Many people start a career in commercial real estate with little or no professional knowledge, and just a lot of ‘hope’. They see the advantages of the industry and then embark on the new vocation of working with properties and clients in their local area. The change process then starts. There are ways to ‘fast track’ results in the industry.
Somewhere in all this change, will be the necessity to personally learn about commercial properties, investments, and developments, and then also there will be the requirement of focusing personal efforts. They will be plenty of people to connect with, and relationships to grow.
The pressure to adjust is soon very apparent for most brokers and agents as the learning curve evolves. Communications skills underpin client connections and listing conversion. You will always need to improve and refine your communications skills as the property market changes. Systemize your real estate business and improve your professional skills through practice and the gathering of knowledge. Be prepared to act.
Learn and Grow
Remember that the learning curve never ends in commercial real estate brokerage; there are plenty of things at a personal level to refine and improve over time. Luck has nothing to do with the success of a commercial real estate broker or an agent over time; personal effort is required in an organized way.
Where are the opportunities? There are lots of listings to identify, and clients to work with; in every town or city, that is the case. That is why the systemized approach to an agent focus and brokerage activities will always be a priority. Look for the danger signs. It is very easy to get distracted away from the things that matter with new business generation, new clients, and new listing opportunity.
The real estate business is immensely rewarding, however specific disciplines, knowledge, and strategies apply at a personal level.
If you are struggling in your career right now, take a serious look at your activities daily, and focus on the requirements for prospecting and client contact. Are you prospecting enough? At least 1/3 of every day should be devoted to new business generation; that is the rule that applies to the growth of market share.
So, let’s look at opportunities. It is a great industry for all. However the realities of the industry should be understood at the earliest time, and then steps be taken to create personal direction and results.
Engage with the Property Market
Planning and actionable activities will be the foundational ‘tools’ to bring about change and opportunity. Here are some observations to help you with your real estate career:
- Results are very possible providing you focus your time on new business generation. Clients come and go from the market, so you will always need new business and new listings.
- You get back what you put in. Bias all your efforts towards prospecting, client connection, and improving your professional skills. Practice will help you fast track the results that you seek. Practice all your communications skills and your negotiation activities. Understand the pressures of the property market and adjust your professional skills accordingly.
- Clients are at the centre of everything. Develop a profile for an ideal client in your location. Categorize the people that you should be working with and start making plenty of cold calls in addition to strategies of personal approach.
- Listing control will drive your business forward. When you control the listing stock through exclusivity, the people in the property market need to come to you for inspections, enquiries, and negotiations.
- Your database is critical to your success, so select a database software program that you can use easily and directly at a personal level. Every day make more calls and more connections. Track your results and grow your personal relationships with clients and prospects.
- Organization and systems are personally essential for momentum and listing activity. Get involved with the people in your marketplace, and track all the relationships through personal marketing activities, social media, meetings, and telephone calls.
There are plenty of things that you can do here to establish and then optimize your career in commercial real estate brokerage. At least 80% of your results will come from your focus and individual activities. Your town or city, and the state of the economy will only have a small impact on the results that you achieve. Go forward in your career with a plan and plenty of action.