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Five Routines of Success in Commercial Real Estate

If you are looking to get great results in your real estate business, then take the time to have an in-depth look at your work systems and activities.  The best agents work to a method, and then they refine it over time.  The plan they work to will likely be relevant to them and their location, but it works for them.  Systems in real estate are the ‘difference’ between top agents and others.

There is no future in waiting for the commercial real estate market to come to you, as it does not happen that way.  History says that the best agents work in particular ways and focus on real estate relationships with people.  It is a business that is centred around people and property needs.

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Yesterdays Fame and Tomorrows Fortune

As you think about creating new business and plenty of listings, consider your work systems. An excellent way to assess that is to look at the activities of yesterday.  Was it a successful day?  What did happen for you during the day?  Would you consider that yesterday’s effort was focused on real estate growth and opportunity, or was it a day where pressures and other people took over?  Would yesterday be classed as an average day for you, and if so, was it typical of what you do and where you are focused?

The answers to those real estate agent questions will typically show you where you are headed in the real estate business.  History will show you how things will go for you in the future unless a change takes over today and reshapes your activities in the right ways. Learn from history and take deliberate action in moving ahead. It is, after all, your real estate business in all respects.

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Routines of Achievement

Here are some routines that will help you build your real estate business and focus on positive change.  See how you can use the ideas to your benefit:

  1. Forming a strategy for your business – that strategy could be centered on your location and preferred property types.  That is where ‘specialization’ is a key part of real estate business growth over time. If you work across a large area, then break it down into smaller chunks.  Ultimately that segmentation will allow you to connect with people and build relationships.  Forget about chasing listings; build relationships with property interested people, and ask questions about what they own, lease, or want to buy.  The real estate business can be established around that.
  2. Doing the right things consistently – understand the things that can take your real estate day forward in a positive way.  Usually, a constant effort into those things will get results.  Being persistent and active in prospecting will help you grow your relationships with the right people.  So, the message here is that commercial real estate contacts and exploration should be at the top of your real estate activities every day.
  3. Gaining quantifiable results – watch what you are doing each day and choose to track associated numbers that mean something to progress.  What numbers are you following now?  Try calls made, meetings created, listings generated on an exclusive basis, and referral opportunities explored.  These numbers can be tracked and collated weekly.
  4. Compounding the connection with people – one conversation should lead to another over time.  That is where databases and lists are potent tools in commercial real estate.  It is a fact that many agents do not use databases overly well; that then creates an excellent opportunity for others that want to build market share.  So, what can you do with this?  Get to know how your database works in all ways possible.  Use it for tracking new contacts, existing contacts, meetings, opportunities, and property needs.  Categorize everything into the property types and the services that you offer.  Relate that detail into what the client or prospect may need.  Understand how to ‘cross-reference’ information so you can find things and build on relationships with the right people as they move to a new property transaction, need, or change.
  5. Moving on opportunities sooner – timing is everything in commercial real estate.  The cycle of a transaction or activity can be quite long.  Every entry in your database should be based on time and future timing.  That allows you to build a contact process in the right way with the right people and match your connections into their time frames.  Spend your day and every spare moment speaking with new people and existing clients.  Use your telephone as the real estate tool of choice and practice your phrases and conversations.  As you talk to others, you will find concerns, questions, and challenges.  All those variables take a degree of practice to work with; training and personal practise helps you be more professional in your approach.  Engage with other ‘real estate game-related’ people.  Know the property market for what it is and ensure that you are familiar with conversations around the current market and property situations.  That will help you in getting the edge over other people

From these facts and strategies, you can see how routines and procedures are a big part of progress.  That is what commercial real estate is like and about.  Are you ready for the challenge?  Get serious and get active in the real estate game; build your activities every day by using ideas like these in positive and consistent ways.

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