Saturday, November 9, 2013

Strategic Action Planning in Commercial Real Estate Brokerage

business man with newspaper in hand
Start your real estate agent action plan.


Today every real estate agent and broker should have an action plan based on their goals and business plan.  Our industry can be quite unforgiving when it comes to any agent that takes a generic approach.  When you do basic things in a random way, you achieve the average results.
 
Top agents do specific things to a plan that has been well considered and structured.  Filling their pipeline of opportunity will always be important when it comes to new sales and leasing opportunity.  The same can be said from a property management perspective understanding that the client targets are more long-term than short term.

So the action plan you create should allow for current market conditions, your client base, marketing strategies, and the resources that you have available at your disposal.  Before you can get what you want, you need to know exactly what you do want.  The action plan should be structured around that.  Set goals that are realistic but challenging.

What resources do you have at your disposal?  How are you using them today?  Here is a list to help you with resource identification:


  • Time to do the work required
  • Support staff and administrative staff
  • Marketing Materials within your brokerage
  • Reports and market evidence relative to the local area and the property type
  • Social media tools, newsletters, and websites
  • Blogging activities
  • Your current database of clients and prospects
  • Communications Systems and tools including the telephone, e-mail, and direct mail


This is a simple list and yet so many agents are doing very little within some if not most of those categories.  The resources like these are usually available and yet generally under-utilized.

Here are some tips to help you with this strategic action process within commercial real estate sales and leasing:


  1. The reality of the market will always be around you and observable.  There will be leads and opportunities to seize and delve into.  Every property, client, and professional relationship will give you leverage for asking questions about referrals, leads, and repeat business.
  2. One of the simplest of marketing tools that we have available is that of the business card.  You really don't need many other tools to help you build fresh and new relationships.  Make it a target to give out at least 10 new business cards per day.  Most business cards that we handout are kept rather than discarded.  Many top agents have created their success and market share momentum from distributing business cards regularly each and every day.
  3. Whilst there are plenty of technology based tools to use including social media, websites, newsletters, and e-mail marketing solutions, most of the successes that you create as a broker or agent will be from ongoing personal relationships established with qualified prospects.  On that basis you do need to get in front of the right people to establish trust and loyalty over time.  Relevance and property specialty will be part of that process.
  4. Mix and match your prospecting activities around the things that you are comfortable with and can implement every day.  Most top agents will diversify prospecting within cold calling, direct mail, newsletter activity, door knocking, success letters, signboards, and industry related listing brochures.  A simple approach will always get you in front of new people quite comfortably and frequently.  Your prospecting approach must be a habit in your diary.
  5. Set some target numbers that relate to your business plan.  The numbers should be related back to daily activity and weekly targets.  Normally the targets should be focused on the outbound calls, new meetings, property presentations, successful listings, exclusive listings, and advertising dollars.  All of those things will have a direct impact on your market share.  Track and measure activities within those categories.  Increase the numbers to a substantial ongoing target.


When you create a plan of action at a personal level, track and measure your progress so that you can see how things are improving at the end of each week.  The property market will always change and as a direct consequence your prospecting activities should similarly be adjusted for best practice and outcome.