Friday, August 2, 2013

Getting a Decent Market Share in Commercial Real Estate Brokerage

man standing outside office building
Build your brokerage market share faster.

In commercial real estate just about every broker or agent wants more than the average ‘market share’.  To achieve that, some real points of focus are required.  You need a plan.

Here are some tips from our Newsetter on this.

Let’s assume that your property market is competitive with plenty of other agents and brokers chasing properties and clients.  Consider the following questions.

  • What is your market share now?  That will be in sales and leasing.
  • Where is your market?  Understand exactly where the new business will be coming from over the next 5 years.
  • Why would people in your location or territory use you to market their property?  
  • What is your reputation like as an agent or broker?  Are you well known?
  • What is your success rate in listings and closed deals?  Can it be improved?
  • What is your property speciality?  Do the prospects in the market regard you as the ‘best’ at what you do?

If you are going to build a top market share and grow commissions then some real answers are required for these questions. Notice how the questions are personally focused?  It is necessary that you understand the facts and the answers before you can sell yourself as the top agent that you want to be.

Taking all of these points you can see the requirement for a plan of approach and marketing at a personal level.  There are many ways to move your brand and personal image into your market.  In most cases a high degree of ‘one on one’ contact will be required.  You really cannot rely only on ‘technology’ to do that for you.

Here are some ideas to help you with personal branding and hence potentially build your market share:

  1. Spend minimal time in the office.  You should only go to the office for meetings, paperwork, and cold calling.  At all other times you really must be in the local area checking out properties and activities.  Talk to new people and business owners as you do that.  Take maps with you so you can remain organised to streets and zones.  As part of doing this, circulate your business card everywhere.
  2. Within your sales or leasing territory your signboards are quite important to spread the word of your involvement in quality listings.  When you put a signboard onto a property, talk to the adjacent property owners and business operators.  They will have an interest in the new listing.  You can then get leads and information from the immediate vicinity of your listing that could help with the marketing or inspection process.
  3. Take your property type and location.  Define them specifically.  You can and should write three blogs per week on those two factors and then link those blogs to your Newsletters and Social Media.  Relevance is the key to the process.

Take these three things and do more with them.  You can see that they are based around the 3 segments in the market of personal contact, signboard counts, and on-line presence.  When you think about it, they are the levels of marketing today that mean the most to the market share that we require as brokers and agents.  Are you ready for the marketing challenge?

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