In commercial real estate brokerage the best way for each agent to get traction and build market share is to deal with each issue and opportunity, one thing at a time; soon they will have a pattern and a plan to work to.
In that way agents can refine the things that matter and improve them so that new business comes in regularly, or at the very least new leads are generated. Systemised processes are far more successful to build market share; doing one thing at a time fits well with this concept.
I say this because some agents can find the industry and career quite difficult at the very start. The competitive nature of the industry can be overwhelming and confusion can take over. For that reason the single ‘one thing at a time’ approach works very well.
When you look at the industry in general it is the case that commercial Sales and Leasing are similar parts of the industry. One thing can lead to other allowing agents to move across segments. Property Management is however a very different part of the industry; the reason for that is the type of issues that evolve and the ways in which services are provided and commissions are generated.
So you have a choice to work in Sales and Leasing, or Property Management and Leasing. Make your choice and then start developing the system that works for your property type and location.
To help your base plan take shape, consider the following concepts:
- Determine the best areas of your town or city where future property transactions seem very possible.
- Check out the property owners and investors of quality buildings and assets. It is likely that they have relationships with other agents but nothing should stop you undertaking a direct approach.
- Look into the business sentiment of the area to determine what businesses are doing and where they are moving.
These 3 things will help you with setting your plan in place. They say that market knowledge and clients are the keys to building a real estate business. The saying is quite correct; however action and planning will help you even more.