Many salespeople start a career in commercial real estate with all good intentions. Hopefully someone is helping that person move ahead and is giving them some guidance. It should be said that this industry is very rewarding to those that work hard. Momentum and focus are the keys to the process.
In a positive way let’s look at the biggest challenges and solutions in the commercial real estate industry today:
- Starting a career with no database of leads to work with, can be a worry for some. The fact of the matter is that you must start talking to new people every day. Over time you will build that database. It must be a part of your work processes.
- The clients that you are seeking to attract want the top agents to help them. You will need to build credibility in the industry as soon as possible. Credibility comes from good listings, and successful sales and leasing results. Keep records of the successes that you have achieved; it is a bit like having a ‘brag’ book in your marketing folder. Some clients like to see that you are the ‘real deal’.
- Market knowledge is always important; that is in knowing the current listings, rents, prices, incentives, time on market, and the types of enquiry that are around at the moment. When you know the market you will know how to put a deal together. Information is the key.
- Keep an eye on your competitors. They may try to take your clients, listings, and disrupt your negotiations. Establish solid relations with your clients and prospects to keep the competitors away.
- Marketing systems are always changing. Some will work on particular properties whilst others will be better. Make the right choices when it comes to marketing an exclusive listing. Keep the client updated on progress from all marketing efforts.
- Negotiation and documentation systems are required to help you put those difficult deals on paper. Importantly every contract or lease that you create should be legally correct and absolutely ‘water-tight’. You do not want the deal to fall over due to poor documentation.
- Signboard presence will change your market share fairly quickly. This then says that you should have plenty of signs in the local area on quality listings.
- Social media strategies are useful and relevant today. If you are going to use them, make sure that the right message is send regards your services and ethics. Don’t put your personal friends into the same group as clients in social media. Keep your communications of high quality and market relevant.
- Exclusive listings are the key to growing market share. Get away from ‘open listings’ as soon as possible.
- Pitch and present your services in a relevant and comprehensive way. Most of your listing opportunities will be ‘competitive events’ with other agents chasing the same client. Your presentation has to be of high quality.
Take these comments and add them to your agent focus. Be prepared for the hard work involved in moving through the industry and get active to a plan and system. That is how you can move to the top of your commercial real estate industry.