Lessons of Experience in Commercial Real Estate Agency

In commercial real estate agency some things happen over the years which send strong signals about the ways things should or can be done and approached in the future.  The lessons of experience are relevant and real.

For many agents the experience they require takes years to evolve and sometimes depends a lot on the types of properties that they service or list.  The economy and the property market also will play a big part in what you can learn as an agent and how fast that can be done.

Here are some of key tips I can give you from my experiences as an agent:

  1. Every day there will be new things to learn and adjust to.  Importantly you will not stop learning nor should you.  Look at the daily challenges as things that can help you grow in your market share.
  2. When you do not know what to do with a certain property or a client, find someone that does.  Perhaps you may have to share your commission to get that person to help you, but you will learn a valuable lesson for next time.  The next time the issue occurs you are likely to be able to handle the property or the deal yourself.
  3. The property market works in cycles.  No matter what the cycle is today in your town or city, there will be business available for you when you look around and try.
  4. Prospecting is the most important thing you can and should do every day as part of your business processes.  Establish your prospecting model as soon as you can in your career and keep improving it.
  5. Understand how the internet is impacting your business and develop some personal strategies to build your brand as part of that process.  Don’t just list your properties on the internet; create personal marketing strategies such as social media use, blogs, twitter, and database growth.  You can link many of your listings to your blog and vice versa.  Make a story out of the things that you do as an agent.  Let people see that you really do know about the local area and that you have a healthy property involvement that can help them in selling, leasing or property management.
  6. Technology will play a big part in what you do as an agent today and will help greatly in your presentations for listings.  Incorporate technology into your listings, sales pitches, client contact processes, and negotiations.  Show the client that you know how to use technology in promoting their property fully.
  7. You can always improve your negotiation skills.  Use a role playing process with your fellow salespeople to grow your skills and knowledge in negotiation.
  8. Understand what is working for you and do more of it.  Understand where your weaknesses are and get some training to solve those weaknesses.
  9. Your current clients will be great sources of leads, referrals, and new business.  Keep your client relationships going and know that the activities of sales, leasing, and property management are all linked.  Be prepared to help the client in many different ways.

Generic real estate agents are not the top agents of the market.  Choose to move to the top of the market through real and relevant self-improvement.  Be prepared to learn.  Develop your skills every day.

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