When it comes to commercial real estate sales and leasing, you really do need to consolidate your territory around you as the agent of choice. In most cases you will have many other agents in the same patch chasing the same listings. This then says that you should have total focus on your marketing and prospecting efforts.
Given the law of averages that applies to sales people today, most of your competitors will be fairly ordinary and underperforming when it comes to prospecting and territory building. Most commercial real estate agents lack a consistent and relevant plan of attack when it comes to building the local territory and market penetration. I guess they would say that they have too many other things to do.
This then says that systemized agents can consolidate their market faster and more effectively than their competitors. Whilst it is easy to say, is difficult to do; difficult in the sense that personal commitment is required on a daily basis to a plan of self-promotion and client contact.
You cannot list a property if the decision makers do not know who you are.
If the next year is important to you when it comes to quality of listings and growth of commissions, it is really important for you to now formulate your plan of attack when it comes to the listing territory that you control.
Here are some ideas to help you consolidate your market share and grow your listing opportunities.
- When one of your competing agents puts a signboard on a property, talk to all the adjacent property owners and business proprietors. It is quite likely that those adjacent property owners or business people may like to compete with the existing listing nearby. Whilst the competing agent should have already spoken to those groups, it is quite likely that they have not. With a little bit of effort, you can open the door of opportunity around all of the other agent’s listings in your area.
- Check out the history of property sales in the area over the last 7 to 10 years. The people that purchased property approximately four years ago and beyond are those people that are likely to again soon act when it comes to property sales and or leasing. Determine that group of people and establish contact in an ongoing and relevant way. Consistent regular contact will help you brand yourself as a relevant agent in the local property market.
- When you take a property or listing to the market, contact all of the local business proprietors personally together with all of the property investors. This personal marketing process will open the door on many other opportunities and leads. You need to get your name and face in front of more people to grow your market share.
- Every successful sale or lease transaction should be communicated into the local area personally and directly. This means placing telephone calls and letters to the right people and the business owners. When you create a successful transaction, it can help you consolidate your brand as a top agent.
Most of the business people that purchase and lease property today are locally based. They know the local area, and they also know what their clients require as to access and property type.
Keep your personal marketing program specific to a defined territory and property type. This will help consolidate your database and your local market knowledge.
You can get a lot more tips and ideas in our Agents Newsletter right here.