An effective sales team in commercial real estate will usually work to a specific plan across the brokerage, with clients, and with all the controlled listings. They will work separately, and they will also work together when required. There are strategies to think about and develop here over time as you strive to create better results with listings and commissions in your team or for yourself.
It is a fact that a real estate team can cover the market more effectively and comprehensively. Specializations can be shared, and client service can be varied as required.
So where do you start? Set some rules for your listing processes. Most of the property listings will or should be exclusively held, and the relationships with clients optimized for the long term. It takes real effort to achieve that result. Effective sales teams also produce plenty of referral business and repeat business over time; that is why the team should be interacting well and sharing information where appropriate. That can then be the strength of the property business and the brokerage in its location.
A focus on specific things will help the brokerage sales team achieve permanent and long-term results as a group of industry professionals. Specialization is also important as part of the process; split the team up into the disciplines of sales, leasing, property management, as well as the separate property types. How can you serve the special segments and what is the expertise in your team now?
Here are some other characteristics that apply to effective commercial real estate sales teams:
- Client and customer experience – All team members should be working towards a positive client experience and customer retention. It takes a considerable amount of time to locate and convert client. From the start of the listing process, communication is so important, and that is through all the stages of listing, marketing, and negotiation. The clients with exclusive listings should be treated with the utmost respect and ongoing contact.
- Local area focus – A full understanding of the local property market geographically and by property type is essential to the team approach. There will always be plenty of property comparisons and outcomes to track across a geographical area and with all the property types; that information is worth sharing and will help with future listing activity and negotiations. Comparable listings, prices, and rentals within the zone and across precincts should be identified and understood. It is also valuable to chart the results of completed sales and rentals by property type in a location.
- Cross-pollinate new business opportunities – One transaction can lead to another overtime, so look for those situations and advantages. Remember the linkages and the requirements between sales, leasing, and property management. The investors and the business owners that we work for can need assistance in sales, leasing, and property management at some stage in the future. A customer today can be a different customer in the future, so keep the door of communication open and all your property systems optimized.
- Comprehensive marketing strategies – How can you improve the marketing of the listing to get deep and direct coverage across the target market? Every exclusive listing should be considered in that way. Develop some marketing strategies that are different and effective. Understand how your sales team can produce better target marketing coverage with listings locally and merge those processes into your listing pitch.
- Local area coverage by building and by street – Every team member should have a solid awareness and control of the precinct or allocated territory when it comes to coverage, marketing, and property awareness. The only way to achieve that as a brand coverage and awareness is through logical research and deliberate client contact building by building. That does, of course, take time. It directly follows that the area or territory allocated to the sales agents and brokers in a team should not be overly large or complex.
- Moving a listing to a positive result – Each listing should be controlled through all stages of sales activity; that is marketing, negotiation, and finalization. The sales team can develop a system for that, given the location, the property types, and the typical transactions. A checklist approach is very effective when taking a listing to a positive outcome.
- Maintaining ongoing client contact for referral and repeat business – When a transaction has been closed, it should be the start of ongoing client contact for the future opportunity with referrals and repeat business. That can be in be the compound effect to build a brokerage and commercial real estate business over time.
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