When it comes to real estate agency performance, particularly that which applies to commercial and retail property, you should really be looking at agency benchmarks and previous levels of performance.
Your real estate business and your skills are unique and different from any other competitor in the local area. Understand the differences, and then assess your commissions and listings against your previous levels of best performance. As part of that, take into account your levels of resources and how they are used.
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Prospecting, listing, negotiating and presenting for sales and leasing
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Compare Yourself to a Top Agent
You can always look at other agents in the marketplace and then compare your business to theirs based on income and market share, but the reality of the situation is that you should improve your agency current level of best performance. In other words, rate your business today against your business historically.
Unless you change your levels of resources to match those of your competitors in the marketplace, it is very difficult to compare or reach their levels of output, listings, and commissions.
Resource Focus for Your Real Estate Team
So let’s start with some resource analysis that applies to your agency team.
Break down the resources that you have into the following groups:
- The number of salespeople that work within the business
- The number of salespeople working on sales transactions
- The number of salespeople working on leasing transactions
- The salespeople who can successfully and willingly work on both sales and leasing
- The number of property management people
- Personal assistant support for the sales team
- Administrative support is needed for the business to function
- Trust account support people run the property transaction financials
When you look at resources from an application and task-based perspective and apply income and listing figures to them, you can soon see your commissions and listings improvement and you can more readily apply strategies and changes to the individuals.
So commercial real estate brokerage is all about building a personal focus on the market and property types, and then developing a systematic approach to people and properties. It does take specific planning and ongoing tracking of activities.
As this property market changes, consider how you can create a business system that gives you the momentum that you are seeking.