In commercial real estate agency, the opportunities for the average salesperson to succeed are high. That being said, salespeople still need to work to a system and drive themselves as part of a sales and listing excellence program; rewards are only come to those that put in the effort. As part of that process, you also need market knowledge, professional business processes, and a variety of skills including prospecting, negotiation, and presentations.
So you should have high expectations of yourself as you proceed through your career in sales or leasing. The same principle can apply for property managers although in a different way, given that the workload in property management and shopping centre management is different, and the remuneration packages are not the same as those that are based on commissions in sales and leasing.
So let’s look more at the high expectations that you can develop for yourself in commercial real estate sales and leasing. Create a series of goals or benchmarks that you can work to when it comes to the following:
The number of outbound prospecting calls that you make every day to qualified prospects
The number of meetings that you can create each week from your prospecting activity
The number of quality listings that you exclusively take each week from your prospecting activity
The number of presentations that you make on a weekly basis to qualified clients and prospects
Your conversion rate of presentations to listings
The time on market that applies to each of your exclusive listings
The amount of vendor paid marketing that you achieve as part of the listing process
Your conversion rate from exclusive listings to successful transactions
The levels of referral business that you bring into the agency from your previous clients and existing transactions
These activities and numbers are really important when it comes to establishing ongoing business and the right commercial real estate market share for yourself. Far too many agents don’t track their progress. They have little understanding of where they are when it comes to current results and future activities. That weakness is the foundation for poor commissions and low quality listings.
So to help you establish a program of high expectations and potentially exceptional results, here are some things to focus on and established in your personal business plan. Over time these things will help you potentially rise to the top of the industry in your local area.
Drive your market share forward with regular prospecting to a plan. This is something you cannot avoid. It simply has to occur every day and be backed up with some resources and a good database program.
Build a solid database of clients and prospects that you have spoken to. Over time the database will become foundational to better listings and greater commissions. It is a personal process, and involves diligence on your part. You cannot delegate the database to someone else, given that they have little interest in maintaining your commissions and your market share.
Focus on building your database yourself. Keep it accurate, and track all of your meetings and conversations accordingly. Categorise the enquiry that you get within the database to location, property types, and values. Keep in contact with all of your prospects and clients on a 90 day basis or more frequently if you consider them to be active.
Work every listing completely and thoroughly. That being said, the listings that you take on should be of reasonable quality and preferably on an exclusive basis. Work every listing with a dedicated marketing campaign and personal promotion. Every quality property will create good enquiry for you providing the campaign is suitably structured.
Seek referral and repeat business from all of your good clients and prospects. Referral business is the easiest category of business to create and follow through to finality. As logical as this seems, many salespeople are reluctant to ask the referral question or simply forget to do so. If you have a good relationship with clients and prospects, the channels of referral business will be available to you. Feed the question into all of your communications and actions with clients and prospects.
By John Benson