If you work as a commercial real estate agent there are 5 essential priorities that should stand ‘head and shoulders’ above all the other things that you do every day. It is debateable as to which of the 5 are more important, however if you overlook any of them, your career in commercial property will be short and uncomfortable.
I have put the factors here for you to consider:
- Prospecting for new business – Most of the quality business that you generate will be from personal effort. Discipline is a valuable skill when you look at a career in the industry. Every day it is necessary to get out of the office and talk to new people. Eventually you will find clients and their properties that are primed for action and marketing. Your database should be a critical part of your client prospecting process.
- Listings – There are different types of listing methods so let’s take it back to the core fundamentals. You can list a property ‘exclusively’ or on an ‘open’ basis. If you want to win an ‘exclusive’ listing and control your stock, then you will need relevance to convert most clients. The competitive nature of our industry means that ‘the best of the best’ do very well in listings and commissions; the ordinary agents in the market struggle to build market share. If you are struggling now, take a look at how you can bring better value to the people that you serve.
- Marketing – We all know how to market a listing for sale or lease, although only some of us do it to an extraordinary level. It stands to reason that if you want to build your profile as a top agent, that your marketing methods should be exceptional. When your clients and prospects look at other properties listed on the internet or in the newspaper, your listings should stand out in a quality way. How can you do that? Try putting professionalism in advertising copy, and using professional photographs, and video.
- Inspections – Your directed advertising and marketing efforts will lead to inspections; if they don’t then you have a real problem. Top marketing strategies drive better levels of enquiry and inspections. A quality property will create better levels of enquiry. So you have a few things to focus on here. How can you lift your levels of marketing for better rates of enquiry and subsequent inspections? Start thinking to build your strategy.
- Negotiating – Some of the people that you connect with will be very experienced in business and negotiation. You must have the appropriate skills to match those people. On a regular basis, practice your negotiations relating to the pressures of the market and the actual listings you have today. The practice will help you with deal opportunities and conversions as they arise. Negotiation skills can and should be improved as quickly as possible as you will find yourself in the ‘thick of the business’ very soon. It is one thing to ‘negotiate’; it is another to ‘convert and close’.
If you have any weaknesses here with these things, then shift your focus and improve the required skills. The commercial real estate industry does not need to be complex, but it does require absolute commitment in these 5 factors. If you are an agent or broker, you owe it to yourself to develop these essential skills.