Wednesday, June 12, 2013

Tips for Building Market Share in Commercial Real Estate Brokerage

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Top Commercial Agents Build Market Share

In commercial real estate brokerage, the agents that are well known in their territory, town, or city are the ones that usually win a greater proportion of the local listings.  To achieve this they have created a greater personal brand in the market.

You will always win some listings from being part of an established real estate brokerage and the brand that it has created; however most of your listings will come from your personal marketing efforts.  That is why you must have a solid presence in the market place at a personal level.

Today we have promotional alternatives and lots of tools to help us with ‘branding’.  In saying that, the basic rule of personal contact still applies.  You must regularly get yourself in front of the right people on a personal basis.  The traditional ‘meet and greet’ logic of the sales profession still applies, even though we have some ‘technology tools’ to help us.

Most clients and prospects choose an agent or broker that they know, and have done so for some time.  On that basis it is really important to ‘open the door’ with new clients and prospects every day.

It is interesting to note that many commercial real estate brokers and agents are slow to adopt the available ‘technology tools’ at a personal level.  Being too busy may be one reason for the lack of ‘take up’, although lack of a strategy and the knowledge to do so may be another.

Here are some tips to help you build your personal brand in the local property market:

  1. The traditional signboard is a very big ‘brand builder’.  Get your name and your signboards onto many listings in your area.  The prospects and clients will see your name on quality listings and that can be a trigger to give you a call for assistance.
  2. When you list a property, create a simple ‘flyer’ that you can drop into the local businesses near to the listing.  Make sure that your business card is attached to every ‘flyer’.
  3. Create growth in your database by making 25 new telephone calls to new people every day.  Many agents overlook the word ‘new’, and telephone people that they know.  That then places limits on their growth of market share.  Find new people to talk to every day and add those to the people that you already know.
  4. Every person of value that you talk to should be captured into your database for future contact.  You can use the contact strategies of email, newsletters, social media, and direct mail.  Always follow up your marketing material personally to help people remember you and connect with you at the right time.

So how do top agents win all the business?  They have a brand that is strengthened every day with prospecting.  It’s quite simple really.

You can get more tips in our Newsletter right here.