When you run a commercial real estate agency or operate as a commercial salesperson, the activities that you undertake every day are critical to the overall momentum and success that you have in the industry.
On that basis, it pays to establish a job specification early in your career so that you stay within the boundaries of important and critical issues.
So What are the Real Estate Challenges Today?
Failure to do this ‘job specification’ will create significant problems with your momentum such as:
- Poor levels of listing stock
- Larger numbers of unsold and vacant properties
- Clients and prospects that do not commit to you
- Difficult negotiation circumstances and conversions of transactions
- No pipeline of opportunity to feed your new business
So, all of these things make the average agent or salesperson work under unnecessary stress and pressure. Circumstances can be changed however when you adopt a specification process and system to your job role and daily tasks. It will help keep you on the tasks that really matter.
Optimize your career by improving your work systems. That is the fundamental rule of commercial real estate brokerage.
It is interesting to note that many salespeople starting in the industry also need something like this to define exactly what they should do. Sales jobs are quite specific, and commercial real estate is no different.
If anything, commercial real estate is special when it comes to sales and customer-related interactions. Here are some items to start your job specification process:
Prospecting for new business should be the number one activity. This is a personal thing that cannot be delegated. A salesperson has to be prepared to sell and prospect, otherwise, they are just an order taker, and those salespeople do not survive long in commercial property.
Local Property Knowedge
Property knowledge will need to be sourced and maintained. The industry is quite special and requires knowledge about rent, prices, property types, property usage, and documentation. The clients that we work with expect us to know exactly how to solve many complex property problems.
Marketing of property today should be based on the property type and the target market. On that basis, the salesperson has to understand the advantages that the property brings to the market and then the advertising should be built around that.
Communications with Clients
Communications with clients will keep the listing and the marketing on task, and help when it comes to negotiations at the appropriate time.
The more listings that you have on your books, the greater the pressure on the salesperson to communicate with a larger number of clients. The process has to be managed.
There will be limitations as to the number of clients that you can act for successfully at any one time. It is also noted that there is a difference between open and exclusive listings. You spend most of your time on exclusive listings.
Contract and Lease documentation in the industry must be relevant, legal, and accurate. Some salespeople struggle with documentation and the complexity of a transaction. The problem can be fixed with training relevant to your location and property specialty.
So, all of these things can be opened up into a list of important points in a job specification. As time goes on, you can change the specification so it becomes more attuned to the role and the person.