Many people start a career in commercial real estate brokerage thinking that they can earn a considerable income relatively easily. If that were the case, then everybody would be a successful agent or broker in the location.
The basic reality of the property industry is that you must to work hard and with focus to get results; you should refine your processes and efforts over time. You need a plan of attack; that’s the way the industry works and the people in it get the business results that they need.
Its a Personal Process
Everyone struggles from time to time in the industry; that is well-known fact. There are good times and bad times to work through, so prepare for them. There are variables that you cannot control, and there are skills that you should to learn to improve your conversions. There are also the things that you really can control, and on that basis you should make the most of them.
In each year the property market will change considerably across sales, leasing, and property management. Understand your property market for what it is, and then delve into the factors of property quality with both listings and clients. Be versatile in your business approach.
Look for Opportunities
If you want to earn a reasonable commission individually as a broker or an agent, then here are some ideas to help you on that road to success:
- Practice makes perfect – understand your particular strengths and weaknesses that will have an impact on your business career, your negotiations, your listings, and marketing activities. The strengths that you have in business and as an individual can be improved, and the weaknesses will need to be addressed. Review your strengths and weaknesses as they will apply to your property market and your business activities. Embark on a personal program of skill development and practice.
- Look for the best properties and clients – when you consider your location comprehensively, you will find pockets of quality listings and high quality buildings. Within those zones of attraction or popular precincts, there will usually be good levels of property activity and opportunity for the taking. That opportunity can be in sales, leasing, and property management, so be prepared to vary your approach and your business skills accordingly. Understand how you can get to know the businesses in those locations and the investors owning the quality properties and listings. You will need a new business strategy to open the doors with the right people as part of your prospecting efforts.
- Create property specialization and relevance – when you approach business owners and property owners locally, they will want to see and understand your relevance to them, their business, and or their properties. If that of relevance is missing in your prospecting activities, then listing conversions will be difficult and slow to achieve. Develop your specialization and build the relevant skills to support the process.
These three simple skills will help you get further traction and momentum as a commercial real estate agent or broker in your location.
There is no point in being average or ordinary in commercial real estate today. You will need to position yourself strongly into the location and within certain property types.
So you want to win some new business in a regular and ongoing way. You want to control your listings and your clients exclusively. How do you do that? You have to be seen and be remembered as the agent or broker of choice that really understands the location and the property business. That is a special marketing process from an individual perspective. Establish your real estate plan of attack, and build your professional skills through practice. Be prepared to commit to the process.