As you work in commercial real estate you will soon understand that those agents and brokers with good quality reputations and ‘track records’ of success are usually those that continue to thrive in any property market and at any time. The reason for this is simple; the clients that they serve want the best agents for the job and those that they can trust.
Reputations and results really matter in commercial real estate brokerage. How do you rank on the ‘reputation and or results’ scale? It is something you should remember and work towards over your career.
The Result Factors
So what are the required elements of being the ‘best agent or broker’? Perhaps you may have your own special answers with that, although here are the most common answers for most of us:
- Comprehensive servicing of listings locally – Most of the deals that you do will be within a defined location locally and within a property type. On that basis you can and should specialise so you know exactly what is going on and where in your industry territory.
- Exclusive controlled listings – When a top agent lists a property, they will usually only take it on if they have the control of the listing; exclusivity really does matter in the client and property service equation.
- Excellent marketing strategies – When you take any property to the market, make sure that you are doing so in a way that attracts enquiry and helps the property stand out as important and significant to the target market. Creative marketing will pull in the interests of buyers and tenants. Get away from tired and ordinary approaches to property advertising and promotion.
- Inspection feedback – Always give the client timely feedback about enquiries coming in and inspections taken. Use the conversations that you have with interested inspecting parties as ‘client leverage’ to condition the client to the real market conditions.
- Complete market awareness and conditioning – Prove that you really do know what is going on in the local property market and that you have a good share of that activity and success. Get to the top and the front of property market activity. Be there when the lease and sale deals are done. Be there when the quality listings come onto the market.
- Relevant database and contact system – Your database will pull in enquiry if you keep prospecting every day in a relevant way. Talk to the right people that you have qualified as those offering you future opportunity. Use your database as leverage as you pitch and present on property listings locally. Talk about how important your database is to the property marketing process for your clients. More importantly prove it!
- Signboard dominance – A good slice of the local property action will come to you when you have signboard dominance on exclusive listings. Open listings are uncontrolled and offer no market share momentum. At least 75% of your listings should be via controlled stock on an exclusive basis.
- Shorter time on market – The best agents know how to bring a property to the forefront of the target market and to generate real market ‘churn’ at the right time. They get into the property listing and its promotional requirement. Exclusive listings are driven into the enquiry base and the inspection calendar. The best agents take their exclusive listings and make things happen in a shorter period of time.
- Resume of completed transactions – When you have a reasonable level of listing activity and success with closing on good quality sale and leasing deals, you can use that success as a lever to open new relationships and look for new people or property listings. If you hold a good selection of testimonials from your local property market transactions, then you can prove that you are an agent or broker worth working with. Clients like to know that you can pull in the enquiry and do the required deals efficiently and directly.
So how do you rank on these important elements of commercial property action and control? You can now see why some agents are always pulling in more business than others, in any property market, and at any time.