The best way to accelerate your activities and growth of market share is to start a mastermind group within your brokerage and with your peers. The other members of your team will the equally benefit from a mastermind group and the sharing of market information and recent property trends.
The concept is quite simple and focuses on the establishment of an information sharing process in the brokerage; this is done so that things can be discussed that may have an impact on property enquiry, marketing methods, inspection strategies, and negotiations.
Use the Team to Build Experiences
In any given week, there will be new challenges and issues to work through in all of the four stages of commercial property activity. Some agents and brokers will have more experience than others and on that basis the sharing of ideas can be a very powerful way to get positive results.
The tenants, buyers, landlords, and business leaders in the market today will commonly present particular challenges and ideas as part of a sales, leasing, or property management activity. Are you prepared for the variables and concepts that could come your way? That is where the mastermind group will help you brainstorm the appropriate responses to use for difficult situations, and then you can adopt a role play practice and implementation process.
Here are some simple ideas to help you establish a mastermind team as part of your commercial real estate brokerage:
- TARGET SEGMENTS: Respect the differences between sales, leasing, and property management. You may need separate mastermind groups within each segment. Each of the groups should be meeting on a weekly basis as part of tracking property market results. At the end of every meeting the mastermind group can take 30 minutes or so to discuss difficult situations and challenges occurring during the recent week.
- TOP AGENTS HELP: Involve your top agents in the process and within each mastermind group. Some of your agents will have significantly more experience than others when it comes to property discussions and negotiations. That experience is valuable when it comes to helping others move through the ranks of sales, leasing, and property management.
- TEAM MEETINGS AND ROLE PLAY: People learn in different ways. Whilst information sharing process is not difficult to achieve within the brokerage, the understanding of what is being said, how it relates to today’s property market, and the practicing of the involved skills can be a challenge. I go back to the point that people learn in different ways. Help everyone develop the required responses and skills to the property challenges of today by getting them involved in a nonthreatening team environment. Establish a role play process in the brokerage team and get everyone involved in it each week, using the recent challenges and experiences of the team members as factors of discussion and skill improvement. That will then help you with the very difficult matters of client involvement and negotiation; the skills and the knowledge of the team can then be well refined and practiced.
So the message here is quite simple. The skills of the real estate team and particularly the commercial real estate brokerage can be improved dramatically through establishment of a mastermind group and a continual focus on the challenges of today’s property market.