Commercial Real Estate Agents – Taking Action in Building Market Share

In commercial real estate agency it is easy to get distracted on things that will do nothing for your business or market share.  In many respects, the easiest way forward is not the best way.  Consistent action is required every day to build your market share in commercial real estate sales and leasing.  In that way you can proceed and grow the listing and commission opportunity as an agent.

The top agents of the industry work to a system or a plan.  They know the things that are required to help them move ahead.  They do those things every day.  It is the system that is taking them forward.

You hear so many wise and experienced salespeople in the industry say that nothing happens until you take action; they would be right, it is however the right action that is required so you can build your market.  You will know your market and the changes that are underway; those changes will give you priorities in action and focus.

Look for the Changes

Every month and every year the property market changes with respect to property enquiry, time on market, and listing quality.  Staying ahead of those changes will help you match the right actions to the market that exists.  So what can you do?  Try some of these:

  1. Building your new business prospects just has to be number one on your diary of activity as a commercial real estate agent.  When you do this you will find that the market will offer lots of opportunity.
  2. Keep track of new property developments so you can watch the balance of supply and demand that may have impact on your property type or in your territory.
  3. Keeping your listings moving ahead at all times.  Exclusive listings are really important in this process.  Open listings are basically a waste of time unless you know that you have a buyer or tenant available now or soon.
  4. Connecting with Clients has to continue in all markets and at all times.  A good database will help you do just that.  How many prospects and clients should you have in your database that you regard as high value and active?  The answer is about 300.  It takes time to build those numbers but the process works.  You may have more contacts than that now, however the number of 300 relates to the key people that you believe that may have momentum and want some property help in the future.
  5. Work to a system of prospecting and cold calling on a regular daily basis.  Each day a call system will create new meetings if you call enough people. So how many people should you call each day?  The answer is about 40.  You will not get through to 40 people but you should get through to at least 15 people and of those you should be able to get at least one meeting with some opportunity.

Set clear targets for listings, prospecting, meetings, and contracts or leases.  Use a database to capture all of your contacts and meetings on a daily basis.