In commercial real estate agency, the average working year for agents will have peaks and troughs when it comes to contracts and lists. The seasonal sales patterns of the year are fairly easy to pick and you should always prepare for them.
In an ordinary year you have about 10 months where you can market and promote your listings quite well. Your success in that 10 month period will depend on your list of contacts and how you work your database.
Some agents if not many have 'dips' in agreements and listings each year due to local area changes and personal holidays. When this happens they need to take firm and decent action to get back on track.
The success of a commercial real estate agent is large built from personal effort and action. Top agents are extremely focused and do the right things every day to build their market share and negotiation potential.
Here are some tips to help you when the lists and responsibilities you have on your agency books are slow or low in volume:
- Exclusive listings are of high value in our industry. They are the only way that you can really control your market and client base. If you have too many open listings, expect that your clients and most negotiations will be all that degree harder to get across the line.
- On a weekly basis check where the majority of property enquiries are coming from and what people are looking for. Track the volume of inquiry coming to you and your office. Make sure that you are getting your fair share of the action. If any of these numbers are low, you should take action in moving your marketing focus.
- Quality listings are critical to help you build personal market share. If you have low quality sales or leasing stock, you will always struggle with inbound enquiries for your listed properties. Top agents work with high quality listings; you should make quality properties a focus as well.
- Work with all your clients to get prices reduced to a range that is realistic. Property buyers and tenants in commercial real estate are very selective. Make sure that all your listings are priced to create good local market inquiries.
- Lift your marketing effort with vendor paid marketing. This VPA process should be a key feature of your sales pitch for exclusive listings.
- Prospect more every day. When you prospect, opportunities are readily available. You have better people to talk to and negotiate with.
If your responsibilities and listings are low, take a look at all of these things and take action to improve your personal efforts and focus. It takes about 3 months to get out of a 'dip' in agreements and listings. Stay personally focused, and get the leads coming back in to your agency.