It has always been known that a sales team effort rather than an individual effort in commercial real estate brokerage will produce better results in both listings and commissions. The entire team can cover off on a complete area of properties and a number of property types. It directly follows that the client base and listing opportunities will grow as a result.
So the efforts of two or more people in the brokerage working together will create greater coverage and interaction; you can share ideas and experiences as part of growing market share. If you are an individual working in commercial real estate, team up with at least one other person in the brokerage so you can take advantage of this business rule.
Your Brokerage Rules
The rule assumes that the person or people that you work with in the team approach are committed to the cause and the focus of finding clients, properties, and listings. Select your work colleagues accordingly. Only committed driven individuals get traction and momentum in commercial real estate.
Here are some of the main ways you can focus the sales force to build a better business in commercial property:
- Set rules – Without rules you will have problems. The egos and skills of your work colleagues will vary as will their levels of success during the year. Rules will help you keep everyone on track and on task. Set those rules relating to prospecting, marketing, negotiating, sharing commissions, sharing leads, and client interaction.
- Client instructions – One person should interface with the client so the they know what is happening with their property challenge, the enquiry that may be generated, and the inspections held. Give feedback to the client through the team representative. Record and note all important messages that have an impact on the deal and the property momentum.
- Documentary trails – When you are working as a group or team of people within a sales or leasing deal, you must have good documentation. Records must be kept of just where the transaction is and where it is heading. In all stages of the property listing, negotiation, and finality, the documentation must be comprehensive, up to date and accurate. Good documentation also protects the client relationship.
- Marketing systems – When a property is taken to the market it should be done in a through way that focuses on the target market, the location, and the property details. Develop specific marketing campaigns that are controlled through both implementation and enquiry gathering.
- Listing systems and standards – When you list a property, do so within the agreed rules of the team. That will include client interaction, listing type, marketing money, and listing preparation or investigation. Every listing should be taken in a comprehensive way so that the property and the client factors are fully covered and known. You don’t want issues later with errors or omissions in the listing phase of property sales and or leasing.
- Database – Track all client and property activities in a good database; keep that information up to date in all respects. Your real estate career will depend greatly on your ability to track information and interaction on important property and client matters. When something is said or done that will have an impact on the property deal, note that fact in the database and communicate all relevant facts across the team. Information shared will help all interested brokers or agents quote and or close on the listing and the property transaction.
So there are important things that you can do within a commercial real estate sales team that will help you attract deal momentum and or listing activity. Ensure that all the people in your sales team are well committed to the listing and the targets of the client.