You cannot get distracted in commercial real estate agency. When you take your ‘eye off the ball’ you lose momentum and it takes weeks to get back up into the momentum of the property market. Systems and processes help you stay at the ‘top of your game’.
Those that are new to the industry are easily distracted by things that look like opportunities but are in reality a massive waste of time. Try these issues as examples of that:
- Unqualified Buyers and Tenants – So many times buyers and tenants tell you that they are ‘looking for a property right now’ and they would like you to go out into the market and find it for them. Without complete and total qualification of that buyer or tenant you can waste a lot of your resources and energy. Drill down into what they are looking for, what they have seen, who they have spoken to, and what financial capability they may have to act in the property market today. Some property buyers and tenants talk to other several local real estate agents at the same time; if that is the case for you, selectively apply your time only when you know that the person is honestly approaching you for assistance. Why not ask them for a ‘Buyers or Tenants Agency Appointment’? In the case of larger corporate property buyers and tenants that is a normal process; get them to commit to paying your commission before you go out into the market looking for that essential and unique property that they need.
- Overpriced listings – Whilst I know that it is nice to have a listing to work on; you don’t want those listings that are hugely overpriced by unrealistic clients that fail to accept the conditions of the market. Let the client ‘sell you’ on taking their property listing rather than you taking everything that comes your way. Top agents are very selective in what they list and when they do it.
- Unnecessary Meetings – People call meetings for their own reasons. Some meetings you will have to attend (sales meetings and team meetings), but all the other meetings in a given week can be selectively reviewed and assessed prior to acceptance. Keep all of your meetings to an agenda and focus. Make detailed notes so you can come back to issues later. Make and book your meetings outside of ‘core prospecting time’.
- Poor documentation – Errors or omissions in documentation can take huge amounts of time in remediation and rectification. If you don’t have all the facts or the documents, then don’t do the deal. Wait until you have everything that you need. When in doubt stop the process and get all the facts.
Some simple directed thinking and actions like these will help you with results. You are the person that controls your diary and your choices. Protect your time and your business performance as an agent in commercial real estate.