In commercial real estate, market leadership is a very important issue, and particularly so if you specialise in a property type within a location. If you are like most agents you will have plenty of other competitive agents to work around and market against. Through all of that ‘competitive noise’ your services must stand out as real and relevant to the market place. That’s what the top agents of the market do.
When it comes to pitching and winning a listing, most of the clients that we serve want the best agent for the job; the marketing of any listing for sale or lease is not an experiment and the clients know that. It is at that point where the ‘leadership equation’ becomes important. Having spent many years in the property industry, I have seen and got to know many more agents than most people. It is a fact that the truly great agents are few in number, whilst most other agents ‘ride the rollercoaster’ of the property market through many ups and downs. Resilience is a good skill for an agent to have, but systemised action is far more important.
To develop true ‘market leadership’ an agent needs a ‘formula’ to work to that allows for factors of the market place, the property type, the location, and the current levels of enquiry.
Here are some facts and strategies that can help you reach your targets in the local area when it comes to listings and clients:
- Time – Be very conscious of your time and who you let take a ‘slice of it’ each day. You cannot invent time so you must manage your own business day to get the best results from it; all your appointments, prospecting, marketing, client contact, negotiating and paperwork must fit into the working day. Some things will be more important than others, and there will be plenty of daily pressures that can potentially shift your focus; be prepared for some real discipline in diary control and day management.
- Professional Services and Practice – If you want to be the best agent locally for the property type, then your marketing, property knowledge, and negotiation skills should be of the highest standards. A top quality agent with a dominant market share stands out ‘head and shoulders’ above others due to a recognisable difference in listing quality and listing success rate. To achieve that status, your can practice and refine your skills, improve your weaknesses and build on your strengths. Practice is something that most agents forget about as soon as the market or the listings get a bit busy. The opportunity is wide open for those agents that keep on practicing and improving their skills.
- Database – Your real estate database is the basis of creating personal new business and helping with commission growth. It takes time to grow a good database and the daily updates are ongoing. If you are struggling with new business now, it is time to look at your systems; the database should be at the centre of all of them. Integrate and lift your prospecting efforts into your database. Set the standards of daily prospecting that you should work to and start taking action.
- Marketing – Many agents would use only the most basic of marketing skills when it comes to property listings, and they do little beyond that when it comes to spreading the word about a new listing. Today we have some very advanced marketing tools and systems at our disposal. Every quality property and exclusive listing should be comprehensively marketed to produce the best outcome for the client and for the brokerage. Pitch and sell your commercial real estate services on the basis of exclusive listings supported by a comprehensive marketing tools and systems. In that way you will consistently create better results in sales and leasing activity, together with a shorter time on market.
Leadership in the commercial real estate market place is a strategic choice for top agents and top brokers. You can build your systems using some of the skills above and others to take charge of the marketplace and become a real leader when it comes to property sales, leasing, and development. Success comes to those who work hard to a plan and a process.