At every opportunity you should be building your market share in commercial real estate agency. This requires continual and ongoing personal effort. Prospecting, cold calling, and client contact will all be part of that process. The agents that overlook the basic fundamentals of prospecting have fewer listings and smaller commissions. Over time that can frustrate personal performance.
So the message here is that you do need a prospecting system that supports you with growth of market share. There are some quite specific strategies that you can adopt, some of which have been used for years by the top agents of the industry. There are also some newer technology based strategies that you can evolve into your current business model.
Here are some ways to strengthen your market share today as a relevant and specialised property agent:
- Get your name and your signboards on to as many listings as possible. At the early stages of your career, you will be inclined to place a signboard on any listing, including open listings. Whilst that strategy is initially useful, you do need to focus on exclusive listings as time passes. The exclusive listings are the best way to build market share given that you can control the client, the property, and the negotiation.
- As a general rule, the quality listings in the property market will create much more enquiry for you. Your prospecting processes should thereby be focused on quality listings.
- Identify the larger and more successful property owners in the region. Each working day, make it a target to contact at least one new property owner. The process can be slow and difficult given that many of these people are hard to find and connect with. Use the local property title database together the right information. When making the call to the correct person, be sensitive to the do not call register and the laws that apply.
- Connect with many local businesses on a daily basis. Some of those businesses will own the property they are located in, whilst others will be tenants in occupancy. Either way they can give you information that will be helpful for the future. It should be noted that this contact process is quite easy. The business telephone book will be the place to start from.
- A personal database should be maintained as you connect with many more contacts and prospects. The maintenance of the database and its accuracy should be a personal process and not delegated to administrative staff. When correctly managed, the database will bring you far more leads and opportunities over time.
- Establish your profile on the Internet as a specialist agent for your region, town or city. You can do this through social media, blogging, article writing, listing placement, and websites. Recognise that your name is part of your brand. Get your name it into the online market as much as possible.
If you want to rise to the top of the property market as a good agent, then you will need to build your brand, your relevance, and your speciality. Put this process into your diary each and every working day. Carry your business cards everywhere and use them to expand your group of contacts.