We all know that salespeople come and go from the commercial property industry. When the property market gets tough, it is the good people that get through because they work harder and have a great database, and the average people that leave the industry because their income is too low. On this basis you as the office manager or agency principal should always be on the lookout for better people in the market that can work for you.
Here are a few ideas about finding and employing new people in the typical commercial real estate agency today:
Other agents working for the opposition should be watched for opportunity. If you decide to take on one of these people, test them out on skills and proven deals done. Not all salespeople are as they appear.
If another agent from another office comes to you and asks for employment, be careful to assess their reasons for change. In most cases they are not performing in their current business; you need to know why.
Look around the existing properties in your area and see just what agent has the greater numbers of signs. Track their time on market and success rates with their listings.
A great salesperson is highly motivated to do the right things every day. This skill does not easily come to all, so ask the questions and get real some answers about how your candidate for employment would operate their business day and week.
Local property knowledge is essential to attract listings and convert them to new business. Ask questions of your candidate in regards to the local property market and what they know about it. This will soon highlight any shortcomings.
An established prospecting model should be part of the agent’s current business processes. Get them to tell you how they prospect and why they do it. Ask to see the size and type of database. Get them to explain how they work their database.
Listing skills are primary to finding and converting new opportunity. A good listing agent will build your business faster if they really have the listing ability under control and optimised.
Marketing skill will help convert a listing to enquiry, and it is this enquiry that can move to inspections and closed deals. This property market requires great salespeople that really know how to market, inspect, and negotiate.
Documentation skills should be established. An agent or salesperson with poor skills here will likely be a liability and a risk to your professional indemnity insurances.
Property knowledge in commercial real estate is an interpretation process involving rents, prices, leases, sales, incentives, and factors of supply and demand. There are reasons that a sale or lease will occur and the answer usually lies in these categories. Ask questions about these things and what the candidate knows about them. Continue Reading