Four Things You Should Know About Your Action Plan in Commercial Real Estate Brokerage
In commercial real estate brokerage, there are times of the year where the property market will seem slow, overloaded, competitive, or frustrating.
When that happens, get busier with your prospecting and start talking to more people. Actions create confidence and clarity.
Conversations will carry you through any property market downturn, change or frustration. We discussed this brokerage ‘pivot point’ in a workshop in Hong Kong recently. The outcomes are worth sharing.
Connecting with more people regularly will generally take you through any regional or industry change. The process of connecting with more business owners and property owners in a location or precinct will always give you leverage. It is a process. Get out of the office and start talking to people.
Put More Action into Conversations and Connections
Conversations created and made with local people will always open new property needs and challenges. You are the resource that people need in solving property sales, leasing, or property management activity; that activity is always there.
Market yourself as a resource; you don’t need to sell anything as you are a specialist service that some people need at different times. You are a consultant and business location specialist. Offer your services to selected local people by building, business type, local area, and local precinct.
So how are you going to do this? Know your preferences and capabilities about days and times when it comes to calls made, client follow up, inspections, and listings.
Build your ideal day around an action plan and then live the process of your ideal day consistently. Put action in your diary and don’t let others change your action intentions. When you do that, the results will start to evolve.
Action Plan for Brokerage
So, there is a message here. One of the biggest problems in our industry at a broker level is that of ‘daily diversions’ and how those diversions can disrupt the plans of many brokers and agents.
Things can happen at short notice and people will want to take you into their property problem, situation or discussion. That then is potentially taking you away from the most important tasks that will boost your business.
When you understand that fact, and you are willing to correct the errors of ‘personal diversion’, then your real estate business can be changed and improved. Build some ‘protection’ around your real estate business and the actions that are most important to build it.
There are always better people to chase, buildings to inspect, businesses to research, and tenants to find. That is where the new business in brokerage can be found. Your choices and controls here are foundational to the opportunities and results that you will create for yourself.
A Checklist for Brokers and Agents
Here is a checklist approach for agents and brokers to help them in taking successful daily action. You can use this list in your commercial real estate brokerage in a consistent way:
- Plan your day before you get into it. Put the most important tasks into your daily action plan and stick to the decisions made. Know the value of building core action components into your real estate day.
- Control at least half of your day. The administrative things can wait till later in the day and away from your times of importance and focus. Concentrate your efforts.
- Target the new business and new clients in the property zones or property choices that you prefer or have been allocated. You need new people and properties because things will change through the year. Constant contact is required.
- Focus on advancing property transactions and opportunities. Any earlier discussion about a property choice or matter can be advanced. Track your progress in a client list or database of conversations.
Your real estate business can be boosted dramatically when you concentrate your efforts of brokerage in this way. That then is how you can build a successful action plan at a personal broker or agent level.
