One of the strange facts that you will soon learn in commercial real estate brokerage is that most agents and brokers do not keep goals and targets for very long. Most brokers and agents get distracted with the pressures of the day or the industry and then forget the goals process that they may have started at the beginning of the year. This then leaves the market wide open to those select few agents that can stay on focus and on target to the goals that they have set.
Here are some established facts to remember about goals in commercial real estate brokerage:
- If you don’t know what you are trying to achieve, the road to getting results just gets longer and more difficult.
- The property market will change a few times during the year so accept the changes and keep moving towards your targets.
- Whilst it is nice to have massive big goals to help you strive ahead over the long term, it is better to have a few smaller goals that you can reach during the weeks and months ahead.
- If you can predict changes and shifts in the property market, you can move on sales and leasing opportunities faster than your competitors.
- Good agents and brokers are always in demand when it comes to solving property challenges for clients and business owners. Specialise in every way possible so you are the complete property specialist for the location. Clients like to work with top agents and those that attract good levels of enquiry.
So your goals should be aligned to the local area and the property market in your town or city.
Set specific goals with key aspects of your business that can be tracked with key performance indicators. Here are some ideas to help:
- Internet listings – Understand how many exclusive listings you have on the internet now and how that compares to your competition. Exclusivity is the big control factor for a top agent in the property market. You must control your listing stock. Don’t forget to refresh your listings regularly so the buyers and tenants that are looking currently will be encouraged to lift the telephone and make the enquiry.
- Meeting numbers – Each week set some targets for meetings with new clients and prospects. To achieve growth you really do need to convert new meetings with new people. To create more meetings you should undertake a specific cold calling program of direct telephone calls into the business community and the local property owners. That strategy will take a degree of research so be prepared for some hard work in finding the right people to talk to; that being said the rewards are many for the agents that work hard. Commissions and listings come from meeting conversions and exclusive listings.
- Inspections per week – How many inspections would you create now per week with your current listings? If you want more inspections then you will need to lift your marketing efforts to bring in more property enquiry. It’s a simple formula to work to; inspections come largely from inbound enquiries and those enquiries will come from a focus on marketing quality listings in a comprehensive way. So your marketing successes will depend on vendor paid campaigns; have a look at your listing presentations so you can improve your marketing fund conversions.
From these three things you can see why goals and targets will help you greatly when it comes to your commercial real estate business. In the case of these topics above your goals should be to lift your internet listing numbers, generate more meetings with clients, and create more inspections. It’s not a hard concept to grasp when you understand how things are linked. Focus on the right goals and take action accordingly.