When you work as a broker or agent in commercial real estate, understanding how you are proceeding. Check and track the results you are getting each day and week; it is an essential indicator for assessing and optimising progress.
Do not just do things each day as part of a random process and hope that things get better. The random process produces unexpected results that are generally of little consequence.
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This Strategy is a Step Forward for Agents
Make it a deliberate strategy to do certain things in a particular order. From that process, you can move on opportunities and build some momentum for yourself. Remember, this is a real estate business that is primarily personal at every level. Sure, you may work for a brokerage business brand, but just about everything that you do for new business and transaction activity will be personal in every respect.
Consistency gets results, and that fact cannot be ignored. So, think about what you did yesterday in brokerage. How did it go for you? Could you have been more effective on certain things; perhaps those things that matter? Evaluation of current activities in brokerage is the right way of seeing what can improve.
List Creation is a Snap in Brokerage
Making a list of the things that matter in your real estate business is the first stage of getting somewhere in client and listing growth. It is the start of a systematic approach to what you are thinking and doing. Determine where you are now and where you want to head with your activities and your planning. Get away from the ‘random’ elements of brokerage and the potential of that impacting your real estate weeks and days. Strive to improve your actions and stick to your new plan.
Time for a change? In starting this evaluation and activity, mark out your territory and split it into zones or precincts where you can focus your actions. It is time to quantify your market position and how you can improve that.
The Numbers that are Secret Weapons for Agents
So, here are some ideas to help you get more traction in your real estate day by measuring your actions and improving them.
- Quantity of signboards – This will be the number of signboards you have out in your location. Signboard presence is a big part of the commercial real estate market share. When you have more local signboards with your name on them, you get more enquiry. Focus on signboards and getting more of them into your location.
- Amount of inbound enquiry – This can be measured weekly by tallying up the calls you get by day relative to individual listings or property types. Your call numbers will lift when you get more advertisements online and into your location on particular property types. It is a good indicator to watch, so you know about the property market’s trends and requirements and find people wanting to do things in property.
- Scope and accuracy of your client base – This is a big moving target, and it should be the essential business tool you have. Please do not underestimate the value of your client list and how you work it. As a daily process, you will get more results as an agent by working your list comprehensively. As you do that, you can refresh information and check things. More calls mean more opportunities. Focus on your client lists and your database so you can get more outbound calls underway.
- The proportion of open listings to exclusive listings – Ultimately open listings can waste your time. Sure, there are some luck factors with some of those listings, but always bias your activities towards exclusivity. Convert your listings to exclusivity and then start working on the marketing of them. That ‘surety’ of transaction opportunity does not happen with open listings. It is your choice but be aware of listing priorities that can work for you in your location. Make your listing choices based on the things you know are working locally and those listings that create better inquiry volumes.
- Range of your listing types and quality – Two things matter in listing assessments. They are listing size, and type. The larger the listing and the higher the listing quality, the more of a chance you will have in getting a result. That is simply because you have more people interested in the location and what they could do with the property. As part of that, consider the target market that applies with each listing; go more in-depth with each sale or lease transaction.
- The volume of outbound calls made each day – This is a simple assessment and something you can keep tally of as you make your calls and talk with people. Keep your volume of outbound calls up to the time allocated in your call blocks. More calls made means more conversations created, and that can lead to meetings. It is a significant number and important to track and optimise.
So, all these things relate to matters you can track in your business day. Commercial real estate is a simple business but a direct one that is centred on activity. Track and measure all your critical activities in your working day/week. The success you are looking for will soon follow.