A career in commercial real estate is rewarding in many ways, and yet at times can sometimes be confusing if not frustrating. If you are prepared to work hard and with a bias towards property knowledge and personal development, there is a good chance that you will get somewhere. (NB – you can get more commercial real estate career tips in our free Snapshot series right here)
Commercial Real Estate Formula
There is a formula here to understand. The results that you will achieve over time will primarily come from the specific systems and strategies that you implement into your real estate business. Luck has nothing at all to do with the results that you achieve in the industry. While you may sometimes get a lucky deal or listing, consistency and persistence are the key parts of attracting quality listings and commissions.
If you have chosen to work in this different career, there are some important factors to work on to attract the business. Don’t spend too much time looking towards your broker for new business opportunities and don’t wait for the local clients to call you.
Find the People
Go out and find the new business by talking with local people and establishing sound and relevant long-term relationships with the important people. Here are some ideas to help with that:
- Prospecting Model – grow your database and your prospecting model over time. Each day there is a need to talk to more people; those people should be targets given your location, ideal client profile, and property specialty. Many agents struggle with the prospecting process merely because they get busy or are diverted by listing and customer Put your new business prospecting model at the center of your real estate business, and devote at least three hours every day talking to local people, customers, and prospects. Track the results that you achieve so that you can tune your customer focus and conversions.
- Marketing Strategy – most agents understand the requirement to promote listings both online and off-line. There are many different tools to use as part of that process; some tools are better than others when it comes to the various property types and the locations. Develop a property promotion strategy that can build your relevance and profile as a top broker for the region. Ideally, you should be specializing in a property type and a particular When you do that, the marketing initiatives that you use can be more specific and direct. Try to be the top agent for the location and commercial real estate market when it comes to high-quality listings. Choose the listing types that offer you a reasonable level of inquiry and the supply of listing stock over time.
- Exclusivity – in looking for listings and new clients, put exclusivity at the center of your property business model and presentation approach. Control your listing stock in that way. Give your customers plenty of reasons to choose you as the top agent to exclusively list their property. You will need some thoughtful and direct approaches to marketing for the customer to accept that plan. Far too many agents openly listed properties only to build listing An openly listed property is not controlled; the focus of the client cannot be shaped and professionally serviced. If you want to win more listings exclusively, then you will need some real reasons and strategies for the customer to accept that recommendation. Vendor paid marketing will also be part of the process of exclusive listing conversion and ongoing marketing.
These three simple strategies are perhaps the most important when it comes to commercial real estate brokerage today. The agents that have a weakness in market share, listings, or commissions can usually put that failure down to one or more of these three essential and critical business strategies.
Focus is Everything in Commercial Property
Get your real estate business under control through a deliberate and ongoing approach to these three issues. Track the progress that you are making and then tune your activities into the future. The property market will change several times through the year, and your business strategies should also change accordingly.