In brokerage sales and leasing, it always pays to understand what is going in your location regarding brokerage opportunities. In other words, you can and should choose your property market segments by type and location so that you are optimizing the future.
A random approach to that doesn’t work well. Put some system in your brokerage day in the ways in which you engage with your allocated property client base and territory.
We can help here with that approach.
Ultimately you want to choose the best markets for your brokerage activity in the future. There will be different brokerage considerations to work through with that. Try these ideas for starters:
- Decide where your territory of activity should be and then split that territory down into a primary zone and a secondary location. Most of your new business should come from the primary area. Likewise, most of your property marketing and prospecting focus should come from within that zone. Anything in the secondary area is acceptable for you to service; however, it is not a location that you would focus on typically.
- Future supply and demand for an investment-type property should be assessed. Over time, the availability of land and development activity will change. Look into your zone and see how much land currently vacant could be a development opportunity in the future.
- Most property markets can be assessed for potential activity and ‘churn’. The churn factor will have something to do with business sentiment and the economic circumstances in your town or city. History will also help you assess how those things are changing. Talk to the commerce council or municipal council members in your town or city. It is their job to understand what is happening and where the following local business growth factors could be. Get to know those facts and stay in touch with the people that know about city and town growth.
- What could be your ideal client base? In commercial investment property, you can work with many different market segments and then drill down into the chosen components you can relate to or work in. At the top end of the property client base assessment, you will always have business owners and property investors, but then you can go down into areas in each group. For example, you could work into the medical segments and help with property developments or buy and sell situations. Then, of course, you have doctors, chemists, and associated medical people to connect with as part of that.
So, these four factors are the significant considerations in brokerage when you are looking to the future of building a real estate business for yourself.
When you have decided what you can do or would want to do in the four categories mentioned, you will have plenty of channels of property ownership and business activity to review. Ask the questions, and you will find the people.