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How a Complete Commercial Real Estate Brokerage Practice Session Improves Knowledge and Skills

In commercial real estate brokerage there are a good number of things that require practice and refinement over time.  It’s a personal process that cannot be delegated.  It is the faster track to getting results in brokerage with listings and clients.  (NB – you can get our free commercial real estate course here)

 

So why is this so important?

There are many ‘top agents’ in a location be that a suburb, town or city, and they are all chasing the same new business across sales, leasing, and property management.  Your recommendations and solutions offered to your clients and prospects should be well considered and clearly displayed.  Your ideas have to be better than that of your competitors.  Can you stand out in that way now?

Your solutions have to be better than the others that are put to the client and that are available.  Expect the client to seek presentations from other agents as they work through their property challenge, and before they make a listing decision. 

Your pitch has to be better than the others that are out there; you should be perceived as the professional that people need.  Practice is required to achieve that status.  If you pitch your services comprehensively, the ‘exclusivity’ process is much easier.  Exclusivity is critical to market domination.

 

Practice your skills on key matters

Through your career in brokerage, you should practice your skills and strategies in a number of key disciplines.  You can put that practice into your real estate business through personal disciplines, team meetings, and role playing.  That specific practice will help you with deeper market confidence and better levels of communication; both are important factors when it comes to converting the client to your ideas and recommendations.

So let’s get this important business education underway.  Here are some strategies to help you get that practice incorporated into your real estate business:

  1. Listing pitch – Given the pressures of the current market, what are the better ways to list a property today to get faster outcomes in sales and leasing? That question has to resolved in any client presentation.  Your listing presentation can be supported by research, computer based aids, statistics, and case studies.
  2. Marketing solutions – Have some clear examples of other properties listed today and recently that have been taken to the market, and show the client exactly how the campaign and marketing process was critical to the challenge and the outcome reached.
  3. Negotiation alternatives – Every deal can be closed in a number of ways. Show the client how one negotiation stalled; also show them how another was resolved.  Put yourself into the solution as the facilitator of the positive outcome.  Stories will always help you with client communication.
  4. Vendor paid marketing – Show several examples of local property promotions where vendor paid marketing was the big difference in getting a positive outcome. As a general rule, vendor funded campaigns generally attract and facilitate more inquiry over the listing period, and the time on market is shorter when it comes to a positive result.
  5. Listing refresh – Package your presentation to allow you to refresh the advertising every 2 or 3 weeks. Don’t let a listing stay too long on the market.  Watch the trends of enquiry and tune your property advertising frequently.
  6. Client conditioning – How can you condition a client to the prevailing market conditions in your location? There are many different property challenges as there are clients.  Make sure that you can handle the most common client concerns in today’s property market.

So there are some real things that you can practice here.  Take the pressures of the properties that you work with, and practice your pitch and presentation recommendations.  That practice will help you stand out as the ‘agent of choice’ for the client and their property today.

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Commercial Real Estate Brokerage – A Blueprint for Finding and Retaining Top Sales Agents

In commercial real estate brokerage there is always a degree of movement when it comes to sales agents.  Some don’t last in the role, some move to other brokerages for perceived better ‘deals’, and others stay for the long haul.  If you are managing a brokerage team, you will know what I mean.  Staff volatility can be quite high within the industry.  Unfortunately the success of a commercial real estate brokerage this largely geared to the balance between the sales activity, leasing, and property management.  You need good people in each of the rules to make the brokerage a success.

Strive for Stability

Ultimately you need some stability in the brokerage with agents; the property market will change in many ways, and the agents working for you have to adjust and work through those changes whilst bringing in the new business.  It is a fine balance to work with.  The very character of a sales agent is sometimes a real challenge to manage at the best of times, and even more so within the team.

Successful sales agents are usually a mixture of egos, knowledge, skills, and motivations.  In a large sales team, the individual agents must be balanced, encouraged, and rewarded.  Without those three particular attributes being active within the brokerage, an agent will usually leave for ‘greener pastures’ when the time is right.  That can then expose the brokerage to a significant loss or shift in income. Volatility within the team can also be a problem.

The Facts to Remember

So you want your brokerage business to be successful.  Here are the basic facts to remember and work with in any commercial real estate team:

  • You will lose agents for reasons that you cannot control, so prepare to find others. You can do that through a number of different strategies including personal contact, career nights, advertising, and team development.
  • Education and training will help your retained agents grow their skill base and performance. Understand the difference skill needs of the people within your team.  Assess their strengths and weaknesses on a regular basis.
  • The management of a sales team is totally different to that of a property management team. Each team should work autonomously but the business opportunities should feed between each.
  • Other competing brokerages in your location will be looking to attract your good people away from your business. Be aware of the competitive commission packages and salary opportunities offered to top performing agents.  Adjust your commission and marketing packages to retain your best people.
  • The changes within the property market throughout the year will present challenges and different requirements in property skills and knowledge. Be prepared to train your people in an ongoing way.

Given all of these facts, you will need an ongoing plan of staff attraction and staff retention.  The success of the commercial property business will generally hinge on the performance of the team and also that of the individual agents or brokers.  Individuals will be motivated in different ways.

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