Getting Over Obstacles in Commercial Real Estate Agency
In a commercial real estate agency, you will find that many things happen every day to put pressure on your time and your diary. The fact of the matter is that you must stay in control and do the things that matter. You will see a decline in listings and commissions if you do otherwise.
To get over obstacles in commercial real estate, you must know your best times of day to do the work that matters. So, what is important to your job and your results? To a degree, the answer depends on whether you are involved in sales, leasing, or property management. All jobs are different and, on that basis require understanding.
In most cases, the key things that have to be done every day are:
- Prospecting
- Client contact
- Deal progress
- Listings
- Inspections
- Negotiations
- Marketing
What would be your order or priority? Your priorities will determine your outcomes. If you do the wrong things first, it will be difficult to establish market share and grow commissions.
Here are some ideas to help you grow your business using your time effectively.
- A well-known business theory called the ‘Pareto Principle’ has proven that most (80%) of your results will come from 20% of your actions. Looking at your working day, you will see that the 20% relates to about 3 hours. In commercial real estate, your personal success will be usually based on the amount of relevant prospecting and networking that you do. Taking this fact forward, you can and probably should spend 3 hours per day prospecting before you do anything else.
- Each week, you have 168 hours to work. That is based on 24 hours per day over seven days per week. We can only do what we can with those hours. Your commercial real estate day is likely to be 10 hours long. On that basis, you have 50 hours per week to optimise. You are in charge of your time.
- In each working day, you should strive to control 1/3 of the day so that it is yours to devote to the things that are critical in your business. That one-third would relate to 3 hours. That then, should be applied to prospecting.
It is a fact that most sales people are more alert and driven in the early parts of the day. You can use this time as your focus time in commercial real estate to prepare for your business activities. A top agent is very driven. You can be as well.
