In commercial real estate brokerage, there are many directions and paths you can take as part of starting or building your career. Importantly, you should choose a path that offers quantifiable opportunity with clients and listings. (NB – you can get plenty of free career tips in commercial real estate right here in Snapshot)
Local awareness of property market trends will help you there to move your focus in on to the targeted groups, the zones, and buildings. Be specific and direct when it comes to growing your market share and covering your property market.
So where can you start?
What are your goals now or what should they be for the future? Sales, leasing, and property management are all a bit different when it comes to skills and knowledge. Sometimes you can choose a couple of property skills and build your career around those choices. The following combinations work quite well as part of the brokerage career:
- Sales and Property Development
- Sales and Leasing of Investment Properties
- Leasing and Property Management (office, retail, or industrial)
- Property Management and Facilities Management
- Project Leasing and Development
- Land Sales and Development
Somewhere in those combinations will be plenty of commissions and listings. Your choice is important. That then is where you should focus your research on the opportunities that you see are available.
Goals and Strategies
Here are five specific things you can apply to any of your choices above. These things will help you achieve your goals as a broker or agent:
- Specific targets – your clients and your prospects should be targeted by location, building, and property type. Make the right choices within those three specific categories. Your priorities should be focused towards quality in every respect. That will then reflect in the listings that you convert and take to the market. Over time that allows you to boost your inquiry rates and your marketing conversions.
- Local area awareness – determine the territory or the zone where your property market is located. Look at the boundaries of the zone when it comes to roads, topography, and also geography, then delve into the demographics and the property ownership factors within the zone. Develop a deep awareness of the local area when it comes to property ownership, property churn and change, redundancies, and new developments. A strong awareness of the local area will help you see the listings, clients, and the businesses needing your help.
- Prospecting model – a prospecting model will help you take your business forward with momentum. Refine all factors of client contact, market coverage, cold calling, and business canvassing. Set some targets relating to the numbers of people and businesses that you should contact daily. Consistency and persistence will help you with your prospecting and client contact over time.
- Marketing process – there are promotional processes to apply to listings. Understand what works when it comes to property promotion in your area and with the different property types. Differentials will also apply to open listing versus exclusive listings. Most of your marketing processes should be applied to exclusive listings, given that you can control the listing stock, the client, and the negotiation. Look at how you can take each of your exclusive listings to the market in a targeted and appropriate way. Be special and real when it comes to online and off-line property promotions; improve your marketing processes and messages. The property market and the players within will soon see you as the specialist that you want to be for the property type.
- Exclusive listings – as mentioned earlier, exclusivity is so important when it comes to property promotion today. Spend more time on those exclusive properties where you can control the marketing, the inspections, and the negotiations. Help the client understand activities in the current property market, and then show them the best solution given competing listings and prevailing property conditions.
So, there are plenty of things that you can do here as you work towards your goals as a commercial real estate agent or broker. Research your area comprehensively so that you know where the business can come from and how you can move in on the quality listings for the location.
Once you have set your targets, everything gets a little bit easier. The results that you achieve will be a direct reflection of your commitment and consistency to all the matters mentioned above.