In commercial real estate agency today, there will be times when you have what can seem to be far too many listings. There is no standard rule when it comes to the number of listings that you can take on. It really depends on the type of property and the client that you need to serve.
It should be said that in taking on far too many listings exclusively, you will reach a point where you cannot correctly serve the listing, the client, or transact your general business each and every day. Over time your health will suffer, and your income will decline. So it is very important to monitor the number of listings that you have and how you provide your service to those quality properties.
So here are some observable truths when it comes to servicing commercial real estate listings.
- You can take on any number of ‘open listings’ that you like. Open listings really do not count when it comes to market share and customer service. When you take on an open listing, you simply put a signboard on the property and list the property on the Internet. If you get enquiries, then you handle them. As a general rule, strive for exclusive and sole listings that you can control. Most commercial real estate agents will only take on open listings at the start of your career. As they build their market share and client base, open listings soon become unnecessary.
- In taking on exclusive listings, each property will be different as to size, tenancy mix, marketing program, and customer needs. A quality property will produce much more enquiry than an average property. As a general rule, most agents can handle between 15 and 20 exclusive listings at any one time. The exception to the rule is when those properties are quite large and complex. In that case those listings will take a lot of your time however you would expect the reward from the completed listing sale to be appropriately rewarding.
- 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 10 listings at any one time.
- It is very easy to forget about prospecting and new business when you have a lot of listings. This is a big error, and will be a major mistake over the long term. No matter how many listings you have, you should be prospecting every day.
- Set some rules regards listing processes when it comes to the different property types. This will streamline your listing activities and keep all your listings under control as you get busier. It will also help with keeping in contact with your clients as the marketing effort improves and changes.
Listings are the lifeblood of commercial real estate agency. Always strive for quality listings in good locations. They will always produce better quality enquiry for you to act on. In this way you can build market share and a personal brand as a top agent.