The actions that you take today in commercial real estate brokerage will impact your listings and commissions over time. That is why you should base your business activities around specific actions strategically and directly.
You can track and shift your action focus when you see the results that you are achieving, and the changes that exist in the local property market. The same rules apply across sales, leasing, and property management. Always track and measure the things that you are doing today and into the future when it comes to inspections, marketing, client service, and negotiations.
Local elements matter
Given the different property types that we work with, certain elements and facts will encourage momentum and positive outcomes. Understand the properties locally and the challenges from the location. Identify what the people in the property market are thinking and doing when it comes to listing, promoting, purchasing, and leasing. The local property trends will help you tap into the opportunities. You can put local property research at the centre of your actions and activities as a broker or agent.
There is a clear and precise message here. Actions bring results in commercial brokerage, and that is how you will bring about a change in market share and personal reward. If you are struggling with your market share and or the levels of enquiry that you are achieving, then the actions that you are taking now need to be refined and changed. You cannot and should not repeat the things that are not working. That simply leads to stagnation of market share and transaction activity.
Your business now
So there are some strategies that you can deploy with this process and ultimately grow your real estate business. Understand the things that you are doing each and every day now with both clients and listings. Look at how you can improve those processes through deliberate effort.
The industry that we work in requires personal commitment and ongoing momentum. The things that you do today will impact your business outcomes in about 3 to 6 months’ time. The momentum that you create at a personal level is central and critical to the levels of business you wish to generate over time. Get involved in your local area comprehensively and directly. Show the local business owners and property investors that you are the best professional solution for the location and certain property types.
Action plans and steps
Here are some action ideas to help you get more traction in your real estate business:
- Spend at least three hours per day out in your territory, and city or precinct. Walk the streets slowly and specifically so that you can observe the properties, the businesses, and the factors of change. Far too many agents drive around their precinct without getting out of their motor vehicle and specifically looking deeply at the properties and the locations. Some of the observations that we need to make about local property activity take time and effort. Get into your property zone personally each day to observe the properties and meet with the people. Create conversations that can lead to questions, answers, and information. Many of the local business owners will share information about the location and the other businesses nearby. Ask the right questions and you will identify the right information.
- Look at the listings that you currently have and identify the high quality and desirable properties. Hopefully you will have converted those listings exclusively and therefore have the control of the listing stock and the inquiry. Take the high quality listings and market them personally and directly into the location. That will involve conversations with local property investors, and business identities. A good quality property listing will always give you plenty of reasons to create conversations and meetings.
- Understand the local property activity in your town or city, and particularly the business segments that are more active than others. Some of those business segments will be experiencing change and churn; some segments will be moving through a growth phase. Concentrate your business contact processes into the local businesses that are showing active levels of change and property need.
- On a weekly basis, travel through your zone or precinct to identify any newly listed properties with competing agents. Some of those listings will give you reasons to canvas the immediate location and the adjoining properties. It is a known fact that many other businesses locally and other property owners have an interest in competing when it comes to listing and marketing their own property. You can be the person to assist with this extra listing or property that could be coming onto the market in the location.
So there are some specific things that you can do here, all of which are based on action and research. A successful real estate agent or broker builds their market activities through deliberate effort and local area coverage. You can do the same, and on that basis build your profile. Don’t wait for the people to come to you seeking services and assistance. Connect with your local property market deliberately and directly in a relevant way.
Put yourself at the centre of your marketing activities and build listings through that deliberate process. Become a person of action when it comes to clients, listings, inspections, and negotiations. Commercial real estate today is competitive and on that basis requires motivated high-quality people. We all have choices, so use yours wisely.