Ideal Choices in Listing Numbers in Commercial Real Estate Agency

In commercial real estate agencies today, there will be times when you have what can seem to be far too many listings. There is no ‘standard rule’ regarding the number of listings you can take on. However, you should establish your listing targets and adhere to them.

What are your listing targets? It depends on the property type and the client you need to serve. How many listings do you want, and how will you serve them?

The type of listing can impact the amount of work in marketing and document preparation. For example, retail property such as a shopping centre will require considerably more work as part of the listing preparation and promotion.

Listing Plans and Targets

Taking on excessive listings exclusively can eventually lead to a situation where you cannot accurately serve the listing, the client, or conduct your daily business. Over time, your health will suffer, and your income will decline. What matters is the quality of listings you take on, especially those that are ‘exclusive’. It then matters how you service those listings with elevated professionalism.

It’s important to track your listings and how you serve quality properties. Exclusively listed properties should take your priority and focus.

Servicing Solutions for Real Estate Listings

So here are some observable truths when it comes to servicing commercial real estate listings. Build your real estate team and services around strategies and skills considering the property and the client requirements.

1: Open listings Don’t Count

You can take on any number of ‘open listings’ you like. Open listings really do not count when it comes to real estate agent market share and customer service. When you take on an open listing, you put a signboard on the property and list the property on the Internet.

If you get enquiries with open listings, then you handle them. Keep most of your professional focus on your exclusively held listings and the clients that are ‘trusting’ you with the listing at prices and methods of sale that suit the market today.

2: Controlled Exclusive listings

As a general rule, strive for exclusive and sole listings you can control. Some commercial real estate agents take on open listings at the start of their real estate careers to get some stock. As they build their market share and client base, open listings soon become unnecessary and even a distraction. The conversions of open listings to completed transactions is always low.

3: Quality properties

In taking on exclusive listings, each property will differ in quality, property type, size, tenancy mix, marketing programme, and customer needs. So, think about the properties you are working on and their location.

A quality property will produce much more enquiries than an average property. What quality properties do you have now and how are you servicing them? Find more quality listings in the priority precincts and in the locations people prefer.

4: Listing Numbers

Generally, most agents can handle between 8 and 12 exclusive listings simultaneously. The exception to this rule occurs when the properties are large and complex. In that scenario, managing extensive listings will consume a significant amount of your time; however, you should anticipate a commensurate reward from the successful sale of the completed listing. That means a favourable commission from the more significant properties.

I like to ‘rank’ listings, given their conversion potential and quality. It’s all about potential and what you can do about it. So try ranking your listings to ‘A’, ‘B’, and ‘C’ classes. The ‘A’ and ‘B’ class properties should get most of your attention in marketing and negotiation.

5: Administrative Support Staff

The administrative support for some salespeople will vary from agency to agency. Some agents and salespeople have considerable administrative support to help them with enquiries, inspections, and marketing. At the other end of the scale, a single salesperson with very little support will struggle to cover more than ten listings simultaneously.

6: Continue Prospecting in Good and Bad times

It is easy to forget about prospecting and new business when you have a lot of listings. This is a big error and will be a significant mistake over the long term. No matter how many listings you have, it would be best to prospect daily. You have different client types to consider.

Given the property market trends, it is a matter of what client types are best for you, and how the enquiry is going. Your client type choices are investors, business owners, landlords, franchise groups, and developers. What is your preference? How can you service them?

7: Listing processes

Set some rules regarding listing processes for the different property types and sale methods. This will streamline your listing activities and control your listings as you get busier. It will also help you stay in contact with your clients as the marketing effort improves and changes.

Listing Quality Focus

Listings are the lifeblood of a commercial real estate agency. Always strive for exclusively held quality listings in desirable locations. They will always produce better-quality enquiries for you to act on. In this way, you can build market share and a personal brand as a top agent.