In today’s podcast you can learn how to optimise your activities as a broker or an agent in your location. Those activities apply to both sales and leasing activity. Refine your working day so that you can boost enquiry, presentations, and client interaction. This is a personal thing that needs to be considered and developed as a system for every individual agent and broker over time.
Consistency is an important thing in commercial real estate brokerage. That is the consistency that happens when it comes to client contact, prospecting, and presentations. In this podcast, you will learn how to build some consistency in your actions and in your property market. Drive your business forward with greater levels of consistency on the things that really matter from a listing and commission perspective.
When you list a commercial property today on an exclusive basis, you really do need to focus your efforts from the point of listing onwards to achieve the best results for the client. Don’t waste time during the campaign and make sure that you optimise your efforts of promotion from the very start.
Know what has to be done with every exclusive listing when it comes to pulling in the target market and listing enquiry. Ensure that the client has given you sufficient vendor paid marketing funds to achieve that level of promotional momentum.
Exclusivity Really Matters
When you have converted a property exclusively, the stages of promotion should be set out and actioned in a timely way. Make every moment count when it comes to creating enquiry and converting inspections.
How can you do this? You can split the campaign up into three distinct levels of momentum. They are:
- STAGE 1: The initial two weeks where you are releasing a property to the market and the target audience. During this time it is quite important to spread the word comprehensively across the local property zone or precinct applicable to your buyers and tenants. You really do need a marketing campaign to understand how you will reach the right people in the right way from all of your promotional efforts.
- STAGE 2: The next four weeks will be critical to lifting the levels of inspections and enquiry and encouraging any offers. Any potential negotiations should be occurring during this time. If the offers are not coming in, then it is a matter of looking at pricing the property differently or changing the method of sale or lease.
- STAGE 3: If the property has not sold or leased or during the previous two stages, then there are issues which need to be addressed. That is where a rethink or a different plan needs to be achieved in the marketing of the listing. Don’t let the property become stale and stagnant on the market. Stage 3 is the adjustment phase if the property is not creating real interest or inspections. Changes have to be made to lift levels of enquiry.
As indicated, split the property campaign into a number of weeks and stages of promotion. Change the campaign during that period of time based on the levels of enquiry that you are achieving.
Every exclusive listing should be placed on market and promoted to a strict time frame and task regime; in that way you can ensure the best outcomes are achieved. That is why exclusivity is so important for each individual agent or broker if they want to grow market share and potential income. Don’t waste your time on open listings unless you really need them.
Monitor the Property Campaign
Every moment of a property campaign should be monitored and optimised to achieve the best inbound levels of enquiry; refresh the listing appropriately based on feedback and inspection results. Understand why exclusivity is so important when it comes to promoting commercial property for sale or for lease. Exclusivity allows you to focus your efforts and commitment to the client and the property. Over time that means better results.
Ultimately a successful property promotion allows you to achieve greater levels of inbound enquiry, inspections, negotiations, and closure. Eventually that allows greater commissions and a growing level of market involvement for you at a personal level.
In commercial real estate brokerage, there will be plenty of pressures to handle and diversions to avoid. Through all of those things, you need to keep doing the deals, and on that basis you need to set some rules at a personal level.
One thing should be said quite clearly when it comes to getting things done in our industry. In simple terms, you cannot control the whole of the day; things will happen that will change your targets and actions. Be prepared for the changes, and control at least a part of your day regardless of everything that happens.
One Third of Your Day
As a general rule, you should be able to control at least one third of your day. To get more traction and leverage with clients and listings, that controllable one third of your diary should be at the beginning of the day. It should extend for at least 3 hours.
Start the day doing the things that really matter when it comes to commercial real estate. Determine exactly what tasks and opportunities will help you drive more new business and better client relations. In most cases, the cold calling and prospecting process undertaken at a personal level is exactly what you need to merge into that controllable one third of your diary.
Attract Fresh New Business In Commercial Real Estate Brokerage
Here are some rules to help you with attracting more deals and listing opportunities:
- Don’t book meetings in advance unless you completely understand and accept the reasons for the meeting from your perspective. Is there a client relationship or listing opportunity involved in the meeting process?
- Other people will want to see you or talk to you about business issues from their perspective. Connections with other people should occur at the end of the day when all other important tasks have been undertaken. Remember that you control your diary; don’t let other people do that.
- Over time, only list high quality properties on an exclusive basis. Control your listing stock through that exclusivity focus, and avoid open listing requests as they will waste your time. Only take on open listings when you know that you have a potential buyer or purchaser to match to the property. It directly follows that you should decline any client request for an open listing. Why would you offer your high grade professional property services on low-grade listings and therefore waste your time? When you understand and accept that you really are the expert agent for the local area, open listings are no longer a necessity or a requirement. Pitch and present your services in a comprehensive way so that the client can see that you are the top agent for the job.
- With every listing, pitch and present your marketing strategies to the client on the basis of a comprehensive vendor paid marketing campaign. Ensure that the campaign is well structured using unique and direct marketing processes that your competing agents may have overlooked or neglected to offer; put yourself in the marketing process. Whilst every marketing campaign will have a degree of general advertising and website listing commitment, tell the client exactly what you are going to do for them and the property to attract volumes of high quality enquiry at a personal level.
When you stick to the rules when it comes to property marketing and listing, you can attract more commercial real estate enquiries and opportunities over time. In simple terms that will allow you to attract more listing leads and commission or deal opportunity.
When you get spare time in commercial real estate, the important thing is that you do something of relevance and importance to help you build market share. As a general rule, focus on connecting with new people, property investors, and business leaders.
As you get busier with listings and clients, the frequency of spare time tends to diminish. However, between meetings, or perhaps between property inspections you will always have some spare time to use in a positive way. Spend the extra 10 minutes or half an hour between meetings productively by creating connections and conversations with the right people.
Things consistently change in commercial real estate today. From time to time new leads and opportunities evolve from the relationships that you make and have with other people. Asking questions at the right time or connecting in the right way will help you build listing opportunity.
Most new business opportunities come from established relationships and ongoing conversations. It can take some months if not years for some clients to move to the next stage of property involvement or change. Help them understand that you are the right person for the job. Make sure that you are consistently available when they need you. Keep them fully briefed and appraised when it comes to regional and local property market activities, prices, rents, and upcoming quality listings.
Spare Time Checklist for Agents and Brokers
Here are some of the best ways efficiently use your spare time as a commercial real estate agent or broker:
- Make 10 direct cold calls – The telephone is the most convenient way to connect with your market whilst using your time effectively. Some top agents will deliberately set aside time every day to make cold calls, and they also make those calls between meetings. You are never too busy to make more direct calls to clients and prospects.
- Door knock some local businesses – The local business community will be a great source of property market information, leads, and change. The business leaders locally will generally know more about local property issues than you do. They will understand the factors of changes that apply to neighbouring properties, businesses, and landlords.
- Send 5 marketing letters – In sending five marketing letters per day, you will have the chance to make direct follow-up phone calls later in the week. The idea here is that the marketing letters ‘open the door’ to the conversation that you can create over the telephone. A telephone conversation should lead to help you understand future property needs with the people that you talk to.
- Contact previous clients – Some clients that you have worked for previously may soon be looking for other assistance across sales, purchasing, property management, or leasing. Bring some versatility to the services that you provide. Be prepared to convert one level of business activity to another.
- Ask for referrals – There will always be referral opportunities available to the creative agent. If you have successfully serviced a client in a previous transaction, the referral conversation is easy and logical. Contact the people that you have worked with over the years, to see if they can refer you to other people and property activity. It is always a lot easier to create new business through the referral process.
Simple strategies like these can help you use your spare time effectively and efficiently. These simple activities can also assist when it comes to identifying property changes and client needs. Use the telephone to create relevant and real contacts with the best people in your local property market.
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.