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.