In commercial real estate agency sales and leasing you will always have competing agents crossing into your territory and trying to take your clients and listings. The only way that you can handle the problem is to be better than the competition in the ways that really matter to your customers and market. Here are some ideas for that:
- Prospect for new clients each and every day. Over time you will need to fill the gaps in your database because some clients will move on for many different reasons.
- Your current clients and contacts should be nurtured as part of a system of contact with relevant information. Market information can always be shared with your prospects to help them understand just what is going on with local property.
- Use the telephone each day as part of a contact and prospecting process. You should generate at least 2 meetings per day from your call contact process.
- Split your clients and prospects into categories of relevance and interaction. Some of your clients will be of higher long term value than others. Your benchmarks for client categorisation should be set on property type, level of property requirement, and repeat business.
When you look at the actions and results of top agents, it is the quality of the listings that takes them above everyone else. Invariably top agents will have better properties listed on an exclusive basis.
It is the good properties that produce the solid and real enquiry from the market. When you think the commercial property market is tough and slow, you simply do not have enough of the top quality listings. If that is the case, take a serious look at your prospecting efforts and lift them to a new level.
It takes about 3 months to change your listing focus and that can only be done through new levels of prospecting. Top agents will have weekly targets that help keep them on track. They will know the numbers that they must maintain to get the local listings and the right levels of enquiry. Here are some typical benchmarks that a top agent will work to:
- Numbers of outbound calls on a daily basis to new people they have not spoken to before.
- Constant contact with existing people in their database on a weekly basis.
- Conversions of calls to meetings.
- Conversions of meetings to listings or opportunities
- Conversions of listings to exclusive control
- Selling or leasing of exclusive listings
- Time on market for different property types and price ranges.
The commercial real estate industry is not really hard or different than any other sales related industry; it just takes real focus and directed effort. When you do this the benefits soon occur and strengthen your market share.
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