Commercial real estate brokerage is and can be a very rewarding industry for those that understand how to extract the opportunities from the local property market. Specialization is the key if you are an individual agent or if you work in a small brokerage. You cannot be a ‘solution provider’ across all facets of property investment and ownership (there is simply too much to know and cover off on). Real solution providers specialize in a property type.
In most towns and cities, you can find segments of the market that are opening up and some that are changing. Watch the supply and demand indicators for your location so you can tap into the next upcoming property changes. Be there in the location and specializing within the property type so that you are ready to serve as activity changes in sales, leasing, and property management activity. You need a strategy for that.
What’s the Strategy?
So how can you improve your real estate business over the coming 12 months? Try some of these ideas:
- Your Differences – You really have to be unique and relevant to the clients and prospects that you serve and they must remember you when they get to the next level of property need and change. There is no point in you being the same as everyone else in your industry. Use some business tools and strategies that make you stand out as ‘important’ to the people that will need you. A comprehensive database that covers the entire business and locational segments will be a good point to start from.
- Habits are critical – To drive a solid amount of leads and opportunities your way, it is really critical that you create some business habits that connect you with new people. So how many people should you know? Perhaps there is no single answer, however you should know a significant number of property people and business owners from your location. That level of connection should be deep and meaningful. Prospecting habits will take you to that point of relevance.
- Refine your actions and skills – Over time you will understand that some of your actions are bringing in good results whilst others are not the best for you personally as you strive to get market share. Track your business activities so you can see what is working for you. Improve your strengths and actions where you can see results. A good approach to that would include your prospecting model, your presentation skills, and your negotiation strategies. They are all very important to where you want to head in the industry.
The results in commercial real estate today come to those that are aware of what’s happening around them and they are tapping into the right skills and knowledge. Luck doesn’t have a lot to do with commercial real estate brokerage today.