In commercial real estate brokerage the listing and selling process can almost be ‘robotic’ if you follow the rules and use a plan to move people through your ‘pipeline’. I am not inferring that the ‘robotic’ approach is negative; it is actually a great way to help your contact pipeline feed the listings to you and over time that means more market share. Here are some notes from our Newsletter this week.
Listing and selling commercial real estate today is really just simple communication. It is a matter of how ‘good’ you are at the stages and levels of interaction.
Let’s simplify the ‘pipeline’ for you. It works this way:
- Property and prospect research – this is in knowing how to find the right properties and people to work with. Research the market every night so you can get traction in better clients and listings.
- Prospecting activity – this is a regular daily requirement. There is no other faster way to build your market share. Put your prospecting time in your diary and implement the process each morning.
- Qualifying clients and prospects – some people that you talk to will be open and honest when it comes to their property requirements. Others may be less so open. Ask the right questions to get to the real facts of every property need or transaction.
- Meetings and presentations – they should occur every day as a direct result or prospecting new people. Target 2 new meetings per day.
- Listings – converting listings can be a special process. You must stand out from the competitors in your market.
- Marketing – this should be focused on the target market for the property and the region.
- Handling objections and negotiating – every property is different so be prepared for every negotiation.
- Documentation – accuracy is critical to help a deal move ahead
- Follow through on closed deals – don’t let a deal slow or get diverted due to inattention.
- Long term relationships – they will bring you the leads over time.
They are the simple things in commercial real estate that are all as important as each other. One stage leads to the next stage. It directly follows that you should be very good at all of the stages if you want to generate some quality listings and the better deals that go with that. If you are not doing so currently, then practice and personal improvement is required.
So the ‘robotic’ approach starts to appear when you have all of the stages working well and integrated into the other stages. When you look at the commercial property industry overall and in most locations, you can improve so many listings and commission opportunities when the separate parts of the process are ‘optimised’.
You can get more tips like this in our Newsletter right here.