Defining Your Roles in Commercial Real Estate Agency
In commercial real estate agency, you should prioritise your roles when it comes to sales, leasing, or property management. Some of the things that you do as an agent will be far more important than others. That importance will be from a client perspective and also from a personal business perspective. Directly focusing on your roles will help with your business outcomes.
Your priorities in the real estate agency business will help you with creating market share, client connections, inspections, and negotiations. Top agents know the priorities that they need to work too. You can do the same. Every day you should follow the rules when it comes to your tasks and your roles.
Brokerage Challenges
As a commercial real estate agent today, you will find a number of challenges when it comes to getting things done. Your roles will get confused and clouded from time to time. Many people will want a slice of your time and your diary. Their priorities may not be necessarily good for your ongoing business. Set your priorities and stick to them. Don’t break the rules and don’t vary the roles.
As a commercial real estate agent, your principal role is to generate new property related business and convert it into a profitable commission. The efficiencies that you achieve along the way will help you with your business growth and market share.
Many agents forget that they are the sole reason and initiator of their personal success. The agency that they work for has very little to do with the process. Personal improvement and control is, therefore, a big part of building market share for each and every agent.
Here are some of the things that need to happen every day as part of your agency process:
- Finding the necessary properties in the local area that will be future listing opportunities.
- Connecting with the property investors that need specialized services in sales leasing or property management.
- Working with solicitors and accountants that may have clients and prospects needing specialized service.
- Maintaining a database of contacts and opportunities so that you can return to the right people with the right leads in an effective and efficient way.
- Correctly listing a property so that you have all of the relevant information ready for the marketing process.
- Implementing the marketing program so that you can attract the right level of enquiry to generate inspections and successful outcomes.
- Qualifying prospects when they approach you for a property inspection.
- Negotiating a property transaction efficiently for the clients that you work for.
- Documenting the sale or a lease transaction legally and correctly.
- Moving a property through the documentation phase to a completed sale or lease outcome.
- Asking for referral business at the right time.
- Maintaining a productive and ongoing client relationship.
Some of these things will be more important than others. You need to consider these issues and decide what will be more important to you from a business perspective. On that basis, you can set priorities for the roles within your personal business plan as a commercial real estate agent.
