Sales Meeting Strategies in Commercial Real Estate Brokerage Today

In commercial real estate brokerage, the weekly sales meeting can be a powerful tool when it comes to building the market share momentum for the real estate business and the sales team. The meeting can be well planned to achieve positive leverage and momentum across the agency.

With most agencies today, the weekly sales meeting is a good idea to keep the agents on focus and task. That being said, an agenda is required to achieve that. Minutes should also be created from the meeting to track and measure the efforts of individuals. Good salespeople thrive on positive recognition and individual performance tracking. They understand the benefits of the process.

Weekly sales meetings should occur in the mornings before the business day commences. They should also take no longer than 1 hour so that that the team can get back to the marketplace and the daily activities required.

So the goals of the sales meeting should be to achieve the following:

  • To encourage the team forward with activities in listings and commissions
  • To sustain the momentum and the focus across the group in a positive way
  • To track and measure the activities of individuals
  • To establish positive communication between the sales team and the administration team

It should be remembered that most salespeople dislike lengthy meetings. Any top agent or broker will prefer to have a firm agenda to stick to when it comes to weekly reporting and meeting attendance. The team leader or the sales manager should control the process.

Here are some tips to help you establish a positive process of meetings for your sales team:

  1. The location of the weekly meeting should be varied to encourage activity and attendance. You can move the meeting between different venues and times of day. Breakfast meetings are usually quite successful, and the same can be said for lunch meetings. You will however need an agenda for the process.
  2. Peer group praise will always be a useful tool within a successful sales team. The team leader or the sales manager for the agency should encourage that activity. When a salesperson has achieved great success or an extraordinary deal, share that information around the group at the right time and in the right circumstances.
  3. Once a month allow the full sales team and the administrative team to come together as part of social drinks. The interaction between both groups will be important for the success of the agency.
  4. Establish a points system between members of the sales team. The points system should be varied based on a number of different criteria. In that way you will be recognising and encouraging everyone, and not just the top agents with the best deals. Look at the different achievements of the week including the best deal of the week, the best marketing campaign, the greatest numbers of inbound calls, cold calling targets, exclusive listings, and new meetings.

Top agents and brokers like efficiency. They also like to get to the point quickly and effectively. Any sales meeting should take no longer than 1 hour, minutes should be created, and agendas should be circulated prior to the next meeting. Respect the time of your top agents, and they will respect the attendance requirements at your sales meetings.

Commercial Real Estate Agent Prospecting Facts and Strategies

When you work as a commercial real estate agent or broker, it is essential that you develop and implement a prospecting program to generate new business leads. It is a personal process and it is not something that you can or should delegate.

I am amused sometimes when I hear that an agent has paid considerable money to a marketing company to ‘cold call’ their entire sales territory or market segment looking for leads and prospects to serve. Delegating the prospecting process to a marketing company or another ‘unskilled person’ is a waste of time and money. Commercial real estate is an industry built around personal relationships and trust; a marketing company or employed canvasser cannot offer that level of communication or service.

So why would a real estate agent employ such a ‘marketing firm’ to make prospecting calls? The answer in most cases is glaringly obvious; the agent doesn’t have the skill or the discipline for the prospecting process to be successful.

If you want to win the new business, then you will need to do it yourself. Yes, it takes time to get results and you will need to develop some new skills, but discipline will help you get to the results that you are seeking.

One thing should be said here; commercial real estate brokerage is tremendously rewarding for the sales people that can work hard and to a system or plan. Looking for leads and opportunities is part of the process or game. It’s a personal thing and it can’t be delegated.

Here are some way’s to find new business, better property listings, and good clients:

  • Redundant Properties – Some properties will move to a level of redundancy due to age, deterioration, change of zoning, or lack of tenants. When this happens it is time to move to the next phase of the property ‘lifecycle’. A good real estate agent can see the signs early and work closely with a property owner as they start to deal with the issue of investment change.
  • Vacant Land – As a city expands or suburbs change, vacant land will be rezoned for new development. Keep ahead of this opportunity by monitoring the planning and development applications at your local planning approvals office. Get copies of the public minutes of the planning committee meetings.
  • Old Listings – Some listings don’t sell or lease at the first attempt. What you can do here is withdraw the property from the market today and then revisit the property marketing effort a few months later in another and perhaps different marketing approach. Refreshing a listing is a valuable business process.
  • Open Listings – The best way to sell or lease a property is through an exclusive listing process. Open listings are very much a process of luck; most open listings stay on the market for a very long time and on average are far less successful when compared to the dedicated marketing efforts of an exclusive listing. Revisit old open listings to see if they can be optimised for a fresh marketing effort.
  • Larger Businesses – Local businesses are involved in property either as tenants or as owner occupiers. Business owners will need help with property from time to time. The best way to tap into that opportunity is through direct and ongoing contact. Cold call every business in your town or city and speak to them regularly about property needs and changes.
  • Surrounding Other Listings – When a competing agent puts a property on the market, you can use that listing as a reason to talk to all adjacent and nearby business and property owners. One property listing can be the catalyst to talk to others to see if they would like to compete or do something themselves.
  • Street Canvass – On a street by street basis, systematically move through your sales territory and research all property owners. Eventually you will create a good list of owners for your database. Ongoing contact will allow you to build valuable client relationships and the levels of trust that help grow commissions and listings.
  • Cold Calling – The telephone remains the most effective business tool that we have. Direct calls handled in a professional way will help you reach out to new people. Selectively researching the property owners and business people in your area will support the cold calling process.

A simple list like this will give you an abundance of property leads and opportunities. The secret to making things work for you is in doing it yourself.