In commercial real estate agency today, you need some firm and professional management strategies to help a sales team thrive and grow within the industry. A good commercial real estate agency will be built around results and you can only achieve that through great people.
A top agent today will be versatile and adjustable to the circumstances of sales, leasing, and property management. They will understand how to move one opportunity into the next with the same client. A leasing transaction today can be a sales opportunity in the future. A sales opportunity in the future can be a property management appointment with a new client. Be open to the fuller needs of the client.
The sales team within the agency needs to be versatile and open to the income opportunities that they come across. Whilst they may have little or no interest in property management or leasing, they should identify the opportunities of property management and leasing, and pass them through to other experts within the real estate agency business.
Here are some strategies to apply to the sales team that will help with the listings and greater commission opportunities available:
1. Good salespeople in commercial real estate agency today require support when it comes to processing listings and establishing marketing campaigns. This backend or low grade work can be done by the administrative team after the agent or the salesperson has set up the initial file and client contact process. This then allows the salesperson or agent to get back out into the market and generate more front end commissions and deal opportunities. That being said, the administrative team is a cost to the business and should be funded by a suitable desk fee or overhead levy from the gross commissions.
2. A good sales team will be a mixture of sales individuals each having special knowledge and skills. Understanding how each of them can perform will be part of the role of the sales team leader. Split your sales team up into three distinct segments. The first segment will be the top agents that are on track to dominate their market share and property specialty. The second group will be the rising stars that are coming up through the office and are showing promise when it comes to new listings and commissions. The third group will be the average performers that are struggling with the disciplines and tasks needed in the industry. With this last group it will be necessary to provide the appropriate coaching and training to solve performance issues. That being said, members of this group should improve in a regular way, otherwise they should be removed from the team after a suitable probation period. There is absolutely no point in tolerating underperformance for too long in a real estate agency. The cost burden can be overwhelming with team members not producing income.
3. The rising stars within your agency team should be encouraged to work with and observe the actions of the top performers. This compounding affect can help you with agency best practice. You can also grow the skills of your agents in a relative and direct way.
4. Set clear business goals for each of the agents within your team. Those goals should include numbers associated with prospecting, meetings, listing conversions, exclusive listings, inspections, and completed transactions. Pay particular attention to the types of listings that each agent is bringing in. Make sure that the qualities of listings are always a priority when it comes to obtaining new clients and new business.
All of these things being said, a typical sales team will have a number of challenges in the property market throughout the year. The commercial real estate industry is forever changing as are the pressures on sales, leasing, and property management situations. The best agents are flexible to these changes and will provide quality solutions for the clients that they act for.