In commercial real estate today every broker and every agent should have two primary points of focus as part of their business plan. The first is to create an above normal market share with quality properties in the town or the city, and the second is to close on average a greater number of deals for the local area and the property market.
When you can consistently do both of these things in a regular way, you will soon rise to the top of the market as a quality agent and property specialist. So what do you need to do to achieve these two issues in a consistent way? Try some of these ideas:
- Define your property market by both type and location. Make sure that the property type is relatively active into the future. If you can see some stagnation in your market share, quickly change property type and or territory focus.
- Track the growth of the business community and the zoning or planning regulations that apply to business location and property development.
- Get to know a number of property developers that have a successful track record in the local area. It is quite likely that they are already working with a number of agencies, however you can build the right relationships over time by introducing to the property developers appropriate vacant land or redundant property for redevelopment.
- It is a fact that the established solicitors and accountants in your town or city will have clients that are active in commercial property. Identify those successful professional service firms, and build the necessary levels of trust and contact over time. Eventually this will lead to client introductions and some potential new listings.
- Tap into the new supply and demand of properties within your town and city. Visit the local planning office on a regular basis to understand the new property developments under consideration. You will soon see that most other agents overlook the simple opportunity that this process provides.
- When you take any quality listing to the market, get involved with the other property owners and businesses locally. Use every quality listing is an excuse to talk to other people. Over time that consistency and professionalism of contact will give you lots of other leads and opportunities.
- When the other agents in your sales territory list a property, talk to the other property owners around the competitors listing. Those property owners may like to compete with a marketing campaign in the same location or street. To compete they will need another agent or another brokerage, and you can provide that solution.
- As a preference, every quality listing should be marketed exclusively. Develop your proposal and presentation process to help your clients see the advantages of an exclusive listing. Open listings are generally a waste of time and are usually the focus of new agents with local market share. Open listings create confusion for the client and extend the factors of time on market. The client really doesn’t understand who to listen to or how to market their property correctly and fairly.
So there are some choices here when it comes to building market share as a commercial real estate broker. The industry that we work in this largely based on relationships and quality service. At a personal level, promote yourself and your services for every opportunity with the right people. Watch the opportunities of the market and tap into those clients accordingly.