A career in commercial real estate brokerage doesn’t really need to be hard or difficult. It simply requires planning, the formula for improvement, and skill development. A sales plan at an individual level will be essential to integrate all three factors within your career. The plan will help you with the actions required in the market today.
In simple terms, the three step formula for creating commercial real estate brokerage success centres around the following three stages:
- Understand the history of the area
- Look at the current market conditions
- Determine opportunities and develop a plan to work on them
When you shape these things, you can start to move ahead with direction and focus as a broker or an agent. Many people enter the industry without much focus and consistency. It takes them some months if not years to work out that they are wasting their time without a personal sale and marketing plan.
The plan should be merged into their business plan and goal strategy. You can do all of this at any time, and in many respects, the earlier the better.
A plan of this type needs to clearly set out the facts of the market today, the actions required within that, and the rules to build momentum and focus. Consistency and persistence are parts of the process. The industry provides massive opportunity for those that work hard. That being said, the industry is also very unforgiving for those that fail to improve in knowledge and skills.
Given the above three factors, here are the additional elements to work on:
- Understand the segments of the market that are providing opportunity over time. You should have some definite skills within those segments. Any weaknesses can be resolved through practice and training.
- Consider the competition; that is the other agents that are servicing the market today. How can you be better than the rest? How can you stand out as the top agent within this segment and the speciality? It may be necessary to consider skill development and personal marketing.
- The personal marketing process for an agent or a broker is quite specific. Determine where most of the property business will come from over the coming years. Define the required territory and property speciality as part of that. Work your prospecting model within boundaries that you set geographically. On a street by street basis, you can get to know the property owners and the property investors. You can also track the activities of local business proprietors.
- Look at the factors of growth that apply locally to property use and ownership. The history of the area will help you with that, and the awareness of future development changes and shifts in population growth will show you how this can happen into the future. The business community will integrate into the population growth as it occurs. Your clients are likely to be within the business community, as well as those property investors that service it with newly established property developments and opportunities.
So it is clear to see that the success of an agent or broker in commercial real estate largely hinges on the planning process supported by directed action.
When a plan has been structured and considered, the required actions commence and are tracked through key performance indicators. Any shortcomings in skills and knowledge need to be resolved.
Commercial real estate brokerage is a great industry; however it does require the right plans and processes at a personal level. The rest is up to you.