Learn From the Mistakes of Others in Commercial Real Estate Brokerage

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In commercial real estate brokerage, there are plenty of things to watch and learn from. Every transaction will have indicators, results, and trends to analyze.  It is also worth watching every top agent competitor within your territory or location to see what they are doing in self marketing and or listing activities; look for the strengths and weaknesses in each case. Look for replicating the good ideas and or the strategies.  Soon you can be doing the unique and special things that other agents are not doing.  (NB – you can get plenty of brokerage tips in commercial real estate right here)

 

In saying all of that, it is quite critical for you to be unique and special when it comes to commercial real estate brokerage. It is wise from a business perspective to stand out as the person with the market coverage, the knowledge, and the database.

 

Key Questions for Brokers

 

Think about these questions:

  • Can you claim some special marketing position in your local property market?
  • Will you be remembered by the investors and the company owners for that very reason?
  • What are you doing now that is not generic and ordinary from a brokerage perspective?
  • Where are you positioned in the property market?

 

The personal marketing process in our industry can always be improved through constant focus and the use of today’s promotional technologies, databases, the traditional cold calling processes, plus more.

 

Look at your own marketing model for today and this year.  Your online marketing approaches and profiles should be reviewed and refined as part of strengthening your business brand.  Yes, you may work for a brokerage ‘brand’, but you and your identity should be strong in the local area for all the ‘right reasons’.

 

Strengths and Weaknesses

 

So, let’s go back to the things that you can work on as a professional in your industry. Look for the strengths and weaknesses from every transaction and client relationship.  There are referrals to be sourced.  There will also be some repeat business activities pending with your current clients.

 

Review your competitors comprehensively to gain that professional edge as a ‘top broker’. In saying that, also look for the identifiable mistakes and the errors in others so you can avoid them in your business future.  Let the errors of someone else show you the decisive path to positive action, client contact, and property marketing.

 

Consider your area or territory this year.  Think about these questions:

  • Why did something eventually sell or lease?
  • What motivated the client to accept the offer?
  • How did the property and or its marketing pull in the enquiry?
  • What promotional efforts of today seem to work and why is that?
  • What issues were more attractive in the property inspection?
  • Why did one property have significantly more inspections than another?

 

They are all good questions, and the answers will have relevance to your property industry, the ‘players’, and the negotiations.  I go back to the point that local area results show local area trends, and that will be an advantage as you seek to close on clients, listings, and transactions.

 

Throughout the year, the local enquiry will change with economic pressures and business sentiment.  Any broker or agent should adjust their business model as the market changes.  A business prospecting and listing model will help with that; that is at a personal level.

 

Break Brokerage Down

 

In brokerage, I like to break the business and the listings down into several simple facts and strategies.  When you do that, it makes it a lot easier to make changes and refine activities at a personal level.

 

You could say that the profile and market share for every top agent will be built on the foundations of client contact and personal marketing. Let’s look at how you can do this.

 

Self-improvement in our industry is important across the brokerage team and for each and every individual. Most things can be improved and enhanced. Try these categories for starters:

  1. Timing of marketing and listing – consider every listing from a timing perspective given current market conditions. Make clear recommendations to the client regards the timing of their property activities for the location.
  2. Rental or price strategies – some strategies are better than others when it comes to pricing and rental. If you are tracking the levels of enquiry locally, then you will know what the buyers and the tenants are looking for when it comes to best method of sale and or lease. Then you can match your price and rent strategies into the right choices and the right marketing campaigns.
  3. Documentation strategies – get the documentation for any listing or transaction prepared early in preparation for any momentum or offer.
  4. Marketing methods – mix and match online and off-line marketing strategies to improve the profile of the property given the levels of local competition.
  5. Inspecting methods – consider how you can take a property inquiry, convert it to an inspection, and then comprehensively display the property as part of the inspection process.
  6. Approach to Negotiation – there may be some hurdles to address in any property negotiation, so be prepared with the facts and the information.
  7. Closing deals – look for the closing signs as you move a transaction and a negotiation forward. There are always several different ways to approach the transaction and a potential negotiation closure.
  8. Sustaining regular contact and building client relationships – put your contact processes at the centre of your database activity and business day. Connect with new people and qualified clients or prospects. Keep up the momentum.
  9. Database size and accuracy – your client list should be increasing over time, and the accuracy of the data should be high.
  10. Listing numbers by listing types – given that you should be a property specialist, the listings that you have in your specialist category of business is something to watch and refine.
  11. Advertising spend online and offline – convert more vendor paid marketing funds as part of your business strategy.
  12. Vendor paid marketing – adjust your pitch or presentation to support the logic of vendor paid marketing and advertising campaign strategies.
  13. Commissions per month and per annum – understand how your commissions coming to you and on what basis. Look for the listing types and the levels of enquiry to improve your commissions where ever possible.

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