When it comes to the commercial real estate market today and in your actions as a salesperson/agent, it is very easy to get distracted by daily events and the clients and prospects that you work with. Your time is your most valuable resource, so use it wisely in every respect.
If you are in commercial real estate, the actions that you take are the foundations of growth and change. Don’t wait for the property market to come to you; go out and find it.
Protect Your Time
When you waste your time to satisfy the needs of others, you will find that your market share and prospecting activities will fall away. It is just too easy to waste a day or a few days. Focus on controlling at least one-third of your day to do the things that can help you build your real estate business.
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Daily Broker Activity
You must grow your market share on a daily basis. On that basis, you need to set your priorities to get the right things done and that will build your market opportunity. It takes about three months to improve your market share; it also takes about three months to lose your market share. That is the established timetable for results and conversions when it comes to individual salespeople.
Typical Broker Responses to a Client
If you ask a salesperson today of what they would like of their career and time in the industry, they will usually give you an answer including the following:
- Growth of commission and income relating to completed transactions
- Quality listings that they can work on
- Growth of the database for them personally
- Increase in referral business from the established client base
- Improvement in market share
- Recognition as a specialist in the area with a particular property type
- A top agent profile in the local area
The good news is that every salesperson can achieve these results. The bad news is that it takes a specific focus and dedicated time and effort. This then is a personal process that needs to be fed into the daily diary activities of salespeople.
Personal Rules and Priorities in Brokerage
This can all be done through the setting of priorities on a personal basis. When you seriously consider the things that you do every day, there are really only four or five items that are absolutely essential to getting positive results and personal improvement in market share.
Here is a summary of the most common priorities that should be considered in this way:
- Prospecting for new business through the local area
- Maintaining contact with qualified prospects for future opportunity
- Inspecting properties with qualified buyers or tenants
- Personally marketing properties through the local area to relevant parties
- Negotiating and documenting offers on your property listings
The most important item on the list is that of prospecting for new business. That is with new people that you have not spoken to before. It takes about three months of genuine dedicated prospecting to achieve momentum and conversions to listings and transactions. Most salespeople struggle with the time requirement and dedicated focus over the three month period.
So you have a choice here; you can let the day you control you and your actions, or you can control the day and get the results. When it comes to a tougher property market, results are everything including quality listings, commissions, and referral business.
The commercial property market will always be changing and fluctuating. It will never disappear; on that basis, you can adjust to the trends and opportunities as they arise. Keep in close contact with property owners, business proprietors, tenants, and franchise groups. These four simple categories provide so much opportunity when you prospect into them every day.
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