Industrial | Land | Investments
LAS VEGAS INDUSTRIAL REAL ESTATE
Dean Willmore, SIOR
(702) 796-7900 (O) | (702) 596-8880 (C)
email@example.com | www.comre.com
through mergers or organic growth, or firms new to real estate
with a technological or structural capability that creates challenges to your business.
While you need to keep an eye on new threats, I believe it is
best to focus on what you are doing in your market rather than
worrying too much about your competition. If you are striving
to be the best broker you can be, you are effectively minimizing the impact of your competition. Worrying about what
deals your competitors are doing can take focus away from
your objectives. If you select your market focus correctly,
there should be a big pie of potential commission dollars to be
earned. Your main concern needs to be earning your targeted
marketed share, and since you will be creating a target market
share that is reaching yet realistic, there will still be plenty of
commission dollars left over for the bad guys.
Prepare a sales plan to achieve your income and
market share goal that is consistent with your long-
With your target market selected, you need to establish a
system to succeed in your area of focus. In the old days, sales
trainers recommended backing into a prospecting plan based
upon your sales goal for the year. For example, if your goal
was to earn $1,000,000 gross this year, and each deal generated an average fee of $50,000, you would need to complete
20 transactions. Then, to arrive at the number of cold calls
you would need to make each day, you would determine how
many calls generated a meeting, and how many meetings were
required to win the business. While effective in theory, this
strategy also had the potential of creating strung-out brokers
dealing with massive amounts of rejection daily.
In practice, some form of prospecting remains a vital
component of our business. We are living in an era of social
media and “do not call” lists. How you prepare your sales plan
(which basically outlines how you will find, win, and execute
your business) cannot be the same system you used in the past.
It is your job to determine how you establish your market segment, your brand in the market, and your sales plan that synchs
with your income and market share goals.
If you can determine what has made you the most money in
the past and where the opportunities for future growth lie, you
are already halfway there. Incorporate written goals that are
energizing and inspiring into a concrete plan of action, you
will have a roadmap that will point you in the direction of success and fulfillment in our business. There are many opinions
on what constitutes an effective business plan. I have shared
with you what works for me, and I am hopeful that you can
take something out of this article that helps you plan your
business for great success in the coming years.