In commercial real estate, is far easier to sell and lease quality properties, than it is to work on average or below average properties. Every property listing demands the same amount of effort and commitment on the part of the agent.
That being said, you should not take on a listing unless you are fully prepared to commit to the entire marketing, inspection, and negotiation process. Top agents focus on quality listings and properties. As a general rule that should work for you too, as long as you prospect regularly and specifically.
It is very hard to get enthusiastic about a property that is overpriced, or where the landlord is not committed to the marketing process and the prevailing market conditions. That is why exclusive listings are more productive in today’s economic climate.
How many exclusive listings can you take on at any one time? It is an interesting question; however the averages seem to indicate about 15 to 20 properties. Beyond that point it is hard to keep up to date with all the marketing and inspections needed.
How many open listings can you take? As many as you like; that is because you do not service them to any great degree over time. You put a sign on an openly listed property and then you wait to see what happens.
Locational factors will help your listing enquiry and conversions. Look at the location of the property and then market into the location. That will mean things like:
- Check out the adjoining properties and then speak to the property owners to see if they want to purchase your listing.
- Talk to all business owners in the street that you can find. They may have a need for expansion or alternative premises.
- Get a signboard on all your listings. Most enquiries will be locally based. The signboard also helps your personal brand as an agent in the local area.
- Create a flyer of current listings and circulate that flyer monthly into the local area.
- Set up a blog on the internet for yourself. The blog should talk about local property market issues and changes. That being said do not advertise property on the blog; that is not what it is all about.
- Every successful sale or lease should be directly marketed into the local area. That is a personal thing and you are the best person to do that.
When you have a commercial property to market, think local and drill your marketing into the local area comprehensively. Over time you will get more opportunity that way as a specialist agent.