There is no doubt that top commercial real estate agents do things differently than most others. They have a system and focus that takes a ‘lions’ share of the market from their competitors.
After studying many top agents across the country for years, it is relevant that we talk about the differences with the best agents in the market. Their skills and focus can be replicated by others and indeed you. Success in commercial real estate is a choice backed up by a process.
The best agents in the market make up only about 10% of the industry (and sometimes less). Out of an office or brokerage of 10 agents, you will usually see only one and possibly two that are ‘stand-out’ performers. They reach the top of their ‘game’ due to effort and activity. It is their choice and they can see how to build on every success.
At any time of year, there will always be plenty of opportunity available to list commercial property for sale or lease. It is the quality and the location of the listing that will have a lot to do with the results that you achieve from marketing and inspections. This also then says that you should be selective as to what properties and clients that you take on.
Here are the critical factors that help top agents rise to the heights of success in their industry:
They have a plan of approach to do certain things each day. Prospecting and marketing usually are at the top of the list in their diary.
To get anywhere in market share, deliberate effort is required. It is not unusual for a broker or agent to regularly put in 10 or 12 hour working days. The rewards are great in commissions when effort is applied. Stay organised and active on the things that really matter to your business.
Working late and working on weekends should be something that all agents and brokers are prepared to do as required. Commonly you hear some agents say that they do not want to work on weekends! That is a strange choice when you consider that salary and commissions can be impacted.
The qualification of a buyer or tenant should occur before any inspections and meetings are arranged. There are lots of ‘hopefuls’ in the market that really do not have the capacity to act in a sale or lease.
Test and measure all activities relating to marketing and prospecting. Understand the things that are working and those that are not. When you improve your marketing choices you can move ahead in property inspections and enquiries.
Every top agent will usually have a strong and up to date database that they use personally. Every day they add more people to their ‘list’ and maintain relevant ongoing constant contact.
Property and area specialisation allows any broker or agent to focus on results and knowledge from the market. Clients like to know and see that they are working with the best agents that dominate the property type and location.
Prospecting letters, success letters, cold calls, and personal meetings all feature as an important focus of building market share.
So there are some good things to focus on here. It all comes down to a personal approach and the choices that are made.
Drive your commercial real estate business forward with total focus and action. Track your progress and let every day build on the success of the previous day.