Commercial Real Estate Brokers – Ways of Achieving Success Through Effective Personal Marketing

The marketing process in commercial real estate brokerage should never be ‘generic’ with perhaps one exception and that is in the promotion of ‘open’ listings.  ‘Open’ listings generally waste everyone’s time, and will usually only sell or lease through some factor of ‘luck’.  You can’t base your commercial real estate brokerage business on ‘luck’.

How Are Listings for You?

Some agents and brokers will claim that they must list ‘openly’ because ‘that is the way the market is for them’ and the only way they can get new listings.  Whilst I accept that fact initially for those agents that are very new to the industry, I will say that the best agents avoid ‘open listings’.  They grow their profile and market share consistently over time so that the new clients and prospects locally will come to them to list properties for sale and lease.  That is when it is really easy to demand ‘exclusivity’.

If the client really wants the best agent then they must accept the terms of engagement that the agent is offering.  They are then your terms!  Are you ready to package your professionalism and sell it?

Are You the Expert?

If you have a comprehensive and specialised personal brand as a local property ‘expert’, then it stands to reason that people will want to list their property with you rather than some other ‘random’ agent or groups of agents.  Take a serious look at your personal marketing processes.

Taking this point further, your market share and listing conversions of an exclusive nature will largely depend on your ability to establish your brand as the ‘go to agent’ for your location and property speciality.  You can and should invest more time in building your real estate image and speciality.

Here are some rules to help you do that:

  1. Your Listings – Understanding the point that I made earlier about ‘exclusivity’, make the marketing process very special and deep with all of those high quality listings that you are bringing in. It is difficult for other property owners and investors to ignore the activities of any agent with the best properties and the best marketing ideas.
  2. Other Agent Listings – If you are stuck for current listing stock, use other agent’s listings in a location to talk to local property owners and tenants nearby to any listing. Some simple questions and conversations will help you find the next listing in the same street or perhaps a business owner looking to relocate.
  3. High end marketing campaigns – Get some traction with your marketing by seeking and converting vendor paid funds. If your advertising efforts on any quality property are of a higher professional level than that of your competitors, you should be attracting the new business leads and enquiries very easily.
  4. The personal approach – You are the marketer of your business. You sell your services well then people will choose the agent that they trust and believe has the better business and market coverage.  Is that you?

Simple marketing rules like these help you consolidate market share and listings as an agent or broker in commercial real estate.  Follow the rules and grow your real estate business.

You can get more commercial real estate brokerage marketing tips in our ‘Snapshot’ eCourse right here.

Commercial Real Estate Brokerage Tips – Things to do in Tracking Commercial Real Estate Sales

When you know what is going on in the commercial real estate market, you can adjust your business efforts into the things that show opportunity.  You can also avoid the parts of the property market that are slowing and time wasting.

The best property agents focus on the best parts of the market; that’s the rule.  By monitoring a few categories of activity you can see your place and efforts in the bigger picture.  If you are a sales agent, that process is really important.

Look for these things

Here are some property factors to chase and monitor in your local town or city:

  1. Signboard counts – It is a valuable process to add up all the signboards on properties locally on a monthly basis. Differentiate between ‘open’ and ‘exclusive’ listings when you do that as there is a real difference between each from a market share perspective.
  2. Internet listings – Go through the internet listings each month on the same basis as the signboards. Understand how many listings there are for each brokerage and agent.  Soon you will know exactly who the top agent is for the area from an ‘exclusivity’ perspective.
  3. Vacancy factors – The level of vacant property locally will be a good ‘barometer’ of business sentiment. Understand what is happening in the local business community as that will impact property ownership and occupancy.
  4. Time on market – How long does it take to shift a listing with a sale? Some listings are better than others so you will need to differentiate on quality of property as you assess these numbers.
  5. Prices per unit of area – When something sells, understand the price from the perspective of property type, location, and unit of area. From those numbers you can compare transactions across your region.  Soon you will see the active and popular locations for investment and business occupation.
  6. Enquiry rates – It is always good to know what people are looking for when it comes to local property. Are the levels of property enquiry going up or are they falling?  You can also relate that question to property types and locations.  When a person enquires about a property, find out how they located you and what they are looking for by way of property.
  7. Best marketing methods – Some marketing methods are more successful than others. When you do a monthly marketing assessment from inbound enquiry you can determine exactly how you should market new listings and for what reasons.
  8. Best methods of sale – Understand the best sale methods for attracting buyers and creating inspections. It is likely that any quality property should be directed to a time based sale method such as auction, or tender.  Put a bit of ‘urgency’ in the method of sale so that the buyers that are interested actually have to make a decision and take action by a close off date.

Do there are some good things that you can do here with tracking sales activity locally in commercial real estate.  When you know what is happening in the property market, you will be able to take action on the most rewarding parts of the property market.

Commercial Real Estate Brokers – Develop a Lust for Growth and Success in Your Business

In commercial real estate brokerage, growth is good in so many ways.  If you want to move ahead in your property market then developing a ‘lust for growth’ is a good thing.  There are many ways you can grow your business and property opportunities.

To get things started, understand just where you are today in your market and what changes are occurring locally that could indicate a different business focus.  I like to move from sales to leasing and then back again as opportunities allow.  From a lease you can create the foundations for a sale of the property when the investor is ready to make a move in that direction.

So let’s look at some of the opportunities for you now and what factors of the market that you can grow:

  1. Personal level – some agents fail to grow much at a personal level.  By that I mean in skills, and knowledge relating to your property market.  The greater the value that we are to the clients that we serve, the larger the chances are that we can convert more listings and improve our presentation outcomes.  Clients want to work with the best agents that really know what they are doing and are highly skilled in doing so.  There is absolutely no point in being ‘generic’ as an agent today.
  2. Signboards – getting more signboards into your market is a good thing.  The traditional signboard will create more enquiries for you.  By this I am referring to the signs placed on ‘exclusive listings’.  To get more signs on the quality local properties you should look at your prospecting model and escalate it to the next level of activity and specialisation.
  3. Listings – to build your commission opportunities it pays to work on a certain number of exclusive listings at any one time.  Generally you will not have time to service more than 15 listings like this.  Keep your listing numbers down but spend a good level of focus in doing so.  Take every quality property to the market in a comprehensive way.  Use the listings to get people talking and to share their property situation.
  4. Internet profile – we all use the internet to market properties.  That being said you can have a blog on the internet at a personal level that lets you talk about property activity and industry changes in your local area.  Today it is really essential that we go beyond property marketing and take our own profile to the online world.  Use the blog to show the market place just how relevant and knowledgeable you are as a top property specialist.  If you blog regularly (at least 3 times per week), the search engines will soon see your blog as something that they should link to and watch.
  5. Database – your database will bring you leads and opportunities if you follow the rules.  Every day your database should be expanded and updated through personal effort.  To do this effectively you can and should make the start of everyday a process of prospecting for new people.

These four simple growth factors will help you greatly as a real estate agent.  Create the action and focus in each of the segments of ‘growth potential’.  Soon the market will see your activities and give you more leads.

The Top 7 Tips for Staying Ahead of Your Game in Commercial Real Estate Brokerage

In commercial real estate brokerage, it is very easy to get swamped with daily events and reactive issues.  Many people will want a slice of your time.  If uncontrolled, this can lead to a downturn in listings and market share.  In simple terms, you need to implement a system that allows you to stay ‘ahead of your game’ in commercial real estate.

The rewards in the industry are many, providing you stay on track and implement the correct system.  It is a personal process that cannot be delegated.  Here are my top seven tips to help you stay ahead of your game as a top agent or broker.

  1. Start the day with focus.  Each evening you should be preparing for the following day by planning your time and the key issues that need to be done.  Identify the four or five key issues that will have maximum impact on your client base, listings, and market share.  Those things should be a high priority in your daily action plan.  Get all of those things done before you do anything else.  When you feel in control, you get more things done.  On that basis, control your diary at an obsessive level.
  2. Understand the high value of prospecting and growing your database.  Devote approximately 2 or 3 hours to prospecting and client contact.  Split that time equally between new contacts and established contacts.  Track all of the conversations, the meetings, and the presentations that you make, so that you can see when your ratios and numbers are improving.
  3. As a general rule, focus on exclusive listings more than anything else.  The exclusive listings will allow you to build market share, focus your inspections and negotiations, and service the client comprehensively.  The agents that struggle in the marketplace are typically those that have difficulty with converting exclusive listings.  You simply must control the listing stock.
  4. There is a big difference between being proactive and reactive in the industry.  At least 40% of your day needs to be proactive and in that case should be directed towards prospecting, marketing, and client contact.  Unfortunately you cannot remove the reactive element of the industry given that you will be working with many different people who will impose on your time.  That being said, take the necessary steps to control the impact and limit the exposure that you have to other people’s priorities.  Manage your time accordingly.
  5. Every listing can be extensively promoted, and then adjusted to the market conditions.  When you have sufficient marketing feedback on a particular listing, you can make the recommendations to the client that will shift the enquiry rate and the inspection results.  Don’t take too long to get to the point of repositioning.
  6. Review all of the listing stock locally including those listings that belong to your competitors.  When they place a signboard on a property, make contact with all the other businesses and property owners in the region surrounding it.  They may like to compete with the other listing in the same street.
  7. In your town or city, you will find that commercial property ownership is typically for a period of 5 to 10 years.  At or during that time, the property owner is likely to expand their portfolio, or replace the property asset with another larger property.  When you track the cycles of sales from the region, you can identify the best clients to work with for upcoming property activity.

 

When you look at a list like this, there are plenty of issues to action and matters to get under control.  I go back to the point that you really do need to be proactive and not reactive in this industry.  Spend at least 40% of your day getting involved in proactive issues and strategies.  Soon the commercial real estate market will open up with opportunity in both listings and future clients.  Stay on track to your plan.

How to be the Commercial Real Estate Agent of Choice

In commercial real estate agency, you need to be the agent of choice relative to the local area and the property type.  The clients that we serve need to understand that they are working with experts.

Top agents build their profile continually through a prospecting and networking process.  You need to do the same.  About 1/3 your business day needs to be devoted to this prospecting activity.

So let’s say that you have connected with a client and you can see a potential listing available for conversion.  Give the client some real reasons to choose you as the best agent of choice.  Here are some ideas to help with that:

  1. Meet the client at the property to inspect it together and prior to you creating any proposal or listing presentation.  This will allow you to question the client on the history of the property and the current challenges.  You can also identify any concerns that they may have when it comes to achieving a sale or a lease in the current market.  From all of this information you can construct a very well-targeted property proposal.
  2. Use a checklist for the property type when it comes to the client interview and the property walk through.  The checklist will help you with important and relevant questions, and also show your professionalism to the client when it comes to the potential listing.
  3. Your personal profile on the Internet relative to the local area and the property speciality needs to be well established.  The client is likely to check your name and or your agency online as part of making their final choice of agent.  For this reason, you should have a business related blog that relates to your market and the current property trends.  The blogging process only takes a small amount of time.  You can write a blog two or three times a week about the local area and particular property activities.  You can then link your blog to your social media activities and profiles.  You can also link your blog to your newsletter e-mail activities.
  4. Grow your database at every opportunity.  Over time this accurate and up to date database can be a clear advantage and give you leverage when it comes to winning a listing.  Show the client the size of your database and its relevance to their property listing.  You may even choose to short list a number of people from the database to take to the property as soon as the listing is approved.
  5. Get plenty of signboards into your local area.  Signboard presence is still a tool of leverage when it comes to winning a listing.

A successful commercial real estate agent will take simple steps like these each and every day as part of their business building activity.  The systems that you create will help you move ahead to a greater and more successful market share.

You can get more commercial real estate training tips in our newsletter right here.

6 Ways to Build Your Commercial Real Estate Agency Market Share

In commercial real estate agency, you really do need to understand what is going on in the marketplace and then make some solid choices at a personal level to improve your prospecting and deal activity.  Everything comes down to a personal level and process in our industry.  Success has little to do with the agency that you work for.

Outsiders and new agents to the industry are tempted to think that commissions and listings come easily.  Nothing could be further from the truth.  The quality and the growth of your business will come from personal focus and momentum.  The choices that you make on a daily basis, and the actions that you take in prospecting and marketing will drive your business forward.  The agents that struggle in the industry are those that have little or no system when it comes to business generation and market share.

Here are some strategies to help you initiate a business plan as a commercial real estate agent.  Consistency in focus and the actions that you take every day are the keys to getting momentum and traction with your market share.  Here are the ideas to help you:

  1. Understand the condition of the market today in deal activity, competing agents, and future growth.  Look for the opportunities in sales leasing and property management activity.  Understand where you fit when it comes to those three distinct disciplines.
  2. Choose the property type that you understand and can relate to.  That may be in office, industrial, or retail property.  The clients that we work for require specific expertise when it comes to resolving a problem with a quality property.  The marketing and inspection process with any listing is not an experiment.  It requires specific knowledge and expertise to tap into the right target market.
  3. Determine the cycles of the local property market when it comes to leasing and sales turnover.  You can do that by reviewing the history transactions through the region.  In most markets, a commercial or retail investment property will change hands or be upgraded at least once every seven years.  It takes that long for the appropriate capital gain to occur or the client to reach the next stage of portfolio change and growth.  Be sensitive to the cycles, and start prospecting the right people inside their property cycles.
  4. Start prospecting on a daily basis ensuring that you’re talking to new people as well as current contacts.  The whole process should take you about 2 or 3 hours per day every working day.  In a very short period of time you will find some new business opportunity.  When that occurs, keep the prospecting process underway.  That’s how top agents grow market share.
  5. When a competing agent puts a signboard on a property, it is an opportunity for you to talk to the property owners and business proprietors in the immediate and adjacent vicinity.  This then says that the marketing processes of a competing agent give you leverage when it comes to building your market share.  It is a fact that nearby property owners and business proprietors like to compete rather than cooperate with a nearby property sale or lease transaction.
  6. When you list a property, personally market the details of the property to the local region of property investors and business owners.  This involves door knocking and telephone calls.  From this process you will identify other opportunities to work on in the future.  Pay particular attention to the immediate property location and the streets around the subject listing.  Walk the streets and knock on the door’s to introduce yourself and the upcoming listing.  Ask questions and talk to more people; it is amazing how much information you will extract from the market when you do this.

Building your market share in commercial real estate agency is a simple and yet ongoing process.  You should have three or four solid strategies underway such as those above to help you connect with the right people and build the right relationships.

Strategies to Build Better Market Share in Commercial Real Estate Agency

In commercial real estate agency today, develop some personal strategies to help build market share.  Most of the successes created in the industry are personally generated.  Your employer and real estate agency has little to do with the process.  It’s all up to you.

Many salespeople join the industry thinking that the apparent opportunity for listings and good commissions will help them rise to the top of the market fairly quickly.  Reality sinks in after two or three months; the industry can be quite a challenge for new agents; prospecting and networking is required each and every day.  It takes deliberate effort and hard work at a personal level to rise to the top of the industry.  That’s what all top agents do.  You can do the same, however it is your choice to proceed in a systemized and deliberate way.

Here are some strategies to help you establish a solid market share as a real estate agent, and grow the opportunity for further commissions and listings.

  1. Understand the growth potential of the market.  Your local property market should be defined geographically so you know exactly where you can focus your prospecting efforts.  Within that geographical zone, research the necessary growth segments of the market to focus on.  There is no point in you specializing in something that has little growth potential.
  2. Check out your property precinct to see what is working when it comes to sales and leasing activity.  Certain methods of sale and certain methods of leasing will be much more successful than others in today’s property market.  Understand what works, and then merge those strategies into every listing presentation and sales pitch that you do.
  3. Check out the competing properties in the local area to see how long they had been on the market.  Understand why that is so, and avoid the errors of those other agents and those other properties.  Top agents know how to promote and market properties efficiently and effectively.  They don’t like to waste time.
  4. Observe and track all of the good agents in your local area.  Find those top agents that seem to be dominating market share and see what they are doing as part of that process.  You can learn a lot from other top agents simply by watching their activities when it comes to prospecting, marketing, client selection, and promotional activities.
  5. Signboard presence through the local area will help you personally when it comes to market share.  You should have plenty of signs in the local area on quality listings.  There is a real difference to be noted here, and that is the difference between open listings and exclusive listings.  Open listings are generally a waste of time, and the same can be said for putting your signboard on any openly listed property with many other agent signboards.  The signboards that will create a strong personal brand and professional image are those that are placed on exclusive listings.  Sell your services on the basis of an exclusive listing that you can control for a number of months.  Then devote the required effort on creating enquiry and getting inspections underway.
  6. Most of the listings that you pursue will be done so on the basis of a competitive sales pitch and presentation.  There will be plenty of other agents chasing the same listings.  That being said, your presentational strategy and relevance has to be finely tuned and of the highest quality.  Approaching a listing generically usually results in an open listing if any listing at all.  When you specifically focus on a listing and provide real and relevant strategies to the client, they cannot help but seriously consider your commercial real estate services and potentially take an exclusive listing with you.  A client that wants the best agent will need to take an exclusive listing with that agent.  The promotion of property today is not an experiment.  Good results come from top agents taking an exclusive listing over a quality property.  They then apply all of their efforts into the marketing campaign and inspection strategy.

Success in the commercial real estate market is not a random event.  It is generally well planned and facilitated through deliberate systems and actions on the part of each and every agent.  Only the best agents rise to the top of the market and that will be only through their personal processes and strategies.  You can do the same.  The market opportunity awaits you action.