Ways to Rethink Your Listing Plan in Commercial Real Estate
It is one thing to work in commercial real estate, and it is another to build your business as a top agent. Things start to happen when you have a plan and as part of that, a ‘listing plan’.
Things come and go from the market, with some properties selling or leasing easier than others. Not all listings will move to a closed deal without real effort and focus. It can also be said that some property owners are unrealistic when it comes to prices, rents and methods of marketing, so you will have plenty of challenges on the way to listing and commission success.
To help all of this you really do need a listing plan. Here are some questions to help you progress with this:
- How many properties are there in your areas that are potentially listings in the future? Your property market has to be large enough and listing active for at least the immediate future so you can attract and convert listings.
- Are there enough properties for you to sustain sales and leasing turnover? To answer that question you will need to get details of sales and leasing history.
- How does your area or city compare to other property markets when it comes to turnover of properties? Look for the averages that are expected from a town or city in sales and leasing activity; then compare those numbers to your location. Ideally you should be working in a property market that offers opportunity so make sure the opportunity is there.
- Not all listings will sell or lease, so understand your strengths and weaknesses. Improve your skills and particularly your prospecting and negotiation skills so you can optimise listing opportunities.
- Are the competing agents and brokers in your area strong or weak in the property market? They could have a real impact on your market share, so assess where you stand in comparison to those ‘competitors’.
- What are the average values of properties for sale or lease? Your commissions will be driven from the ‘averages’ when it comes to each sale or lease transaction. When you look at the average property transaction, determine how many of those can come your way in the form of an exclusive listing.
- Given the previous point about the size of and ‘average’ transaction, how many properties will you need to sell or lease to get to your commission targets? From that number remember that not all properties will go to finality and a finished deal. Your property conversions will need to be good so ensure that your skills are constantly improving; practice is required.
So these are all simple facts that all have an impact on your listing plan. Develop your plan at a personal level and start promoting and refining your skills as a top agent as soon as possible. Action and planning will help you be a top agent.
