clients and the listings. There are some things that you can learn there.
When I refer to other ‘top agents’, I am referring to those that are highly successful for a location and recognized as the industry specialist in some way or form; they will have a dominant market share is some way or form.
Your personal ranking?
So where are you in the brokerage equation? It is very difficult to be the top agent or broker across every property type in an entire city or town. Drill down into a location and property type that can work the you over time.
So you have some choices here when it comes to picking the right market and the best properties. Look at the history from the area and understand what has been selling, and leasing over time. Can you work those segments? Review the current levels of inquiry that apply to the location and the listings within the brokerage; and start to look at the competing agents locally and determine why they are so successful. Learn from the best, and avoid the mistakes that they made in their progress to the ‘top of the industry’.
Local is best
Look local and stay local when it comes to your real estate business. On average, and when you look at all the competing brokerages for a location, only some 10% of your competitors can be really classed as the ‘top agents’ in some way or form. These are the people that you can learn from.
There are some valuable things that you can learn from that local assessment and analysis.
- Property Specialization – certain property types will always create better levels of inquiry, and as a direct result shorter time on market.
- Location Coverage – when you look into a city or town, there are certain streets and suburbs that create better levels of activity. Prospect yourself into the best locations that can offer a reasonable future in commissions and listings.
- Method of Sale or Lease – some methods of sale or lease are far more successful than others. Look at what’s working locally when it comes to a sale or lease conversion in a timely way. Some methods of sale or lease are far more successful than others in today’s property market. Some cities will also have different pressures and results when you analyse things on that basis.
- Client Services – look at the client services provided by the top brokers and agents. Look at how they connect with the client over time and how they control the client as they move through different challenges with investments and assets.
- Referral Business – a successful agent or broker will usually have a good level of referral business supporting their marketing activities. Asking the right questions at the right time will always help when it comes to extra clients and extra listings. Chase the referrals where you can.
- Marketing Initiatives – the best agents know how to market a property comprehensively and thoroughly. When you look at the marketing efforts of those top agents online and off-line you will see a reasonable advertising spend and a comprehensive market coverage.
- Target Marketing – when you drill down into a market segment, the levels of inquiry improve. Choose the property targets, the clients, the listings, and the prospects through your own targeted processes.
So there are plenty good things that you can do here to improve your personal commercial real estate career and business over time. Fresh commissions and listings are always out there for the taking when you dig deep enough.
Replicate and repeat
Watch the other agents locally, and particularly the top agents for the location. You can replicate the professional skills, marketing activities, and industry coverage that seems to be supporting the other top agents.