In commercial real estate brokerage today the opportunities are significant and real for those agents and brokers prepared to commit to the process of prospecting, marketing, negotiating, and professional skill development. See the future for what it is in your local area, and understand the local property market for what it can provide to you as a property specialist.
Look for the opportunities in your property type and in your location, because they will be there. Future opportunities exist for those special individuals prepared to commit and drive new business strategies and points of difference.
Don’t be average
There is no point in being ordinary or average when it comes to commercial real estate brokerage today. The VIP clients that you connect with and serve will be the basis of business growth and opportunity, so comprehensively understand your client list, the differences between the people in that list, and their property challenges. Be there when they need you.
Grow your client list at every opportunity throughout the year. Recognise the phases of growth and change as they apply to local property ownership, investment, and property use. There will be differences to look for when it comes to your investor clients, versus your business clients.
You need to be prepared for the levels of competition coming from other brokers and agents locally, together with the pressures of the local property market and the variances of the economy. Practice and performance is required at all levels for every agent and broker. Be prepared to take up the challenge and the opportunity that awaits you in the industry.
When you look at the factors of commercial property sales and or leasing, there are certain highly developed skills needed in each case; it is incumbent on every agent or broker to improve those skills in an ongoing and relevant way. Here are some of the major ones to focus on:
- Local property knowledge – understand the local property market comprehensively so that you can quite changes and challenges by property type and by location. Split your location up into streets, property types, and client categories. Segment the quality properties locally away from the average properties. Focus your prospecting efforts into the quality properties and the quality clients. You will always create more inquiry from a quality listing in a good location.
- Database establishment and growth – your database will be the most important business tool that you have, so optimize it and increase it at every opportunity. Choose the right software database package that offers flexibility and accuracy when it comes to capturing the opportunities that you will find with clients, properties, and locations.
- Looking for property opportunities – one transaction can expand into another, so look for the next transaction from every client interaction and listing. Ask plenty of questions and capture the responses that you achieve from all of your clients and targeted prospects.
- Know how to negotiate – there are plenty of things to learn when it comes to property negotiation today. Property sizes, types, and locations will present you with particular challenges to work through as part of any property negotiation.
- Understand the documentation required for the transaction – each transaction will have its unique challenges when it comes to documentation. Accuracy is required to prevent claims of negligence and transaction avoidance. Make sure that you fully understand how to put the required documentation together for all the transactions that you work on. When in any doubt regards a matter of documentation, seek assistance from the people that really understand what to do and how to do it accurately.
- Build long term relationships with the right people – some of your clients and contacts will be of greater value to you over time. Split your database into groups of people and property types. Identify the VIP Group within your database. Segment the VIP Group for that extra special treatment and contact over time. Understand a VIP client in a comprehensive and meaningful way across sales leasing and property management. Get to know their property challenges and opportunities so that you can quote the right properties at the right time.
- Understand that time is your most important resource – you simply cannot waste your time in commercial real estate brokerage today. There are too many things to do and lots of clients to cover. As you lift your market share and your listing activity, always devote approximately 30% of your day to prospecting and client contact. Don’t let your property market get away from you. When you create more clients and listings, you still need to prospect for extra people and extra opportunities. Without fresh leads and fresh listings, the property market can move away from you.
- Establish professional work practices and negotiation skills – the levels of competition in your local area will be trying to move in on your listings and client activities. Your professional skills should be escalated at each and every opportunity so that you stand out as the agent of choice for both the clients that you serve and the listings that you take to the market.
Commercial real estate brokerage today can be quite lucrative in many different ways for brokers and agents. Understand your local property market, your client base, and the changes that you can see when it comes to future supply and demand within the various property types.
To grow your client and listing base opportunities, see the property market for what it is and where it is headed. Understand how you can and should take action when it comes to your business, your brokerage, and your property market.