There are many things that you can and should practice in commercial real estate brokerage. Some of those things will impact your conversions when it comes to listings, clients, and transactions. Practice is a good thing when it comes to building your career and the results that you seek.
Team Meetings and Practice
As part of your regular team meetings you can also create and have some simple role plays to cover off on the important issues in circumstances relevant to the current property market and the experiences of the team. Get the whole team involved when it comes to skills practice and development. It can be a simple thing on a weekly basis as part of the team meeting. Use the pressures of the property market locally to help you with topics and challenges.
Here are some of the most effective topics to merge into this practice and self-development process:
- The listing pitch will be top of the agenda. Over time your listing pitch will improve simply because you are regularly going through the process and the pitch with new people. To fast track your results, you can focus on the different property types and design separate listing pitches accordingly. Understand the differences of properties in today’s market and refine the presentations that you make to clients and prospects.
- As part of the listing process you will be asking for marketing money and a financial commitment in that way from the client. Selling the concept is sometimes difficult or a challenge for some. The marketing campaign has to be specific and relevant to the property and the location. Look at the different types of marketing campaigns that you can work with, and then practice the presentation process involving each type of marketing campaign. It is worthwhile noting that most new listings should have three variations of marketing campaign for the client to consider. When the client has choices, they will likely make a simple decision in a comfortable way.
- Exclusivity is a very special process. Every good quality property listing should be converted exclusively to your brokerage and your professional services. When you control the listing, you control the momentum towards inquiries, inspections, and negotiations. The pitch that you make for an exclusive listing is perhaps the most important pitch to refine and improve. I go back to the point that controlling the listing stock allows you to focus your efforts and improve your results. That’s how top agents improve market share over time. Open listings really have nothing much to do with results and achievements in commercial real estate today. If you manage to sell or lease an open listing, it will be through a process of selective luck.
So these three simple things are perhaps the most important when it comes to converting valuable real estate business to your brokerage. Our industry is not complicated, but it is specific. Improve your professional skills on the things that really matter.
Look at the pressures of the property market today, and refine your skills accordingly so that you can improve your results with the right people and with the best properties. Use the practice process within your team on a regular basis, so that you can improve your real estate business in relevant and real ways.