The commercial real estate market does not need to be complicated. In fact, if you work as a broker or agent it is best to simplify your market activities so you can cover all of the key issues that will help you grow your business. A small investment in time goes a long way in real estate. Choose the focus of your time and the key things that can be done every day. I have made a list here for you of the main things that mean something in the industry.
- Choose your territory wisely so you can be part of the thriving business community and investment growth. Look for the property segments that have leverage and advantage. Become an expert in those segments.
- Your success as an agent will largely be built on your ability to reach out and connect with new people. To do that well it requires confidence and relevance as core personal skills.
- Prospect and research your market every day. Nothing is stable in the industry; there will always be changes in sales, leasing, property management, and all the property types. If someone tells you the market is slow, they really do not have a command of the market and are probably not prospecting enough.
- Qualify and connect with the right people. To that well you must have a prospecting model. Stick to your model every day. Shape it where necessary.
- Most of the new listings that you create will be just the start of the process. From then on through you will have to market, inspect, negotiate, and document the deals. Every part of the business is quite special. Be prepared to learn how to improve in each segment of the industry.
- Most top agents are always learning in one way or another; you can do that as part of your personal business plan. Practice your sales dialogue, presentations, pitches and your marketing.
The processes behind commercial real estate require intelligence, commitment, and personal development. Ordinary salespeople find that a bit tough. That then of course allows more for the agents that can really get their system together. So the message here is to get out and about into your market. Connect with the people and make lots of business friends. As a specialist in commercial property they are likely to need your services at some stage in the future.