Saturday, July 7, 2012

Top Agent Listing Overload and What to Do About It

stressed business person sitting and looking down
Listing overload for agents

In a commercial and retail real estate agency, it is easy for you to accumulate listings to sell or lease and move none of them.  Listing a property is only the first part of the equation; the ‘hard work’ starts at that point.   I say ‘hard work’ because the commissions that we are paid are structured to offset the effort we put in.

Here are some tips from our commercial real estate agents free bulletin.

So you have some choices here when you list a property.  You can either:

  1. List the property then generically market it to see what inquiry you get, or
  2. List the property and personally push it to qualified prospects and the target market segment.

What would you choose to do?  Before you answer the question I will say one very important thing.  You must push for ‘exclusive listings’ at all times.  Do not commit much of your valuable time to ‘open listings’.

The Listing Alternatives

Any ‘openly’ listed properties should only be marketed by method 1.  If you get any inquiries coming in by that method, then that’s just fine and you may be able to do something with it.  That being said, do not trust the property owner of an ‘open listing’ too much, as they are likely talking to many other agents at the same time.  Make sure that you have all your ‘bases covered’ with the client before you introduce a prospective buyer or tenant to the listing.

Item 2 in the list should be that which applies to all ‘exclusively listed’ properties on your books.  Exclusive listings should be with you for a reasonable period of time so you can do just that and devote the effort.   As a priority, list your properties ‘exclusively’.

On average, you should be able to work up to about 15 to 20 exclusive listings at any one time.  After that number you will find that the work required to service the listings is beyond what one person can cover.  If you choose to employ a personal assistant to help you then that is fine and will work.

Listing Overload

The problem of listing overload happens when you take on too many listings and you are not focusing on marketing them to a successful sale or lease.  Someone once said that you must ‘begin with the end in mind’.  When it comes to moving your property listings through to a successful sale or lease, the rule definitely applies.

If you have too many listings that are not selling or leasing, take a look at the following solutions:

  1. Talk to your clients about the current market and recommend some adjustments to the property marketing
  2. Work out why inquiry is not coming in for the quality properties and listings on your books
  3. Focus on quality listings from the outset so you get more inquiries from the marketing
  4. Look at the price or rental for your listings in case it needs to be changed
  5. Address any problems of the listing due to supply and demand
  6. Check out the competing listings in case they are impacting your marketing.

These are some simple solutions that can be implemented on old listing stock.  Focus on marketing solutions and property conversions; don’t list everything for the sake of it.  This business is all about results, not numbers of listings.

If you need some more tips for commercial real estate agents today you can get them right here.