|Grow your database for better commercial real estate brokerage.|
In commercial real estate brokerage, your market share will always be of concern and focus especially if you want listings and commissions in a competitive town or city. For that reason you do need to have a distinct plan that can move you forward and grow listing opportunities over time.
It is a fact that the agent that controls the listing also controls the deal. When you list a property exclusively, the market needs to come to you with enquiry and inspections. You have something to work with when it comes to prospect opportunity, inspections, and negotiations.
It is very difficult for other agents to get involved in your exclusive listing process. They need to talk to you as the listing agent before they can introduce their buyers or tenants as the case may be. That’s where control is so important.
So let’s look at some ways to ‘explode’ your commercial real estate market share and grow it exponentially. Here are some ideas that you can merge into your business plan:
- Start every working day with prospecting. Devote 2 or 3 hours to the process. In that way you can grow your pipeline of opportunity and new contacts. It doesn't matter how busy you are with current listings and current clients; the prospecting activity remains number one in your diary. Those agents that overlook this simple business factor soon see their market wax and wane as part of local market pressures. Remove the volatility from your listings and commissions; create career and brokerage stability by regularly prospecting and growing relationships with new people.
- Review previous sales and leasing transactions undertaken by your office over the last five years. There will be clients and prospects that you can reactivate as part of that process. Many people come back into the market at a later time for differing reasons. A process of regular contact will help you stay ahead of the opportunity.
- Start a referral program where you can grow new listing and business opportunities through the relationships of others. Ask for the referrals at the right time. Every successful sales or leasing transaction will be a catalyst to ask for the names and addresses of other people that you can serve.
- Watch the activities of competing agents in your town or city. When they place a signboard on a property, you can approach the owners and businesses surrounding the listed property and those that are located in the immediate vicinity. One signboard can be a catalyst for other property activity locally. Most property investors and business owners prefer to compete rather than cooperate with any other listed local property. You can be the agent to assist with that process.
So there are some things to do here, all of which will be very helpful to growing your commercial real estate market share and your contact database. Establish the contacts with the right people in the local area and grow those relationships over time. Soon you will see the listing opportunities grow.