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Goals and Targets for Commercial Real Estate Teams Today

May 30, 2012 | Comments: 0 | Views: 162

Most goals in commercial real estate sales and leasing relate to the income generated and listings created. Whilst that is at the broader level, you then need to break those goals down into more specific categories such as the following:

  • Property type
  • Property location or precinct
  • Sales, leasing, or property management
  • Time delay on transactions to be settled
  • Income generated from established key clients
  • Income generated from new clients to the business
  • Recurring income from property management activities

To bring all of this together, every salesperson within the team should have a particular and precise prospecting plan that they implement every day. Failure to prospect will destroy the salespersons momentum and the business over time.

It takes about three months to grow your market share through prospecting, and it takes the same amount of time to destroy your market share when prospecting is neglected. You have a choice.

So to bring this to a level of momentum and action on the part of each salesperson in the team and perhaps yourself, your goal management plan can incorporate some or all of the following:

  1. Most salespeople will have just 10 or 11 months of the year to generate the majority of their whole year's income. The remaining time is dedicated to holiday downtime and annual leave. In itself, this analysis can be quite scary and show you just how important your prospecting efforts will be on a daily basis. The property market will slow at the time of financial year changeover, and end of year festivities. Like it or not, the people that we deal with do take holidays and sometimes lose focus when it comes to commercial property. January and July are very quiet months in most cases. The commissions and listings within our personal and team budgets should be adjusted accordingly. Outside of holiday times, it is time to generate business and every effort should be applied to the process.
  2. Look at the last 12 months to understand the levels of commission that you have achieved from closed transactions and when it was achieved. Split that commission into sales and leasing activity. Divide the commissions within those groups to the number of transactions. You will now know how much commission you are getting from the average sale and the average leasing deal. Sometimes this number can be quite scary. If anything, it will highlight the need to specialize on better quality listings.
  3. When it comes to setting goals, reality says that we need to take into account the conditions of the property market and the overall economy. That being said, we should also take into account the performance of ourselves as salespeople and understand at the outset whether we really have been totally committed to the prospecting and business growth process. Even though we may work for an agency, we really work for ourselves and on that basis we should commit to ourselves when it comes to growth and new business generation.

So setting goals can be a complicated thing, however we do need to know where we have been when it comes to a results to date as salespeople, and then we do need to set some pathways to market share improvement and results for the coming 12 months.

Better commissions and listings only come from channeled effort. Everything comes back to the individual, and the action and focus that they generate. Your goals will help you stay on track with better listings and more commissions. Start taking action.

If you want some more tips and ideas to help your commercial real estate agency and convert more opportunity into listings and commissions, you can get a free ebook of tips and tools at http://www.commercial-realestate-training.com

John Highman is an experienced Commercial Real Estate Agent, International Speaker, and Sales Coach.

Source: EzineArticles
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