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.

Gain the Edge in Commercial Real Estate Agency – Start Strong

When you work in commercial real estate agency, you should start your day strongly and with focus.  Get as much done as you can before other disruptions start to take over (and they will).

It is a fact that things in commercial real estate agency will happen daily that you do not expect.  That being said, there are still key things that you need to do every day to improve your market share and client connections.  If you overlook these things, you will soon have less commission coming in and you will also be missing on the quality listing stock.

So to start strong every day, you need a plan and a process.  Action is everything in our industry and directed action can allow you to form habits.  It is the habits that will take you forward as a professional in our industry.

Here are some ideas to help you with effectiveness and focus as a commercial real estate agent.

  1. It is easier to control the start of the day than it is to control the whole day.  If you can control 1/3 your day, you can be quite successful and effective as an agent.  Plan your activities so that your working day can and will be under your control from 7 am. to 11 am.  Don’t let others change or modify your diary before 11 am.
  2. Prospect every morning from 8 am to 10 am.  Get your outbound cold calls done then. That one single process will be critical to your market share.  It is interesting to note that most top agents do this.  Struggling agents overlook the process or avoid it.
  3. Talk to your clients from 10 am to 11 am.  After 11 am the pressures of the day can take over so get to your important clients on key issues early.  You can do the same thing at the end of the day and in the evening.
  4. Look after your database yourself.  Only you have the information that should go into it, and only you are going to benefit from it being correctly used.  If you go into your database every day you can shape the information and use it to your advantage.  Ongoing contact and trust in our industry is a really big thing.
  5. As you move through the day and the week, track your numbers and ratios relating to calls out, meetings, presentations, listings, inspections, and deals closed.  You should also track your exclusive listings as they will do more for your market share than open listings.

So you can see that the key thing here is control.  When you are in control you can get more of the right things done.  That is how you move up in the industry.