In commercial real estate agency, the use of listing agents is not common although the concept does work. The main 2 reasons to have listing agents in your office are to generate more listings and to build your market image brand faster.
Special Person Needed
An agent in this role should be hired on their ability to generate quality appointments with property owners and business leaders, thereby allowing more new listings to be sourced and created. Their expertise should be:
Great call prospecting skills Great client communication skills Good presentation and listing skills Ability to close on listings Understanding of property legislation in the listing and selling of commercial and retail property The local property knowledge to correctly price and list a commercial or retail property Marketing skills to package the right campaigns for each new listing
They should maintain the contact with the client through all levels of the sale. One point of contact is the key to making the relationship with the client productive and positive.
Here is why this listing agent concept may work for you:
A successful person will comprehensively drive more listings because that is their focus and that is their skill. This in turn will give you a larger brand image from greater signage in the local market. More listings in your local area will allow you to place signs on quality property. When the local business proprietors and property owners see the frequency of your signage, the perception will be that you dominate the territory.
When these two things happen, the direct flow through effect to your business is that you will get more calls off the signboards and the advertising for those listings. This is where the agency team taking the enquiry and marketing the properties should comprehensively capture the information into a good database.
Growing your database always becomes a source of new business and closed deals. This is of course providing the salespeople utilise the process and the discipline of filling the database on a daily basis.
Is This a Concept for You?
If you use a listing agent concept in your office, they will be the first point of contact with the client. They will find the listing and they will close on the listing. The question will be as to how the relationship will be continued when the other Agents in your business introduce buyers to the property. The original listing agent should still remain at the front of the client relationship to help the marketing and negotiation process.
The level of trust between the listing person and the client must be high at all times; they must still own the relationship with the client. When client relationships are not well handled, the marketing of the property and the deal or negotiation outcome becomes difficult.
Business Generation Advantage
Listing agents are a business generation tool, but the other agents in the office are the ones to find the buyers and introduce them to the property. They will also be closing the deal at a later time. Communication between all agents or salespeople is fundamental to the successful closed property sale.
Commissions between the listing agent and the closing agent that introduces the buyer will be split. It can be argued that the listing agent’s share of the commission is equal to the agent that finds and closes the buyer; your policy on this will need to be firmly set as there will be some disagreements. My view is that both agents in the marketing and sale process have a role to play, and the one commission should be split equally between the two agents or salespeople involved in the deal.
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