6 Ways to Build Your Commercial Real Estate Agency Market Share

In commercial real estate agency, you really do need to understand what is going on in the marketplace and then make some solid choices at a personal level to improve your prospecting and deal activity.  Everything comes down to a personal level and process in our industry.  Success has little to do with the agency that you work for.

Outsiders and new agents to the industry are tempted to think that commissions and listings come easily.  Nothing could be further from the truth.  The quality and the growth of your business will come from personal focus and momentum.  The choices that you make on a daily basis, and the actions that you take in prospecting and marketing will drive your business forward.  The agents that struggle in the industry are those that have little or no system when it comes to business generation and market share.

Here are some strategies to help you initiate a business plan as a commercial real estate agent.  Consistency in focus and the actions that you take every day are the keys to getting momentum and traction with your market share.  Here are the ideas to help you:

  1. Understand the condition of the market today in deal activity, competing agents, and future growth.  Look for the opportunities in sales leasing and property management activity.  Understand where you fit when it comes to those three distinct disciplines.
  2. Choose the property type that you understand and can relate to.  That may be in office, industrial, or retail property.  The clients that we work for require specific expertise when it comes to resolving a problem with a quality property.  The marketing and inspection process with any listing is not an experiment.  It requires specific knowledge and expertise to tap into the right target market.
  3. Determine the cycles of the local property market when it comes to leasing and sales turnover.  You can do that by reviewing the history transactions through the region.  In most markets, a commercial or retail investment property will change hands or be upgraded at least once every seven years.  It takes that long for the appropriate capital gain to occur or the client to reach the next stage of portfolio change and growth.  Be sensitive to the cycles, and start prospecting the right people inside their property cycles.
  4. Start prospecting on a daily basis ensuring that you’re talking to new people as well as current contacts.  The whole process should take you about 2 or 3 hours per day every working day.  In a very short period of time you will find some new business opportunity.  When that occurs, keep the prospecting process underway.  That’s how top agents grow market share.
  5. When a competing agent puts a signboard on a property, it is an opportunity for you to talk to the property owners and business proprietors in the immediate and adjacent vicinity.  This then says that the marketing processes of a competing agent give you leverage when it comes to building your market share.  It is a fact that nearby property owners and business proprietors like to compete rather than cooperate with a nearby property sale or lease transaction.
  6. When you list a property, personally market the details of the property to the local region of property investors and business owners.  This involves door knocking and telephone calls.  From this process you will identify other opportunities to work on in the future.  Pay particular attention to the immediate property location and the streets around the subject listing.  Walk the streets and knock on the door’s to introduce yourself and the upcoming listing.  Ask questions and talk to more people; it is amazing how much information you will extract from the market when you do this.

Building your market share in commercial real estate agency is a simple and yet ongoing process.  You should have three or four solid strategies underway such as those above to help you connect with the right people and build the right relationships.

Commercial Real Estate Agents – Envelope Strategies for Great Sales Letters

As an agent in commercial real estate for many years, I know that every bit of marketing material needs to be carefully optimised. The rule applies even to the envelopes that you use in your direct letter or brochure campaign.

You want your letter to be seen and opened.  The envelope will help with that.  If the envelope is too ‘business like’, it will hit the rubbish bin faster than you can imagine.  So we should set some rules to the letter process to be adopted in commercial real estate.

Try some of these:

  1. Use a non-standard envelope colour.  Blue is good and also is orange.  The colour should still allow the address details to be clearly seen.
  2. The ‘return to sender’ address on the back of the envelope should be hand written with an address only. Leave off your name.
  3. Use a non-standard envelope size.  Try an envelope that is smaller than the traditional business DL size.
  4. Use real stamps on the letter and not a ‘franking machine’ embossing.  Real stamps attract the eye and help the readability factor.
  5. Hand written addresses on your envelopes should be in blue ink.  Make sure that your handwriting is clear and legible; it shows respect.
  6. Do not bulk up the envelope with too much marketing material.  A business card is all that you need inside the envelope with your letter to send a professional business message.
  7. Open rates on envelopes are better between Wednesdays and Fridays.  To achieve this delivery focus, send your letters on a Monday.
  8. If you want your letter to be seen amongst others, pay for priority postage and overnight delivery.
  9. Always follow up your letters a few days after sending.
  10. Sign your initials across the envelope flap on the rear of the envelope.  It appears like a ‘seal’ to the reader and then adds to the personalisation.

Simple rules like this will help your sales letters reach the required person.  More importantly they will help your envelopes get opened and the contents read.

Personalised envelopes and direct letters can be a good part of your marketing campaign to build your prospect list and support your direct prospecting efforts or cold calls.

The commercial real estate industry is based largely on relationships and trust.  You can extend and grow those factors in the way you address and send your envelopes to prospects and targets.

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