If you work in commercial real estate brokerage sales, you will need a ‘planned’ approach to your business, particularly if you are looking to convert good results in the industry over time. Every day that plan can be implemented and tuned to the local area, property types, and the property market trends. It’s the personal approach in commercial property brokerage that really matters. Consistency over time is also important. (NB – you can get more tips for brokerage sales in our Snapshot program right here – its free)
One thing should be said here in that change in the property industry is inevitable; so, use it and optimize it. Things always change with enquiry, prices, and supply, and that is a good thing. As a broker, you must work with that and use the momentum of the property market around you.
Enquiry, prices, stock availability, and new business competition will always be active and moving. At the centre of all that movement can be your database and contact systems with new local people including, business owners, tenants, property owners, buyers, and sellers.
Questions and conversations lead to property situations where you can help others. Ongoing contact with the right people will help you convert the new business. If you are looking for more listings and commissions, then lift your contact processes and activities. Talk to more people and track your conversations.
Change and Churn Challenges
See the property market for what it is in your location, and move on the opportunities that local area change presents by property type; specialization is important in how you do things. Investigate and review trends and activities. Here are some ideas to help with that in commercial sales:
- Choose a course of action based on local property market facts and trends. If there are signs that it’s a sellers’ market, then concentrate on finding and engaging with property owners. The same focus can occur with leasing, and tenant advocacy work. Understand what the property market is doing, and then start tapping into it. Consistently connect with new people that own property; that’s the ‘golden rule’ of commercial real estate brokerage.
- Review your methods of approach with prospecting, cold calling, presentations, inspections, and negotiations. Just about every system that you have in your business can be improved. Ultimately, the clients that you serve want timely professional results in their property challenge. Your real estate services should be designed to achieve that in a professional way.
- Practice will help you with your conversions. That practice is particularly in what you say and how you say it. Learn how to improve your dialogue and your professional sales conversations on property matters. You can do that through regular role playing in your team meetings.
- Contact local investors on a street by street basis. Through direct but organized canvassing you can identify local investors and see what they are thinking when it comes to property portfolio ownership and diversity. They may want more property, or they may want to shift investments for other local property types. Nothing is out of the question, so ask the questions when you are talking with people
- Return to and approach the people from older transactions in your brokerage. Keep in contact with those people that your brokerage has serviced previously in sales, leasing, and property management. There will be valuable repeat business to help with and referral business to convert.
So, there are some good things for you to do here in brokerage sales. Get to know your local prospects and clients, and keep talking to them whilst at the same time providing specialist information. The people in your database that spoken to professionally in a regular and ongoing way will eventually be the backbone of your real estate business growth.