In commercial real estate brokerage, the salesperson has some big roles to play in two main things for the business. Those things are the foundations of the commercial real estate business. They are firstly in creating, expanding, and serving the client base, and secondly in building cash flow through specialized services. Both factors are critical to the success of the real estate business. Top agents and brokers are needed to do that. A brokerage firm needs top salespeople.
How long does it take to be a ‘top agent”? I don’t think there is a single answer; there are many ways to get brokerage results consistently over time.
It directly follows that a good brokerage or agency firm cannot do much in market share without top-performing salespeople and that those salespeople are then working to a plan and looking for new avenues of revenue or transactions. It is a common problem for Broker Principals to find the right people and to encourage them to levels of personal performance.
Brokerage Formula of Action
The growth of the real estate business depends on building the client base with good prospects that could be needing property help; from that process, it is just a matter of converting the listings with those people at the right time. That’s where those valuable salespeople fill a critical role. Constant contact is also part of brokerage activity.
Here are some facts that are common across the commercial brokerage and the broader industry:
- In any real estate team, the best agents are (on average) in the minority; perhaps less than 10% of those people in any team. That says that all the other agents are working in the ‘average zone’ of achievement. Systems and daily action help build the profile of a top agent.
- Getting results in commercial real estate sales and leasing is usually from a personal formula or process of action that is then sustained over a period.
- The real estate brokerage brand and business only have minor factors of impact on the results of a salesperson. Everything is ‘personal’ when it comes to a ‘results formula’.
- Clients and prospects relate to a salesperson and the skills of that person relevant to the property type and the local area.
- Quality listings on an exclusive basis are part of a real estate business, its control and growth.
- Local area property information will help form the basis of ongoing contact. That information is the recipe for clear and comfortable conversations.
- Market coverage, the growth of market share, prospecting for new business, and constant contact with a database list will generate more listing opportunities than anything else.
- A sales or leasing client can become a property management client at a later time if the right services are offered. Think broadly when serving commercial real estate clients
- A current client will likely be transacting more property at different times. Constant contact is required to tap into that process.
- Referral business will help top agents build market share. Encourage the ‘referral’ questions.
There is a ‘definite blueprint here that is worth considering if you are working in commercial real estate brokerage. Taking all of these points, the whole process of contact can be combined with a good database software program. So, the message is clear for the growth of a real estate business. Find prospects and talk to them frequently.