‘Its Easier if You Specialise in Commercial Real Estate Brokerage’ – wise words of the ‘Rich and Famous’.
Frequently I see so many real estate agents and brokers doing too many things across a large area or city. Spreading yourself in that way doesn’t help your market share or your commissions, in fact it makes it harder to achieve. It’s a lot easier if you specialise in certain ways. ‘Drilling down’ is a sound business logic in commercial real estate brokerage.
Here are some specific strategies to help you with this business logic as an agent or broker:
- Limit your territory – It stands to reason that if you stay within specific boundaries of your market, the coverage is easier to achieve. In doing this territory assessment, make sure you have enough properties to build your business. Look at the historic sales and leasing activity in the area so you can pick the trends and changes that you can tap into. Review the market changes to see where the next factors of growth appear to be happening. As part of that check out local business sentiment; successful businesses drive property sales and leasing activity.
- Limit your prospects – Your list of prospects should be zone and type specific. Get to know specific people such as investors, business leaders, property developers, franchise groups, large corporations, and owner occupiers. It is a matter of what groups are most beneficial to your property focus. When you have made that choice, drill down into opening and strengthening relationships over the long term.
- Restrict your property types – It is easier to talk about local property activity when you specifically stay within types of property. In that way you can track the trends in leasing, rents, sales, and prices. From that you can build graphs and informational material that support you client connections and presentations.
- Drill down – Every property discussion with a client or prospect should go deeper. In that way you can show the client exactly what you can do and how relevant you are to the process of solving their property problems.
- Practice a higher level of dialogue – Build you property specific communication skills by role playing and personal practice each day. This simple strategy is the way to fast track your results with sales pitches and presentations.
So these things help you to connect at a higher level within your property market and with the right people. The top agents of the market are quite specialised; that’s how they become more relevant to the clients that they serve.