How to Set Benchmarks and Goals in a Commercial Real Estate Agency

As a commercial real estate agent, you should set yourself some specific goals and benchmarks to be achieved in a regular and ongoing way. When you have some clear goals, you can understand how the property market is trending and what changes you need to make to attract more market share. It is interesting to…

As a commercial real estate agent, you should set yourself some specific goals and benchmarks to be achieved in a regular and ongoing way. When you have some clear goals, you can understand how the property market is trending and what changes you need to make to attract more market share.

It is interesting to note that many agents approach their career initially with some focus, which then unfortunately tend to fall away as time passes. Lack of agent focus creates random results.

The results that come to us in lists and responsibilities are in the major self generated. To achieve the right level of momentum and income, you need to have a basic daily plan and focus strategy. Do not let distractions divert you from the opportunities that are available to top agents.

Here are some strategies to help you with goal setting in the industry. Consider where you are today with these factors:

  1. Understand the skills that you bring to the industry. Some of those skills will be highly relevant to the lists that you require. Work on the things that you are good at, so that you can build a brand and a reputation as a top agent. Some of your weaknesses may need to be addressed and improved. In our industry we never stop learning.
  2. Some parts of your market will have more opportunities than others. The same can be said as to property speciality. Choose the right segments that work for you when it comes to listing and deal opportunity. Check out the history of the market over the last few years to see how it has changed, and then determine where it is heading over the next four or five years. Has the market got sufficient growth for you to tap into? Have you got sufficient knowledge to build your brand as a top agent? Make the right choices and start the learning process.
  3. Identify your competitors agents in the local area. Review their current levels of activity and market share. Understand where you fit when it comes to the property types, and competitiveness agents. Make sure there is room for you at the top of the industry and then build your momentum to reach it.
  4. A review of the local market will show you the rates when it comes to deal frequency and transaction size. Those factors will then have an impact on the agreements that are available from the average transaction. From that information you can determine the types of property and clients that you require to build your market share. Focus on the quality listings and quality clients through the region. Average and poor quality listings are of little benefit to you.
  5. Your real estate career should be built from a basis of controllable quality listings and the associated clients. This then says that you should attract and convert exclusive lists wherever possible. Some agents struggle with this fact particularly at the early stages of their career. They tend to take on open listings for the sake of having stock to work. Whilst this fact is understandable, it can be counterproductive to the long term personal growth of market share. Improve your conversions of exclusive listings by building and showing your relevancy as a top agent; This becomes a strategic process in your sales pitches and presentations. Top agents always convert more exclusive listings. Practice is required to improve your presentational process and conversions.

From the above information you can start to work on your goals and understand what you need to do as part of building your career in commercial real estate agency. The next stage for your personal growth is in taking action.