Monday, June 11, 2012

Commercial Realtors - Why Did You Lose the Listing?

commercial office building
All commercial property owners have secret motivations.

In commercial real estate sales and leasing, or for that matter property management, the prospects that we talk to every day will commonly discount our pitch or presentation.  They will make decisions for reasons that we cannot fathom.  Many of us have lost a listing to another agent for very strange or unknown reasons.

Now I am sure you will have heard many times before that we are supposed to find out why we did not win the listing, and on that basis we should ask the prospect to get the feedback.

Given all of that good intention, here is a fact; when you ask the question of the prospect following a failed pitch or bid for a listing, rarely will you get an honest answer.  They all have their own reasons for acting the way that they did; importantly you have done your best and identified the facts as you know them.

Top agents all have the times of failure and pressures of not winning a listing; they just have fewer of them because they have a bigger share of the market.  They prospect continually so the ‘lost opportunities’ are less frequent.  It stands to reason that when you have a greater number of people in your database that you really ‘know’, that you will have more listings and better commissions over time.

So don’t concern yourself when you lose a listing or a deal; just get out the door and find more people to talk to.  Get on with the business of prospecting.  Consistent steps every day will always help you win more market share.