A career in commercial real estate can be rewarding in so many ways. The process is personal and requires diligent effort. Does this sound interesting to you? There is a formula here to understand and to develop over time if this is your preferred career. Business skill and discipline is required. Short-cuts do not apply. (NB – you can get plenty of career ideas in Commercial Real Estate right here in Snapshot – its free)
Let’s set some rules. To get the results that you seek as a commercial real estate broker, focus on your skills and your local area knowledge. Self-improvement is a large part of the equation of success in the industry. Diligence and consistency will help you get the results that you seek. Build your database and communicate into it every day.
Your Business Processes?
So how can you get things moving? In basic terms, every day you will need to practice your skills and refine your processes. Devote some time to the practice process before you start your business day. At that time, you can focus on your sales skills, dialogue, listing conversions, and negotiation skills. At the end of the working day when things have slowed down, you can do the necessary research for the next day when it comes to prospecting and client contact; that’s how you create progress in a consistent way.
Set Your Career Plan
Here are some of ideas to help you establish and fast track your career professionally, as a broker or an agent in both sales and leasing disciplines. See how your current situation and market coverage compares to these recommendations:
- Promising listings – the quality of your listings will be critical to the levels of enquiry that you get from the property marketplace. That enquiry will then impact your ratios of ‘time on market’ for every successful transaction. In simple terms, you should not list every property that comes your way. Look at every listing to creating a positive result. If the listing is overpriced or poorly presented, it is sometimes better to walk away from the listing opportunity. Respect your time and your professional skills, so that every listing taken is a listing that you are prepared to work on diligently and comprehensively.
- Favourable and strong database – your client list and your database will be critical to the results that you seek over time. Start building your database at the earliest stages of your real estate career; that list of contacts will be the list out of which will largely come your commissions. So you want to achieve some reasonable momentum with your prospect and client list growth? A good degree of research is required; be the person contacting new people and creating meetings. Get to know new people in the local area and the territory designated as your primary zone of contact. Maintain contact with existing clients and prospects; make the calls and create the meetings. Differentiate your contacts between property owners and business owners. Logically and directly, canvass all the streets and buildings in your territory. Make the contacts work for you.
- Profitable transactions – some transactions can be more lucrative than others. Some transactions can be time intense from a marketing and negotiating perspective. It is interesting to note that a basic property and small transaction can be just as much work if not more work than that involved in a larger higher quality property. Size matters when it comes to real estate results.
- Active and expedient negotiations – with any property transaction, the negotiations will require some shaping and momentum. Keep a focus on the parties involved in the property sale or lease; keep them on task with the decision and action elements of the transaction.
- Dominant market share – know the property types that are your ‘speciality’ and business preference in brokerage. Capture more listings and transactions locally with a constant focus on your ‘speciality’. When your knowledge of the ‘speciality’ local area extends across prices, rents, supply, and demand, you will find the inspections and marketing processes get a lot easier. Ultimately that can lead to a better market share and some degree of listing domination.
- Enhanced professional skills and knowledge of location – the practice process will always help you ‘fast track’ your career results. That practice can be directed to the things that matter and particularly your dialogue across prospecting, listing, presenting, and negotiating. It is interesting to remember that most brokers and agents do not take the time to practice their skills; that simple decision then slows down their career outcomes.
These things will help you substantially with your career momentum in commercial real estate brokerage. Fortunate results in brokerage come from planned and direct action. That is the rule to work with in your real estate business.