In commercial real estate brokerage, you will get better results faster as an agent when you focus on listing quality properties in good locations. That’s a rule that should not be underestimated or overlooked. If you are looking to grow your market share as quickly as possible, focus on quality listings and market yourself to the owners of those properties comprehensively and thoroughly. Poor quality listings will frustrate your progress as an agent.
Far too many brokers and agents spend excessive time working on listings of a poor quality nature without due regard for the problems and shortcomings that exist with the property and or the client. The better listings and properties in a location always create more inbound inquiry.
So how can you do this?
Look into your location to understand the best streets and the better buildings. Focus into that list with all of your prospecting activities with business owners and landlords. Constant contact will help you break through the barriers and convert more listing stock. The agent with the good listing stock always wins more of the market share over time.
So there are some good things that you can do here. Your real estate business thrives on listing and commission activity. At the centre of that focus you can now apply the rule regarding quality properties and quality listings.
Remember also the requirement to convert most of your listings exclusively. When you control the listing stock, you control the enquiry, the negotiation, and the outcome. The agent or broker with most of the exclusive listings locally will be the agent that is converting new business far more successfully than others. The open listing process relies on luck and is uncontrollable; the exclusive listing process relies on professional skill and knowledge. Adjust your listing pitch accordingly. Learn how to convert more listings exclusively.
Here are some ideas to tap into as you navigate the rules of prospecting to grow your client list and property listing base:
- Avoid covering a large area or too many property types in your real estate business. You cannot be an expert at everything across every location. Look at the market for what it is, and then determine the property types that have a clear fit to your knowledge base and skill base.
- The owners of quality listings tend to be experienced property investors. That fact then makes the listing and negotiation process easier in every respect. Experienced property investors tend to understand the stages of property listing, marketing, and negotiation. They understand how to position their property strategically for the current market conditions. That then make sure job a lot easier as a broker or agent for the specialist property type.
- Some owners will always be of greater value to you over a period of time. They will be the VIP owners that should feature in your database for regular ongoing contact in a regular way. Determine what a VIP owner would be to you in both business type and commission opportunity. Understand the differences between sales, leasing, and property management. Can you service all disciplines comprehensively and professionally?
- Look at the levels of listing activity with your competing agents. Are they servicing an area or a property owner poorly? Can you provide superior services when it comes to the location or the property type? There are always differences to observe in the property market across the brokerages and the agents. You will see strengths and weaknesses applying to most of your competitors. Work through those strengths and weaknesses so that you can refine your skills in a relevant way to the conditions of the property market currently.
- How can you improve your sales marketing processes? How can you refine and optimize your leasing activities? How can you convert more property management activity from both sales and leasing? These simple questions will help you tap into the opportunities of your location. At the start of every financial year, consider these questions so that you can position your services for the prevailing market conditions and the pressures of the economy. Determine your ideal client mix and your client focus with both business owners and property investors. Choose the best people to work with locally and refine your prospecting model accordingly.
In commercial real estate today the most successful brokerages tend to be team based and skill optimized. There is no point in being ordinary when it comes to working in commercial real estate brokerage into the future. Understand your current brokerage activities and the knowledge and the marketing skills within. Take the skills of the brokerage team to lift your business brand comprehensively across the location. One business relationship can always lead to a future opportunity or another form of commission over time.