Commercial Real Estate Brokers – Create Market Coverage with Blistering Speed

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:

 

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Reciprocity in Sales Today

In sales it is wise to remember the factors of ‘reciprocity’.  The act of giving freely and willingly has great impact on attracting repeat business and return customers.  Clients know when you go out of the way to help them with their situation.

Certainly ‘reciprocity’ will help build your profile, trust, and respect with the customer.  Be prepared to do some things for ‘nothing’ understanding that the person you are helping will really value your interest and help.

Consider these questions:

  1. How long is it since you ‘called in’ to talk to that customer who purchased from you last year or some time ago?  Go back through your database to find the people that you can help and support further.
  2. What could you do for your customers today that would be of value to them?  Go and see your clients and customers.  Get in front of them at every opportunity when ‘in the field’.
  3. When the last sale went through, what did you do to extend the value of the product or service?  Could you have done more?
  4. What can you do with your clients today to show them that you really value their business and contact?

It is a fact that people like to do business with those that they trust and respect.  It takes time to achieve that profile; certainly reciprocity will help greatly as part of that process.

Find the people that you can help and go out of your way to do so.  Over time that will bring you more clients and lots of repeat business.  Establish the relationships with the right people that you know are of value to your business and your income.

Put Your Heart and Soul into Selling – Increase Market Share

When you work as a professional salesperson in any industry, the only way that you will achieve a dominant market share and a good income is through putting your heart and soul into the selling process. Over time that will help you with building your business and your income.

Professional selling requires practice, good market knowledge, excellent product knowledge, and total personal commitment. Not all salespeople will check all these boxes when it comes to personal performance and business focus.

It is worthwhile saying that many salespeople are not totally committed to the task and the clients that they serve. They prefer to work the hours of an ‘order taker’ and not a top salesperson. That being the case, it is better for them to work in customer service. Let the front line sales go to those people that know how to encourage the transaction, and value to the customer, and grow the relationships over time.

So let’s go back to the point that top results require a top salesperson with a quality level of focus. Here are some points around which you can build your sales business and your leads and opportunities:

  1. Most customers and clients don’t want to be an experiment when it comes to placing an order or achieving a result. They like to know that they are working with the best people in the industry with the best product or service capability.
  2. Providing you have a top quality product or service to supply, most of the upcoming new business that you will generate will come from personal relationships established over time. This then says that you will need a good prospecting model and contact process to implement with all of your clients and prospects. It is a personal process that cannot be delegated.
  3. It may take three or four attempts at contacting the person before a meeting can be arranged. It may also take two or three meetings from that point onwards to establish a potential sale or order. Consistency and persistence within your prospecting model will be essential to building market share.
  4. Enthusiasm, knowledge, and trust are key elements to the client and customer relationship. Most of the people that we work with will want to see all of these elements before they share their business opportunities with us. Those salespeople with lower levels of integrity or attention to detail will usually not last in any industry over the long term.
  5. It should be said that people like to do business with the people they know and trust. Top salespeople rise to the top of their industry due to the levels of trust and the relationships that they have established.

Whilst the process sounds basic and simple, many salespeople overlook the necessity to follow through on the points of establishing new relationships and strengthening trust with their clients and prospects.

Forget about the need to make a sale, and focus on the relationships that you require; the business will come your way over time. Put integrity back into your selling processes.

Get on the Front Foot in Sales Today

In professional selling I see so many salespeople that are struggling or at best are just in the ‘average’ zone.  The problem evolves from one single fact.  They are ‘reactive’ and not ‘proactive’.  I call it being on the ‘back foot’.

To get anywhere in sales and customer contact you really do need to have a process of being on the ‘front foot’.  In other words you are taking the right action and you do so in a controlled way.  You are moving ahead under control.

So what issues can this have an impact on?  Try some of these:

  • Prospecting
  • Presentations
  • Client contact programs
  • Key account management
  • Sales or order follow up
  • Referral business or leads
  • Database contact

Any of these things offer the opportunity for you to be proactive and in a position of taking action.  That’s how you win new business and grow your market share.

All of this being said the ‘front foot’ process involves a sales person planning what they want to do and action.  It is a deliberate process of moving ahead.

Let’s take prospecting as an example.  Here are some stages to taking the right action:

  1. Researching the new people to call and contact
  2. Establishing the best time to make your prospecting calls
  3. Getting out into your market to door knock the local businesses that may need your services
  4. Tracking the responses from your prospecting processes in a database
  5. Making return calls to people on a regular basis
  6. Creating meaningful content to provide to your clients and prospects

It is easy to see why some people are more successful than others.  It’s a choice.  Put your front foot forward and take the first step.

Referral Business Opportunities in Sales

It is a fact that every person knows quite a few other people.  On that basis we can use the connections of our clients to grow our businesses and sales opportunities.

So this is the advantage of ‘referral’ business.  It’s always there for us to tap into.  It’s just a matter of asking the right questions with the right people at the right time.  That being said, the client must trust you and fully respect your relevance and experience.

Now it should be said that the process only works when you have served a client very well; when they are fully satisfied with the outcomes achieved.  Their great satisfaction will give the momentum to the referral question and the leads to the people that they know.

Would you reward a person in some way for a converted referral?  In most cases a simple gift or benefit will show the client that you are grateful for them in passing on the name of the referral.  Even something as simple as ‘theatre tickets’, can be a positive way of showing the client that you really appreciate their help.

A good example of how this process works is well evidenced in the use of social media and ‘LinkedIn’.  It is a social media platform that is built on the back of relationships and connections.  Why not use this idea yourself and network through your good clients to others that they know and that you can serve?

Networking Tips for Sales Teams

In sales today you must build relationships.  It is those relationships that will bring you long term business rather than short term gain.

If you put a networking process into your prospecting model, you will see better results from a customer and sales perspective.  So how do you build a networking process?  What do you need to do?  Here are some ideas to help you.

  1. Encourage friendship and common interests.  Find out what the prospective client likes to do and what sport or interest they may have.  Providing their interests are legal and ethical, get involved and do something with that prospect through that common interest.  Ask them to join you at the golf course, a sports game or theatre event; whatever may be of interest to them. Involve their partner in the process if that seems appropriate.
  2. Keep the prospect up to date with market or product updates that can help their business.  Invite them to product or service information workshop and industry briefing.  Let them test out some of your latest products or services.
  3. Get some other people in your team involved with the client so that the relationships broaden.  Have your most experienced people touch base with your prospect.
  4. Have frequent coffee meetings or go to lunch.  Keep those meetings of high value but not overly long to interfere with the client’s business day.  Show respect for time and the client.
  5. Introduce the client or prospect to other like-minded clients of yours that you have worked with for some time.  In this way the friendships can be built.
  6. Show interest in the clients business and put one of your experienced team members into the clients business for a few days or a week (at no cost to the client), so the systems and processes that the client operates with can be fully understood.
  7. Give the client some samples of your latest products to use and test.  Ask them to give you feedback ‘as an industry based response’ for your head office team.

A lot of this may seem common sense, although experience says that much of it is not done enough today.  When you get really involved with your prospect or client by giving them some tips and ideas to save them money or time, your long term client relationship will start to thrive.  Good relationships and networking in business today are built from valuable contact.