When it comes to commercial real estate sales and leasing, expansion of the sales team will give you some opportunity as an agency and as an agency principal with commissions and listings. In seeking to expand, you really do need the right people. Here are my thoughts on that.
The commercial real estate industry is quite unique and requires dedicated knowledge and experience. Finding the right people to fit this need is quite a challenge. Make sure that you have a people with the right character and diligence to drive the business forward. Every potential candidate for employment should be scrutinized for business skill and new business generation.
When you choose the wrong people you will typically have one or more of the following problems:
Call prospecting will not be successful and is likely to be overlooked. Many salespeople will avoid the prospecting process at each and every opportunity. They expect business to walk in the door. Call prospecting is perhaps the most important part of the business model for the agency and for each salesperson.
The conversions of calls to meetings, and meetings to listings or opportunities will be low. It is necessary to track the numbers of calls and meetings on a person by person basis. When successful conversions are not available or are not occurring, it is time to consider whether or not you have the right staff. Spending too much time with the wrong people can be a costly experience.
The level of trust established between clients and staff will be low, and not give you the levels of referral business that you need. Referral business is a significant part of commercial real estate agency activity. It will only occur when you have the right people creating the right networking and connections with clients.
The database in your business is likely to be neglected when it comes to the actions of average salespeople. Only the top operators usually maintain the database to a significant Should I Buy Home Now level of accuracy. The database is the foundation for future opportunity within your business and without it you will find listings and deals will be harder to convert.
When you locate and employ the right people, you will find that the quality of listings will improve and the conversions to successful transactions will lift. It is wise to work on your sales team members individually given that they are unique characters and require individual attention to reach their budgets and to optimize conversion.
It should also be said that some salespeople are variable in their business focus and outcomes throughout the year. Constant attention to KPI’s will track this problem. A successful and good commercial Buying A House Signing Contract real estate business is built on the back of excellent people that are well-managed and committed to the task of new business generation and customer service. Employ the right people from the start.