Golden Rules in Commercial Real Estate Agency to Win Business
In this commercial real estate market it is wise to set yourself some benchmarks or rules that you will work to. You must control your focus and actions. A system of guidelines like this will help get you on track and pointed to the results that you seek.
Why does this need to be the case? Well here are some solid reasons to consider:
- Most of the time you will have competing agents chasing your properties and your clients.
- The pressures on marketing and commissions today are high.
- Clients are driven by their rules and not ours.
- A listing today can be a problem tomorrow.
- The buyers and tenants in the market are slow to inspect and slow to negotiate.
What I have done here is give you some facts and ideas (I call them ‘golden rules’) to merge into your business system as an agent selling or leasing commercial real estate. Consider these things and just where you are positioned with them.
- Learn from the experience that is in the market and your experience. That says that you can learn from things, especially if you observe what is working and what is not when it comes to property promotion and negotiation. The actions of ‘top agents’ will tell you many things if you watch what they are doing, and see the results.
- Prospect for at least 1/3rd of your working day. That equates to 2 or 3 hours. Get this done every morning before you do anything else. Put the time in your diary and get the process underway. It will be difficult for some time, but soon you will see results and no longer will the discipline be a problem for you.
- Referrals are available in most situations where you have served a client or prospect well. The great thing about referrals is that they are the easiest business and relationships to convert. Ask the questions at the right time in every transaction.
- The ‘deal cycle’ in commercial sales and leasing can be quite long. On that basis your relationships with prospects can take months or years to open up to a deal or listing opportunity. The skill here is in understanding and identifying the right people that will be active one day in local property.
- Every deal in property sales and leasing has to be moved ahead. You are the best person to make that happen. Get on the telephone and talk to the right people to ensure that everything is moving as negotiated and structured. Get those ‘subject to’ provisions sorted and resolved.
You can likely add to this list; the fact of the matter is that ‘guidelines and rules’ will help you move up the industry and build that market share that you require. Structure the system that works for you and start the action plan.
