In commercial real estate brokerage, the margin to greatness is small. The margin reflects an effective prospecting process, constant client interaction, and exclusive listing activity. (NB – you can get more tips on commercial real estate skills in our free brokerage course ‘Snapshot’ right here).
It doesn’t matter whether you work in property sales, leasing, or property management, the number of listings and clients that you have on your books and can generate over time, is part of the results and market share that you achieve. Understand what you are doing now within those two categories, and determine how you can improve the numbers.
Results and Targets Matter
Consider how you can achieve improve results with your real estate business. A business plan will help you stay on track, and a monitoring process will help you refine strategies from the results you are achieving. Parts of the business plan can be shaped your location, property skills, and business targets.
When you have achieved an effective and comprehensive plan, you can monitor the results you are achieving and shape the processes of improvement over time.
Results in commercial real estate are usually determined by listings, clients, commissions, and marketing monies. So, there are some things to watch and work with.
Market Coverage and Personal Commitment
Here are some ideas to help you improve your market coverage in these simple and yet important ways:
- KNOW THE PATH: Start all your property activities relating to clients, listings, and prospecting with an end target or goal in mind. Strive to achieve growth in all those sectors over time. You can monitor your goals on a quarterly basis as part of a business plan review. You can also review your strategies on a quarterly basis subject to the results that you are achieving.
- TIME AND TASK: Many improvements in commercial real estate brokerage take time to evolve and shape. Basically, things don’t happen overnight, and on that basis regular persistent and consistent action is required at a personal level. As the broker or the agent, that is your job. A diary management process is critical to keep you on task. Do the right things every day relating to business growth, client connections, and marketing.
- PERSONAL: Truly great property brokers and agents are created through deliberate effort and personal improvement. The education process to achieve that, and the requirements for skill development, are always part of the real estate game and will be with you through your career. Review your strengths and weaknesses so that you can optimize the right skills and resolve any weaknesses that you may have. Ideally, your skills should be dedicated and focused on marketing, prospecting, communication, negotiation, and local property knowledge.
- PROMOTION: Create a marketing program for yourself to promote your skills, personality, relevance, and local property knowledge. The clients and the prospects that we serve like to work with the top agents for the location, and particularly those that they understand, respect, and can relate to. There is a good degree of personal improvement to achieve that level of recognition and acceptance. Start each business year with a marketing program for yourself and your business. Examine how you can use the social media portals, the property listing portals, your websites, and email database. Technology will always improve and change over time. There are some good things that you can do using the online technology of today to market yourself to the local area. Learn how to write articles and blogs about the local area and the property activity within that zone. Promote and circulate those articles through your social media activities and blog portals.
There are many good things that you can do here to step across the margin of greatness in commercial real estate brokerage. Small steps and small points of difference are usually all that it takes to go from an average broker or agent to a top agent for the location.