Commercial real estate sales is not the easiest industry to work in given that everything you do is based on relationships, knowledge, and professional skills. Those three factors should be improved at a personal level if you want to rise to the top of the industry in your town or location. That’s what top agents do, and then they strive to maintain the profile.
In simple terms you must know a lot of people in all categories (sellers, buyers, tenants, and landlords), and then you should personally improve your personal core skills across the 7 factors of:
- Prospecting for new clients and new properties
- Negotiation when it comes to listings and deals (sales and leasing)
- Listing properties locally
- Marketing in innovative and relevant ways (sales and leasing)
- Documentation across all deal types and property situations
- Communication (verbal, written, and interpersonal)
- Relationships and referrals with clients (including the database to control things)
Whilst there are factors of ‘luck’ in our industry, most of the results that come to you in commercial real estate sales will be based around your actions and planning with the 7 issues mentioned above.
Develop these ‘7 Core Skills’ through a practice and planning process. Every single point can be broken down into actions and important local issues that can help you build your business.
Let’s take item 6 for example, that being ‘Communication’. You can open that up into the specialised processes of:
- Cold calling new clients, property investors, and business owners
- Contact with clients (current and old)
- Newsletters (in listing activity but also in market changes)
- Industry updates and market changes (sales and leasing)
- Direct mail (sales, leasing, businesses, investors, developers)
- Brochures and flyers (design and distribution)
- Listing updates relating to current listings
- Social media
- Blogging interaction
- Marketing processes and updates
- Website interaction
You can now see why the ‘7 Core Skills’ are so important; there are plenty of things that you can do within each skill base. If you want more new business and clients in commercial real estate sales, the message is to improve your ‘core skills’ and implement the processes in doing so.