When it comes to winning market share as a commercial real estate broker or agent, it pays if you can divide up your market or listing territory into segments. In this way you can then focus your marketing efforts and activities.
Results in commercial real estate come from systemised focus and you have limited time available each day for prospecting and marketing.
It is a fact that you cannot be everywhere at once when it comes to prospecting and networking. As an individual broker or agent look at your market and consider the following facts:
- What is your specialised property type?
- Where is your market?
- Why should people do business with you?
- How can you cover the sales and listing territory?
- What is your competition doing now with marketing?
- What is your market share and how did you get that?
When you answer these questions quite clearly you can soon see the strategies required to move ahead as a top agent or broker in your local area.
So let’s look at some rules that can help you divide and conquer your local area for increased commercial real estate activity and opportunity.
- Determine a key service that you will be focusing on. That could be leasing, sales or property management. You can also have combinations of sales and leasing, or leasing and property management.
- Build a marketing package for your ‘key services’. Carry that package of information with you so you can connect with new people at any opportunity. Practice your scripts and dialogues for your ‘key services’.
- Identify and set up your main primary territory for new business based on local area growth and opportunity. The primary area of focus should give you 80% of your business. Assumptions should be made on the local area and how it is changing.
- Determine geographical or road boundaries that contain your primary area of focus. From that you can determine the desirable and active zones for sales and leasing activity. You can also determine the better streets and properties to connect with.
- Your territory is likely to contain many properties and businesses. On that basis split up the zone into segments of 100 properties. Segment by segment (each of 100 properties) you work through the local area to identify owners and businesses. Talk to more new people every day in those zones to identify property change and opportunity.
- In addition to the above strategies, connect with property developers and franchise groups separately. You never know when they may require a new location or parcel of land to build on.
New agents and brokers in the industry need a system to proceed and attract clients and property listings. This process will be a very good start in doing that. You can modify it to suit your market circumstances.