In commercial real estate brokerage there are plenty of opportunities for any focused agent or broker to be reasonably ‘successful’ in a relatively short period of time. Success in the industry can be defined in many different ways to each and every one of us. That being said, everything achieved in brokerage comes down to a lot of personal effort and organisation. Without directed effort and action with clients and listings, nothing much happens. So every agent has a few decisions to make and rules to set if they want to proceed in a positive way in the industry.
Personal actions required
Directed actions and strategies at a personal level will help any agent or broker find new business opportunities and convert good quality listings; understand the differences between sales, leasing, and property management so that you can seize the listing opportunities directly. From that point onwards it is a matter of selectively working through the best listings and the best clients.
Stay away from the problems and the time wasting issues of the property market; there will be plenty of issues to avoid so ensure that you are personally selective in the client and listing process. Protect your time so that you are working on the best listings in the best clients in a selective way.
Research your market
Every listing can be comprehensively researched and checked prior to agent or broker commitment. Don’t be too eager to take on any general listing that comes your way. Question the client, review the property, and understand the local area before you decide to take on the listing.
Analyse the property from the strengths and weaknesses perspective; look for the threats and look for the opportunities. Understand the target market that will apply to the property marketing campaign and do a target market assessment through your database.
Set your rules
Here are some ideas to help you lift your listing performance and conversions so that you can move to the status of top agent for the location:
- BRANDING AND MARKETING: You are your own brand in every respect. Your brand or should be specific and direct when it comes to a location, or property type, and property skill. Understand that your brand matches the needs of the investors and business owners locally. Market yourself through their brand so that you can be remembered at the right time and in the right way.
- GROW YOUR DATABASE: Create a comprehensive database of property listings and clients. The database that you create will be the pipeline of opportunity over time. Through constant contact and ongoing research you can tap into the property opportunities of the location and the people that you are working with. Importantly you can match the right buyers and tenants to the correct listings as they come in. Many of the deals that you work on and close can be facilitated off market and away from the scrutiny of other agents. Escalate your database activities in your daily diary.
- CLIENT CONTACT AND SERVICE: Build plenty of client collateral into your business activities. One good client can lead to many other relationships and referrals. The quality of the business that you create in a timely way will allow the levels of referral business to escalate. Get involved with your clients so that you can understand exactly what they need and are seeing from an investment perspective; help them adjust their portfolios over time. Work with the best property owners and business proprietors for the location.
These three simple strategies are perhaps the most important in any commercial real estate career. Review your activities in each of these categories to see if improvements can be made. Modify your business plan accordingly and take action every day. Soon you will see the right ways to get results in the market place.