In commercial real estate brokerage it is essential that you know what the local levels of enquiry are doing and what people are looking for.
If the telephone isn’t ringing with fresh property enquiry, then you are possibly not doing enough prospecting and direct marketing. You are then also likely to be lacking listing numbers and vendor paid advertising funds. So it is time to know what is going on in the market. Its time to ask questions.
So there are messages to be learned here from the property market and the people that evolve within it. Everything that you do in the industry has to evolve around tracking listing stock and enquiry in a quality and direct way. From that point onward you can interpret the levels of inbound enquiry and fully understand what people are looking for by way of property locally. You can also quote those numbers each time you pitch to a client or a prospect as part of listing.
Keep your tracking system simple
The tracking process does not need to be complicated, but it does need to happen. It can be as simple as keeping a small notebook by the telephone and carrying the book with you when you are out in the field. Here are some specific statistics that should be watched and charted each week from that notebook:
- Volume of enquiry – Some listings will create plenty of inbound enquiries. Other listings will be slow to convert interest from the targeted audience, leads and inspections. When you track the enquiry achieved per property listing you will soon see the properties and locations that are better for you from a listing perspective.
- Time of day – It can be said that the real estate business is a 24/7 job. To a degree that statement is correct and on that basis you will need to manage your time very well. You will get enquiries at odd times of the day and week, especially given that many listings are placed online and enquiries can come to you at any time from overseas or across the country. That being said most commercial property enquiries come towards you at the start of the day and later in the day as people get free time to lift the telephone and make calls. Are you available to take the calls at the right time? Are you easy to reach when a person wants to make an enquiry?
- Days of the week – When you assess a typical working week you will see a pattern to the enquiries coming to you. In most real estate brokerages, the start of the week can be slow from an enquiry perspective (Mondays especially). You can also see the pattern on the hits per listing online. Generally speaking the enquiry rate lifts around the middle of the working week and continues solidly to Friday and perhaps Saturday. Do your own assessments on the ‘active times of the week’ so you know when you should be marketing your properties for the greatest enquiry conversion. Be prepared to take the calls when they come in; have your property listing information with you at all times. Given that we all use technology today to help with taking property enquiry, the process of information sourcing and retention should be easy.
- Comments made – The people calling you will have specific needs when it comes to purchasing or renting a property in your town or city. If you focus your efforts in a location and property type you will soon know the priorities that evolve from your marketing. You will know what people are looking for and what they can afford.
Simple facts like these will help you understand exactly what buyers and tenants are looking for. Track your enquiry types and facts so you can match every listing to the best segments of the property market.