You can go a long way in commercial real estate brokerage if you set specific production goals for yourself and then action them. What are they and why to this? They are very specific goals that you can apply to your business day personally. It doesn’t matter what the rest of the brokerage team is doing with their activities, but it does matter what you do with these things that we have detailed below.
When these facts are set clearly for you and by you, and the action starts, then the results will happen. Build the action plan around your production goals. Get ready for a real boost to your business activities.
So, these are the production targets that can and usually will have a massive impact on the career of any broker or agent. If you have pressures in your real estate business now, then one or more of these indicators will not be working for you. Something will be stopping you from getting these things under control. Fix the problem as a priority.
What Are Your Production Targets?
Let’s look at the production targets specifically and how you can use them:
- Telephone calls outbound – this is perhaps the most powerful and fast way to build your real estate business. Get used to making outbound calls in and as part of your working day. The best time to make the calls is first thing in the morning. Just get the job done regardless of any other pressures. Determine the types of people that you should be calling and understand why they should take your call. Clarity is important if you are making plenty of outbound calls.
- Meetings created – if you are following through on the previous point, then meetings will evolve with people locally. Only meet with the people that have a property interest or need now or potentially so in the future. Protect your time by doing a good degree of qualification over the telephone before you meet with anyone.
- Presentations made – this will be an extension of the meeting and call process. Know your numbers across the linked processes. Your numbers will improve over time. Something like 50 outbound calls per day should convert to at least 2 meetings per day. Those meetings should lead to 2 good quality exclusive listings per week.
- Listings converted – when you look at your listings by type, location, number, and conversion, you will see facts that are indicators of importance to brokerage success. The idea is that most of your listings should be ‘exclusive’. It is a known fact that exclusive listings allow you to connect with more people and control the enquiry. You only need a small number of exclusive listings to make things work for your real estate career. So, how many listings are a ‘small number’? Probably 10 to 15 if you are working the typical size brokerage market and listings. If you work very large and high-value properties, then the number may be as low as 4 or 5; but you should be selling or leasing those properties with reasonable ease through the year. Know your market and know your indicators through the listings that you convert.
- Marketing money paid – this is specifically vendor paid marketing by listing and by dollar amount per week and per month. Exclusive listings should include vendor paid marketing as a rule. That should be a part of your listing pitch and presentation process; structure your pitch accordingly. Have some presentation tools available to show clients and prospects how marketing works and how they can get the best return on their marketing spend. Show the client or prospect how the time on market is shortened with vendor paid marketing.
These are four very simple things to understand, but they make a massive difference in a broker or agents’ career. Most agents don’t focus like this. Don’t make that mistake!
Take these strategies forward and put them into your real estate business as a discipline of action. Disciplines and systems build a broker’s career faster than anything else. Now you know how you can get your business stronger and more successful.