Saturday, June 2, 2012

Top Agents Business Model in Commercial Real Estate

When you work as an agent or salesperson in commercial real estate, you will likely aspire to achieve the position of ‘Top Agent’ in your local area.  So what is an agent of this type and how can you get there?  Here are some tips from our Newsletter for Commercial Agents.

Here are some criteria for being at the top of your market.

  1. Dominant market share in listings and completed transactions
  2. A history of good results with quality properties locally
  3. A specialist in certain property types
  4. A strong database of qualified leads and contacts that know you as the expert that you are
  5. The ability to work with clients on portfolios and complex property decisions
  6. Understanding the ways to market and close on complex and unusually difficult property listings
  7. Clients and prospects seeking you out as the expert to sell or lease property for them
  8. A great listing bank of good quality properties on the internet and in the media
  9. A signboard presence that dominates all other agents
  10. An extensive history and knowledge of the local property market as to property and transactions
  11. A majority of listings that are exclusively listed with you and your agency
  12. Referral business and repeat business comes to you easily
  13. Continued sales and leasing activity even in slower property markets

The list can be added to as you may think, although these are the main factors and indicators in being a top agent today.

These elements of top agent performance come together over time by you personally driving your market and your database.  You can get faster results by focusing your efforts, practicing, and your developing your systems.

Systems are Critical

Agents of this type are systemised and understand that marketing themselves is a critical element of their property business.  It is a daily process.

As your success grows, you will need more people around you to keep the momentum heading in the right direction.  

Here are some roles that can be outsourced to assistants as part of your business model:

  • Listing, marketing, and research assistant    
  • Closing coordinator and documentary follow through
  • Database manager and client communication

All three roles are quite specific and focus on the parts of the business that integrate with your personal activities with clients, prospects, and inspections.  Effectively, the roles take the paperwork away from you as the agent, but not the interaction with the clients (that remains your personal issue).

You will notice that prospecting and cold calling has not been passed to your others to attend to; that is because all top agents will prospect every day in some way or form.  You cannot and should not remove yourself from the market and connections with buyers, sellers, tenants, and landlords.

Need more ideas or help with being a commercial agent today?  You can join our Newsletter right here or visit our main website here.