Handling Performance Anxiety in Commercial Real Estate Brokerage
Many commercial real estate agents suffer from pressure and stress from time to time. In most cases it happens because they are not doing enough of the most important things to build their business.
When the property market is active or you have some deals on, it is very easy to get diverted to the activities of the day and not look to the activities of the future. After about 3 months of inaction, the new business and listings dry up and commissions slow down. That is how performance anxiety occurs.
Here are some common situations that evolve from the problem:
- Few quality listings to work on
- The telephone is not ringing with enquiries
- You feel that you have to discount your commission to win the new business
- Lots of competitors in the market are getting more listings than you are
- Changing market conditions are slowing enquiry
All of these things will very likely happen to you when you are not working ahead of the property market trends, and growing your new business.
It takes about 3 to 4 months to get fresh leads and new business coming to you from your prospecting efforts. During that time it is a matter of connecting with lots of new people each and every working day. Conversely it takes about 3 or 4 months to lose your listings and opportunities. We all have choices; what we do every day really matters to the future at a personal level.
Active agents win more business simply because they are talking to new people and building relationships over time. Commercial real estate is not a short term proposition; it is a long term commitment for professional salespeople.
So let’s say that you have had your fair share of stress and ‘performance anxiety’ in commercial real estate agency. Some of the best ways to solve the problems are:
- Connect – Connect with new people every day. Set yourself some targets so you are improving on your actions daily.
- Get out of the office – In most cases you will not win the new business sitting in the office. Get out into the streets and the sales territory so you can see what’s going on and meet new people.
- Use your business card – Your business card is the most valuable marketing tool that you have. Every day take that card and give it to new people. Make it a target to give out 15 business cards to new people every day. Over time that simple process will direct more leads and new business back to you.
- Stop listening to your peers – Others in your office are likely to have their own challenges and excuses for the property market or their poor performance as an agent. If you listen to them too much, their excuses are likely to ‘rub off’ in your direction. Create your own history and stories from real effort in your local area. Don’t listen to others in your office. Make your own ‘waves’ in the property industry; be a leader and not a follower.
- Marketing – Top agents are marketing experts in one form or another. It is a matter of marketing yourself and your listings every day to the broader community of property investors and business owners. In those two groups you will find right people that need help in sales, leasing, or property management. Trust and relevance are triggers to open the doors with these people.
- Track and Measure – Each day track and measure the things that are important to new business leads and client contact. They will normally be prospecting, meetings, pitching, presentations, and listings. They are at the quality end of what we do. Focus on the ‘front end of the market’ and everything else will follow.
So the message here is very clear. If the property market is frustrating you or you are suffering from ‘performance anxiety’, you can do something about it. Use these 6 strategies to get your new business leads and opportunities back on track. Things will soon change for the better.
