Calling all Commercial brokers....
How did you land your first property listing and how do you continue to get/convince clients to let them sell their property with you?
[{"id": "fxhpcy0", "text": "Referrals from residential agents", "replies": [{"id": "fxi6at6", "text": "How do you handle referral splits to residential agents? I have a partner I team up with. He and I split everything about 65/35, which is fine because he has a lot more experience, has his CCIM, and has saved a deal on more than one occasion. If we give the referring agent 25% referral fee, which is usually the case on most residential referrals, then I end up making just slightly more than the referring agent even though I am putting in way more work.", "replies": [{"id": "fxj4j9z", "text": "Depends on the deal. Sometimes I'll give the referring agent 25% of the list side. Most of the time I'll give them some percentage off the top of the whole fee and split the rest. For example let say I'm referred a deal and the fee is 6%. I'll offer the referring agent 1% off the top then offer 2.5% to the buy side. It only works in a business line where 6% isn't necessarily customary (bigger deals, investment sales) but it's a win for the referring agent and me and the buyers agent doesn't know any different.", "replies": [], "depth": 3}, {"id": "fxjoiu5", "text": "I handle referral splits based on how much work the other agent is going to do. I was taught 10% to the referring agent if they're just passing off names with no DD. I typically give 20% to 25% if they have an established relationship with the person. 30% to 35% if they're going to do the work with me but don't know anything which means I basically tell them what to do. 50/50 with them basically doing most of the work and I take care of the important items to make sure it closes.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fxhpwig", "text": "Use costar to build a prospect list of 500-1000 target properties in an asset class/geography. Make 30 cold calls a day religiously. \n\nTake those phone calls to pitch house listings that are comparable and ask the owners about their properties. Repeat for two months and you will have a listing. \n\nYour firm should help you get your first few pitch decks together. Be patient and keep hustling.", "replies": [{"id": "fxhvbxz", "text": "To pitch house meetings?", "replies": [{"id": "fxhvm5g", "text": "\u201cHouse\u201d as in the listings of other agents in your shop. They will be glad to have you pushing their deals!", "replies": [], "depth": 3}], "depth": 2}, {"id": "fxhwnjg", "text": "Make that 80 calls a day or it'll take you forever to find a deal.", "replies": [], "depth": 2}, {"id": "fxj5bmd", "text": "Costar is great but expensive especially if you're just starting or your firm isn't paying for it.", "replies": [{"id": "fxql9ko", "text": "Costar is a necessary tool to be a reputable commercial agent. You simply won\u2019t have access to powerful data unless you have access. \nIf it is not available at your firm, I recommend you look for another shop.", "replies": [], "depth": 3}], "depth": 2}, {"id": "fy9csmt", "text": "This guy has the right idea. Exactly what I did.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fxhvzj9", "text": "Do property management, and have success with smaller class B/C properties in your portfolio.", "replies": [], "depth": 1}, {"id": "fxhz6du", "text": "Made the phone go brrrrrrrrrrrrrr", "replies": [], "depth": 1}, {"id": "fxi53i2", "text": "Direct mail, call follow-up, door knock, newsletters repeat until you become a trusted advisor.", "replies": [], "depth": 1}, {"id": "fxj5jxu", "text": "You can also drive around and look for places that need work. Find the info and call them if it hasn't sold recently. Also try finding buyers who need things. You can help them buy if you're trying to get a deal in general.", "replies": [], "depth": 1}]