When you look at your career in commercial property, things should be moving ahead for you in a planned and regular way. If things are a bit of a struggle, then it is time to restructure and refocus.
Sure, the property market will change during the year and with the investment pressures of the local area (every town or city is unique), but you can move with that change and use it in a positive way. You can see what is happening and make judgements based on predictable shifts and changes of the leasing and sales market. You can position yourself for results.
There are massive opportunities to be found and converted in commercial property brokerage; the key elements in attracting them are personal focus and market interpretation. You cannot achieve much over time in the industry if you repeat the ‘same old stuff’ that all the other agents are doing and saying. You must be better and more ‘relevant’ to today’s market conditions. You must be ‘tuned’ to the opportunities and the events of the industry.
Look for the local advantages and trends, then work on them. Here are some ideas to help you re-engineer your commercial real estate career in a positive way for growth and abundance. See if you can merge these ideas into your daily property activities:
- Probe the location – Get into the streets, the precincts, and the suburbs to look at the properties individually. That simple process of getting into the location will help you a lot with your prospecting ideas and calls or meetings. In looking at particular buildings, you can see what vacancy and business pressures there may be. Be open to talking to adjacent property owners and businesses; they are likely to know more about the local area than you do.
- Revisit client types – Think about the people that you have worked with over time. Some of those clients will be of high value to you whilst others not so. Set some limits and criteria for the clients that you work with. Are you better working with landlords, business owners, investors, developers, or tenants? Choose your client types and the escalate your professional services accordingly.
- Get better database software – The strength of your real estate business is in your actions and your client list. Most of the business that you do create over time will come to you through personal contact (luck has very little to do with your real estate career). Get into your database to ensure that it is refined and improved where possible. If necessary, move the database across to new software that gives you more flexibility in finding the right people to match to listing activity and property opportunity.
- Make more calls – Your telephone should be your friend when it comes to prospecting and daily call contact time. Make more calls if your business is slowing. Talk to at least 40 new people per day. That can be done by simply using the business telephone book for your town or city. On average you should find at least 2 opportunities for a meeting out of 40 outbound calls. Over time those opportunities and meetings convert into your listing and deal activities. It’s not a difficult formula to understand or activate.
- Create a personal marketing plan – We have many marketing tools at our disposal today. You can market your properties, and should also promote yourself professionally. Merge different promotional tools together so you are covering off on social media, websites, blogs, editorials, articles, and newspapers. Yes, promote your properties, but also promote yourself in a professional way. That will take a deliberate plan and daily action. Stand out as the better agent locally that people should come to with their special investment challenges.
So you can do some good things here. Don’t wait for the commercial property market to come to you. Reengineer your real estate career with better processes and momentum. That is exactly what the top agents of the market do all the time. They know what they want, and they shape their career accordingly. Are you ready for opportunity?