If you want to achieve some real results in commercial real estate brokerage, have a serious look at your regular daily routines when it comes to client contact and new business prospecting. Those two simple facts will make or break any career in the industry.
The best way to fast track your career as a broker or agent is to devote three hours of every working day to client contact and new business prospecting. As simple as the process may seem, it is a quite specific skill and discipline to implement. Top agents understand the value of new business prospecting and will continue the process throughout their careers. Those top agents also know how to help clients specifically and directly; that’s exactly why they get so many referrals into the future.
Regular routines create habits and providing you are undertaking those necessary and quite specific tasks to generate new business, results start to occur. Most agents struggle with sustaining the necessary focus and the requirements to do the same things every day as part of growing their new business opportunities. The industry itself is not overly complicated but it is quite specific when it comes to generating leads and clients in sales, leasing, and property management.
The message here is quite clear; as an agent or broker you need to know a lot of people that are interested in property activity locally and regionally. The best way to approach this issue is to focus on your market segment or property type, your ideal client profile, and keep working within a specific defined territory size or geographical area. Grow your database at every opportunity and continually focus on the accuracy and information within your database.
Specialize Your Commercial Property Services
It is very difficult to be a specialist in every property type across every location; there is simply so much going on in most average towns and cities with rents and prices that specialisation is really the only way to improve your commercial property market share. The specialisation process will also help you when it comes to attracting new listings, watching the competitors, and negotiating in a relevant way with clients, tenants, and buyers. It is very difficult for clients and prospects to refute or to debate established facts and findings from the property market.
Here are some ideas to help you focus your efforts and improve your results as a commercial real estate agent in your area:
- Local Area Focus – On a weekly basis track the listing activity in the local territory. The best time to do that review is on a Sunday morning when traffic problems are lessened and fewer people are around to see what you are doing or frustrate your movement from property to property. Look for the signboards on other listings and measure the time on market with properties that have been promoted for a period of time. Take photos of other properties so you can remember details and facts in each case. In undertaking this weekly review of listings, you will soon see why some properties are selling or leasing faster than others. Keep comprehensive records when it comes to any quality property locally.
- Know Prices and Rents – Check out the prices and the rents from closed and completed deals. Look at the averages that apply in each case and graph the results. You will find that property trending graphs will be very useful when it comes to pitching in presenting your services to clients and prospects. You can show those clients exactly what is happening when it comes to prices per square metre and rents per square metre.
- Online and Offline Marketing – Each week review the property listings on the Internet and also those that are placed in the local newspapers. You can also track the trends and the time on market with those listings online and in the local media.
- Enquiry Sources – When you start marketing listings, you can track the enquiries coming to you for the different properties, the different locations, and the different needs that apply to sales and/or leasing. In understanding what buyers and tenants are looking for, you can optimise the results you achieve in marketing campaigns and local area canvassing.
The facts and the information that you gather utilising these four strategies will help you greatly when pitching and connecting with clients and customers. Support and display your findings by using visual display tools such as graphs, photographs, and statistics relative to the local area.