Like it or not, your sales routine in commercial real estate brokerage will determine the outcomes that you achieve in listings and commissions. To build leverage and results in the industry as an agent it is a matter of working on your routine in a number of different ways.
Some things are more effective than others when it comes to commercial real estate brokerage. Understanding what works for you will be a big part of the process of building your momentum as an agent in the local area. Top agents will have a system of contact and a system of selling to advance people in their pipeline towards deal activity and closure.
A Professional Sales Routine?
So what does a sales routine look like? In looking specifically at commercial real estate brokerage sales and leasing, there are some simple stages for an agent to focus on. They are:
- Comprehensively covering the property market to identify activity in sales, leasing, and property management
- Watching for the shifts and changes with competing agents and other listings
- Prospecting for new business opportunities within your property speciality and location
- Making the first contact with qualified people showing a future or current need
- Identifying needs and opportunities with prospects
- Pitching and presenting services at the right time in a professional way
- Maintaining ongoing contact in a relevant way with the right people
- Offering listing strategies on an exclusive basis specific to the property type
- Providing effective marketing services that are unique and special to the property type and the location
- Attracting people to the exclusive listing to firstly qualify their needs and then secondly inspect the property
- Encourage offers as part of the property inspection process
- Negotiate effectively, directly, and professionally with the decision makers to a transaction
- Documenting the deal in an accurate and comprehensive way
- Close on the listing sale or lease situation so that it can be moved to finality in a timely way
- Creating a list of VIP customers or clients needing specialised services across a broad spectrum of property opportunity
When you drill down on each of these particular factors, it is easy to see where some agents are lacking when it comes to professional skills and knowledge. Our industry requires specific skills at a high level in each of the above stages. In many respects, each of the stages can be improved and practised by many an agent or broker.
The above points are indeed a sales routine for commercial real estate. They can move an agent forward to achieve higher levels of listing, commission, and conversion over time. If you are struggling with your market share or converted commissions now, it is the right time to have a serious look at each of the stages mentioned above.
Determine where your successes and weaknesses may be. Special effort will be required to remove the weaknesses through practice and skill development. Your successes can be compounded and improved over time.