In commercial real estate brokerage today, there will always be plenty of competition for you to work against. Many listing presentations and listing opportunities will be competitive involving other agents and brokerage firms; in such situations, you have little control on the listing presentation and the results achieved with the client.
It directly follows that you should focus on the creation of your personal property market and client list. In that way you can achieve better market momentum without the frustrations of competitive listing situations and the influence of other brokerages.
Set the coverage rules
So what you need to do here is establish a comprehensive marketing coverage for yourself within your property specialty and your territory. There are different ways to do that, however some of the strategies below will help you consolidate market share with blistering speed. Are you ready for the challenge? Here are the ideas:
- Understand your business strategy: Be prepared to work to a personal plan and an action strategy on a daily basis. Every day action needs to occur so that you can speak to more people and grow the pipeline of database activity. Set some personal and specific targets to talk to at least 20 people per day on a face to face basis. That will mean you will need to get out into the marketplace and connect with business owners and property owners.
- Professionalism is important: Our industry is predominantly revolving around personal trust and personal contact. You will need to know lots of people in a professional and trustworthy way. They need to remember you at the right time when a property challenge arises. The only way you can achieve those goals is through a regular and ongoing contact management program. Use the telephone to generate lots of meetings in an ongoing way. Understand exactly what people are doing when it comes to property activity now and in the future. Use the diary process within your database system to maintain regular and ongoing contact.
- Marketing and listing standards: When you convert a listing from a presentation or client contact program, it is the start of the marketing process. Hopefully you will have converted the listing exclusively so that you can comprehensively cover the target market in an ongoing and direct way. Exclusivity is really important when it comes to professional marketing. To convert listings exclusively you will need to refine your property listing and presentation processes so that you are the best alternative agent or broker for the clients property challenge.
- Local area marketing: Create marketing programs that are quite specific and professional for the listing and the location. Given that many other local property owners and business owners will be seeing your listing advertisements, it stands to reason that a quality marketing campaign will create substantially better levels of enquiry and branding for you personally. One simple fact underpins all of these marketing initiatives; it is vendor paid marketing.
- Exclusivity: Every exclusive listing should bring with it a degree of vendor paid marketing funds. It is interesting to note that many agents and brokers struggle with this business requirement and marketing funds conversion; they might win the listing of they fail to bring with it sufficient marketing funds to pull in the enquiry. This is a common problem when the agent or the broker fails to impress the client relevantly and comprehensively as part of the listing process. It is easy for a client to say yes to the listing process when they are not spending any money or providing any personal commitment monetarily. A serious client with a genuine property need will list their property with the best top agent that has a market coverage. Pitch and present your services accordingly. Always demand exclusivity and vendor paid marketing as part of any listing conversion. Be prepared to walk away from any open listings and situations where the client appears to be unrealistic.
So there are four specific things that can be done here to drive better personal market share in commercial real estate brokerage. Understand your efforts in each of the four categories. Practice and improve your skills accordingly. There are always opportunities to be identified here and converted across sales, leasing, and property management in any town or city today.
You can get more commercial real estate brokerage tips in our ‘Snapshot’ eCourse right here.
Today’s program is largely about personal performance in commercial property sales. The audio topics are 1. How to create your own mastermind group, 2. How you can directly approach Investment Property Sales, 3. Some essential sales skills for brokers today, 4. Setting forecasts and goals, 5. Motivating yourself in property brokerage. These are commercial real estate coaching programs by John Highman.
In today’s program we focus on commercial real estate leasing. Most particularly, 1. How to work with franchise tenants, and 2. How to grow lease fee opportunities. These are commercial real estate broker training programs by John Highman.
Today there are many priorities and client issues for a professional salesperson to balance. There are limits to how much work can be done in one day by one person. The important issue to understand here is that time waits for no one. In the selling profession, time use and time management are valuable resources to work with.
Forget about working long hours; focus on working effectively and directly in just 5 hours. Elevate the quality of business that you create and implement in this time.
If you are struggling with getting results in your market or your industry, it is likely to be the case that you are not using your time very well. Here are some tips to help with that:
- Time is valuable – In any 8 hour working day, only 5 of those hours will be very effective. That fact is largely due to competing people, clients, personal performance, and issues that arise that cannot be controlled. Expect to be interrupted but control your response. Make 5 hours of your day highly effective. Do the things that really matter in those 5 hours.
- Control your diary – Don’t let others book you in for appointments. If you are a professional salesperson, make your workload decisions and diary entries yourself based on priorities and people. If the issue or person is not important, then don’t put it in the diary; delegate unnecessary issues.
- Take notes – From every meeting and conversation take notes in a suitable book that can be referred to later when time is less intense. In that way you are not letting immediate things overtake your work priorities. Carry your notebook with you for this purpose. Change your notebook at the end of each month so you have a reliable reference system that you can look back on if important issues arise.
- Circadian Cycle – It is a known fact that the beginning of the day is far more effective for most people when it comes to getting things done. The observation is known as the ‘circadian cycle’. Manage your diary so that the most important things are done in the morning; they should be the things that can bring you the best results.
- Pareto Principle – Most people know that this is the 80/20 rule. It is an observation from the times of Vilfredo Pareto (an Italian Economist from the late 1800’s). He determined that 20% of actions will bring 80% of results. This then says that we should all take the time to focus on important issues for at least 20% of the day. In business and professional selling that is a good rule to have.
- Technology – With the advances of technology there are many tools to help us stay organised and communicate with others. Effectively these technology tools can save us a lot of time. The tools can also help us to remain in contact whilst out of the office. There is no real reason for a salesperson to sit in the office waiting for the telephone to ring; professional salespeople should be out of the office and in the market talking to clients and prospects.
Simple rules like these help us stay on track in professional sales today. Are you up to the challenge?
In professional sales today it is easy to get confused or diverted in the complexity of the job. Things don’t need to be complex; the best salespeople solve problems for their clients in a simple and direct way. When you really understand that, you can see the ways to improve your career.
Consider these questions:
- What problems are out there today now to solve in your industry?
- Can you solve those problems better than your competitors? If so how?
- Do your customers or clients know that they have a problem to solve?
Three simple questions like this can lead to opportunity and business growth providing you really know the answers.
The sales opportunities open up for you when you can deliver a logical solution that helps your clients in some form or another. ‘Logic’ supports the sales process in business today. That could be in:
- Shorter turnaround times
- A better market share
- Cost savings in processes or raw materials
- Quality improvements in product or service
- Deliverable strategies that help with customer service
Here are some valuable marketing ideas and concepts to help your sales positioning:
- Specialise more than you generalise. When you specialise you create more value and lessen the impact of competitors from your market. When you really are the ‘best of the best’, clients need you more than you need them. That’s a great concept don’t you think?
- Have the best market information to use in your sales pitches and presentations. Use comparisons and stories from the market to attract and drive the interest of your clients. They like to know that others in your town or city have similar challenges; then they like to hear about successful outcomes.
- As a general rule don’t discount your prices unless absolutely necessary. The only thing that should drive a discount is a client with repeating orders or large orders. You can assess that when you strike a high value client.
- Take a strategic approach with your market so you connect with higher value clients or those that can be over time.
I go back to the point that a successful salesperson is generally a person that solves problems in a comprehensive and beneficial way for their clients. Revisit your personal business plan to see if that is your focus.
When you look at a key account company for your business, and then look at the various members of the account, you can quickly see the necessity to have your top executive team involved in the contact process at a high level.
Don’t leave the contact process to just one person in your business, particularly with the larger company accounts. Get multiple people from your team involved at different levels. Certainly have one key account manager as the point of main contact and coordination, but recognise the need to have your top people talking to their top people.
The higher the level of contact that you make with a key customer the greater the amount of information that is likely to be gleaned. They say that information is a valuable resource and that is very much the case in Key Account Development and Management. Capture and interpret information from all of your clients and start a master file on your database so all members of your account team can be made fully aware of critical information and current orders. Develop a sales attitude to match the needs of your Key Accounts.
Here are some ideas to help you with your client contact:
- Put a member of your team into the clients business for a week to see what they do and how you can help further with their business processes.
- Seed some ideas into the client’s processes where you can identify advantages for them. A simple graph or a set of statistics may be all that is required to attract their attention.
- Many clients will have priorities that are complex and driven from their business model and plan. Every six months or so look at your performance indicators for servicing the client; ensure that you are meeting their business needs and expectations.
A well-managed key client will lead to more new business, other orders and potential referral business.