Full Scale Goals in Commercial Real Estate Brokerage
We all know and have heard of the need to create goals in our careers. Commercial real estate is one industry where the goal process is fundamentally important. Without those targets you cannot build the systems of action.
It is one thing to have ambition; it is another to take action towards it. In the commercial property market you can strive towards excellence and results using a series of targets and goals. The core elements of our business are:
- Prospecting for new listing business
- Servicing current clients
- Marketing yourself and your listings
- Inspection processes
- Listing systems
- Legal compliances
- Negotiation activities
- Documentation skills
- Database development and accuracy
Each of these segments of your activities can have targets and goals. Here are some rules to help you do that:
- Market awareness – Understand what your property market is doing today and has done over the last few years. Where will the next opportunities come from? Are you positioned for them? Sales, leasing, and property management segments all have elements of specialisation. They also have indicators that will show you what is needed by clients and prospects. Can you say that your services are of the highest quality and are unique? Are you matched to the future of your property market?
- Action plans – Taking the previous point you can set some specific plans of action in your location and property specialisation. Set some key performance indicators that can show you where you are now and how you are progressing forward.
- Competition – There will be factors of competition from other agents as well as listed properties. Always track the ‘competition factors’ so you can be a step ahead.
- Habits – Setting good habits will help you implement change and self-improvement as a broker or agent. Every day you can do certain things that help you compound your results in listings, market share, and client results.
- Key performance indicators – It doesn’t matter what segment of the property market that you work in. Set some performance indicators for you that are matched to your personal goals and targets. The indicators can be in prospecting results, listings, presentations, and closed deals. Track and measure the indicators at the end of each week and each month. In that way you can shift your actions where necessary.
Taking all of these things you can establish your action plans for a calendar year or a financial year. As you move into a new year, spend a few weeks planning around these issues. Get your targets clearly defined as an agent or broker in your town or city and within your specialisation. In that way you will improve your chances of good listings and dominant market share.
