When you decide to expand your sales team within the commercial real estate agency, it is best to establish a series of guidelines and targets as part of the process. Assuming you can find and locate the right people to employ, the following outcomes should be considered Blossoms by The Park as part of tracking your growth.
- Expanding your sales team should mean that you get more listings in the primary sales territory around your office and in your city. It is wise to define your sales territory geographically so everyone knows where the listings should be coming from. When you move too far away from the office in property location and with your prospecting efforts, the listings become too hard to service and it is questionable whether your marketing will be as effective for the long term. It is notable that the cold call prospecting process is less effective the further you move your efforts away from your office.
- From the earlier point detailed above, you should define your primary and secondary selling territories or zones. At least 75% of your business should come from the primary selling zone or territory. The balance of the 25% should come from the secondary area and further afield. Within your primary selling territory, you should know and have identified the core property types that will be producing the types of business, listings, and commissions that you will require. Your prospecting model should be directing your sales team to these properties and the property type. A focused effort in prospecting is required by all members of the sales team.
- All of your marketing should be directed to the primary selling zone or territory. This means that your signs on properties and your Internet presence should be high within this area. Newspaper advertising should be optimized for any listings within the area. The target of your marketing effort is to show that your office and your salespeople are the best available locally.
- Formulate some decisions regards the service specialties that your office can professionally provide. Normally speaking the decisions and focus will be between commercial sales, commercial leasing, and commercial property management. You may also choose to include retail and industrial properties in the mix. Ensure that your people can professionally service that need. Knowledge and experience will help with this. If your people do not understand the property type then help them get the knowledge or don’t do the particular type of property. Errors and poor performance in commercial real estate can derail your business backwards.
The expansion of your sales team is a wise strategy providing you can locate and employ the right people. Mistakes in employment can slow the progress of the real estate office and have some major impact on the expenditure seasonally.