Sometimes in commercial real estate brokerage it is easy to get ‘swamped’ by the events of the day and the requirements of clients. Quite soon an agent or broker is just being responsive and less proactive to the market. That is usually the start of less market share and slower deal conversions. The message here is for brokers and agents to spend more time on growing their business and less time in working in their business.
This logic is so easy to understand and yet so common as a problem. If you take a group of 10 agents working in the same brokerage, the averages indicate that at least half of those agents will be quite ordinary in property market activity and income; we all have choices in what we do today as agents, and the choices that we make will greatly impact market share and listing results.
Spend time on building your business. At least 30% of the day should be focused on growing market share and client opportunities. Time management processes should be carefully implemented so you can focus on the right things and in the right way.
Here are some ideas to help with that:
- Find new people to talk to about commercial real estate within your town or city. Focus mainly on property investors and business owners. Within those 2 simple categories there will be lots of churn and change when it comes to local property ownership and occupation.
- At different times of the year there will be peaks and troughs relating to property enquiry and investment change. Given that you are building relationships with new people, maintain a constant contact approach with qualified landlords and tenants. When the market slows you can still talk to new people.
- Market yourself comprehensively online using articles, blogs, social media, websites, and up to date market commentary. Most agents don’t do that, largely due to a lack of focus and a common inability to create valuable information updates regards the local property market. Search engines love to find information about property activity for a town or city. If you want to lift your relevance online as a professional property agent, use the internet comprehensively and directly to share information and experiences about property sales, leasing, enquiries, new developments, and business changes.
- Improve your marketing processes so you stand out as a real property professional for the region. Make sure your marketing is innovative and attractive. Ensure that the majority of your listings are exclusively locked into your brokerage for at least 90 days and that all exclusive listings are supported by vendor paid advertising funds.
- Seek referrals from the people that you know and connect with regularly. The referral process is a valuable tool in attracting new business. Every good client and successful property transaction should lead to a referral opportunity. Ask the right questions at the right time.
Using these 5 points you can spend more time working on your business and not in your business. In that way you can create the property opportunities that you need as a real estate broker or agent.