In commercial real estate brokerage, the fast track to results in both client and listing activity is through taking daily action to a prospecting plan and a process of ongoing contact. Daily action gets the results, or at the very least will allow you to see what is working and not working in business generation. Refine your processes and start taking action. NB – you can get plenty of action tips for brokers in our Snapshot program right here – its free)
So, what is important here? Business actions each day can be ‘tuned’ and refined to the local area and the current rate of enquiries. The best agents know what works for them in ‘opportunity generation’, and they do those things every day.
Momentum as a Commercial Broker
If you are looking to get more traction and market share in your real estate business, here are a few proven facts to understand and fully appreciate at the brokerage level:
- There is no point in canvassing for the new business just once per week or every few days. The lack of momentum soon destroys any ability you may have individually to create market share.
- Clients come and go from the property market depending on local investment indicators, their asset investment situation, the known supply and demand, and the availability of finance.
- The demands of the day, your clients, and your listings can take over your focus and move you away from local area canvassing. That is a big error.
- It is better to find new business before it reaches the property market so that you can work with the new prospect or client outside the pressures of competing agents.
The way to get results in commercial real estate brokerage is both individual and personal. While you can look to your brokerage for some branding and marketing advantages, the actions that you take each day with your clients, your listings, and your enquiries will be the foundation for generating new business.
In saying these things, it is a known fact that the commercial property market will change throughout the year by city, precinct, property type, and enquiry. You can use those change and churn factors to your advantage so that you are working with different client types, property types, and locations. Seize the opportunities of change in your local property market.
Focus on Database Establishment and Growth
In any suburban or city property market, there will always be high net worth investors waiting to take or move on the next opportunity of investment; your database will help you find these people. There will also be successful local business people looking to relocate their business activities for both expansion and contraction reasons. That is why the prospecting process is so important to gaining traction at an individual level as a broker or an agent.
To drive a better share of and from the local property market at a personal level, specialise within certain locations and property types. Review the property values and the rentals achieved and predicted within the locations. The information gleaned will always allow you to create both conversations and opportunities with clients and properties; the information that we have available at our fingertips is valuable in so many ways.
Taking all these factors into account, start talking to more people every day about local property, and track your activities in a database. That is how you build your real estate business on the conversational facts and changes of the local property market.