In commercial real estate agency, you do need to create a successful sales plan for yourself personally. In that way, you can reach your target audience and create the market share that you require. There will always be a lot of listings to attract and clients to serve. It is just a matter of finding them.
Personal Choices in Brokerage
So what will be your special commercial real estate market? Will it be sales, leasing, property management or projects? Some of these things cross over to others so versatility is required.
A sales plan for an agent is quite a specific thing. It allows you to focus your efforts on a daily basis into the target market of property owners and property investors. Whilst there are different ways to approach the matter, here are some tips to help you.
- Define your market location on a map. Use geographical boundaries and freeways to establish the area in which you will focus all of your prospecting activities. There will be certain pockets of activity that will be of high priority within that zone. Look for the areas of growth where the properties and the tenants are desirable and active.
- Determine the type of property that will be your property specialty. Ensure that there are plenty of listings available in that segment as well as future growth opportunities and property churn. To understand those numbers, you may need to access the history of property activity in sales and leasing over recent years.
- Look at the local development plans and intended changes to the zoning of investment property in the business segments of the town or city. Can you see pockets of growth supported by council or planning approval action? On a monthly basis visit the local planning office to see what is happening with new developments and the release of land for new developments.
- Understand the ideal clients that you will serve. Are they property investors? Are they the local businesses and tenants in your town or city? When you can clearly define the segments of clients that you act for, the prospecting model becomes much more specific.
- Certain properties and certain property owners will be of high priority to you locally given the level of activity that they create. These clients will become a key focus in your prospecting model. Establish contact with these groups of people and keep the contact going.
- Some clients and prospects will be of low value to you over time. You will need to determine the ‘cutoff point’ when it comes to ongoing interaction and service with a prospect. Don’t spend too much time with lower value people that cannot use your services effectively and professionally. Respect your time and your fees for service.
Track and measure your prospecting activity through the region. Understand just how your efforts compare to that of your competitors. Practice your dialogue and improve your prospecting model. Over time you will then find more people to serve.