You’re the new go getter! …But you have no idea what you’re doing doing… Most states only provide training for residential real estate, leaving commercial real estate agents to fend for themselves. Here are a few tips on helping new agents learn as fast as possible.
Partnerships. Have you noticed that the best agents refuse to take on junior agents? If the best agent takes on a junior agent, the junior agent will require a commission cut. When a top-performing agent takes on a student it reduces his/her earnings by 50%. This is a big issue since the best performers should be the trainers. I suggest brokers give top-performing agents a salary for each junior agent he/she takes on. A salary is a nice security blanket that’s difficult to pass up, just be sure to establish an expiration date. After 3-months, ask the junior agent if he believes he’s learning anything. Sometimes the best sales people are the worst teachers. You may have switch senior agents around a few times before things begin to click.
Cold-calling. I have a history of fighting against cold-calling. I only fight it because it’s an overused technique to gain leads when there are many other effective lead generating activities. However, I believe every new agent needs to do SOME cold-calling. All brokers should require a junior agent to keep a notebook of companies he’s visited with notes on primary points of contact and a little personal information to remember on his next visit. Junior agents should visit a new office building / retail / industrial park once a week. The exercise should only take about 4 hours, so there are no excuses to not participate. They should stop into each suite or building and ask these questions: (1) Do you rent or own? (2) Who would decide on the new location if the business needed to move? (3) Who is your landlord? Most receptionists or employees will answer those questions. Even if the agent can’t talk to a decision maker, he’ll have the contact information. Knowing who’s who is 90% of the game! Request to see the notebook every month and count the number of buildings he’s visited. If a junior agent keeps trying to weasel out of this exercise, you’ll need to evaluate whether or not this person is committed to a career in sales.
Marketing plans. If an agent is unsure on how to build and create a lead generating marketing plan, give him or her the 8 Essential Marketing Tips for Commercial Real Estate Agents. Junior agents will appreciate the extra education.