Innovation in Commercial Real Estate Brokerage

In commercial real estate brokerage, it is far too easy to think that better market conditions and clients exist with another brokerage or in a different area.  Most of the time the real case is that the broker or the agent should look to their own systems and processes for self-improvement.  The market will come to you when you do the right things every day in a regular and systemized way.

The suggestion here is that you can innovate your activities where you are today in your location and your agency.  Look to the factors of the market that offer opportunity.  Innovation is the key to improvement and growth of market share.  Here are some things to help you with the innovation process:

  1. Most of your competing agents will be fairly generic when it comes to property services and offerings.  When you specialise within a property type and location, you can be very focused on market information, marketing, and growth of database.  These three things will help you greatly when it comes to listing opportunity.
  2. When you win a quality exclusive listing, the marketing process should be quite special.  Offer the client a number of alternatives to select from when it comes to the marketing process.  Vendor paid marketing funds should be obtained for every quality exclusive listing.  To help convert the client to this process, you can provide them with three separate and distinct strategies of marketing.  Show them the differences apply in each case and the expected marketing penetration that each promotional package will offer.  In most cases you will see that the client will choose the middle level of marketing from the alternatives offered.
  3. For most clients, the sale or lease of their property involves a degree of pain and discomfort.  They need to adjust to market conditions, property enquiry, competitive pressures, and factors of negotiation.  As the agent for the client, you can be quite professional and proactive when it comes to helping clients through these critical issues.  Show them what the market is doing today and how you will guide them through the marketing and negotiation process.  Understand their priorities of price or rental, together with the required timing.

For most agents and brokers today, the competition and the pressures between brokerages will always exist.  It is therefore easy to see that the factors of innovation that you can apply to a listing will be useful and constructive in many different ways.  When you list a property it is the start of a new process and cycle in working with the client.  Innovate in a productive and positive way with each and every exclusive listing.

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