In commercial real estate agency it is the results that you achieve every day that will help you grow your market share and commissions. On that basis, daily results are the name of the game.
To know what your daily results are, track the right things that mean a lot to your personal growth and new business opportunities in commercial real estate. In most cases that should be:
- Outbound prospecting calls – most agents should be making at least 40 outbound calls every day. From those calls they should be connecting with at least 15 to 20 people. Many agents struggle with the amount of research required to get this momentum underway. Over time however you can build a significant database of contacts and prospects. Soon you will have plenty of people to talk to. As part of the outbound calling process, give due regard to the do not call register that applications in your location. Follow the rules.
- Meetings booked with new prospects – if you follow the call process previously mentioned, it is generally quite easy to create two new meetings per day. In doing that, you will soon find the new business you require.
- New business converted from meetings – assuming that you are creating one or two meetings per day five days a week; you should be finding one new business opportunity per week from that meeting activity.
- Growth of database – your database should be growing regularly and consistently. This will only occur if you prospect on a daily basis. On average most agents should have at least 600 qualified contacts within their database.
- Exclusive listings on the market – the exclusive listings that you create and convert will help you with market share and building an image as a top agent. If you work from a base of open listings, it is very hard to establish any relevancy as an agent locally. Practice your sales pitch and presentation as it relates to an exclusive listing process.
- Time on market – through the calendar year, the time on market will change based on economic conditions and prevailing market pressures. Track the time on market relative to your listings and that of others.
- Closed transactions – some properties will be successfully closed to a sale or release. Other properties will fall from the market as an unsuccessful transaction. Either way you need to watch what's occurring when it comes to these numbers. Generally speaking the numbers of closed transactions should be on the increase as you continuously prospect through the local area.
When you set results and track them, you can see performance standards that apply to your personal focus and activities. Every day is a new day in commercial real estate where you can connect with new people, find a better quality prospects to work with, and list good properties. That is exactly what top agents do in this market. They keep connecting with new people and put them into their pipeline of contact.
It is interesting to note that ratios and results will differ from person to person. Some commercial real estate agents will be better at prospecting while others will be better marketing. The same can be said when it comes to negotiating.
Understanding your personal strengths and weaknesses as an agent will help you address any shortcomings when it comes to skills and opportunities. Personal development is a key part of our industry.