In commercial real estate agency you need to deliver on your promises to your clients. That does not mean that you need to sell and lease everything that you list (in an ideal world that would be very nice), but you do need to try.
Commitment to the listing and client service process is really important and will help you greatly with repeat and referral business in the future. That's how you get market share and become a 'top agent'.
Commitment will only come to you when you are fully engaged in the listing, the client and the market. Taking on a property at a high and unrealistic price or rent will not normally engage your attention and action. The same can be said about taking on 'open listings'. Exclusive lists offer engagement; open listings do not do that.
Have a look at your current group of listings; what percentages are 'open' and what percentages are 'exclusive'? If you are having trouble with your market share, it is likely that you have too many 'open listings' and are not converting a greater percentage of 'exclusives'. To shift the 'balance' on listing types, it is wise to practice your listing presentation and pitch. You must stand out as the best agent for the job and your solutions for marketing must be positively different. That's how you win more exclusive listings.
A client will engage your services when they know that they need you above all the other local agents. Are you that different? Do you stand out as the best alternative?
So let's assume that you have won the listing. To deliver on your promises as an agent, I mean that you will do all of the following:
- Prospect and market the listing personally and extensively through the local area and your database of qualified prospects and opportunities.
- Communicate to the client frequently about the things that you are doing in marketing the property.
- Tell the client about all inspection results and strategies.
- Negotiate with the client's instructions and best interests at the center of the process.
- Following through on a sale or lease transaction to ensure that it moves smoothly through all the stages of the contract or lease.
- Keep in touch with the client over the long term to help them understand what is happening in the local property market with their target property type.
You must have an exclusive listing to do all of this. Whilst this all sounds so logical, most agents only provide a random service to their clients, and over time their enthusiasm for the listing wanes with the time on market.
To be a top agent, commit to the property listing for the long term and drive the listing and marketing process forward with focus. That is what top agents do and that is what our clients expect.