The opportunities in commercial real estate brokerage today are significant and real. Your degrees of focus and personal action will help improve your results over time. If you have chosen a career in commercial real estate, be prepared to work hard and to work to a plan. Refine your plan and improve it over time. It doesn’t matter how long you have been in the industry; there is always something more to learn and work on.
Systems of action produce better results in brokerage today. It doesn’t matter too much who you work for (providing they are a reputable and professional agency), but the actions that you put into your business day and week will be more important than anything else. Improve your skills and market yourself based on your business strengths and property specialities.
The levels of competition exist in most towns and cities; other agents and brokers will be chasing your clients, your listings, and your commissions. As an agent or broker, your services and solutions in commercial real estate will need to stand out as significant, real, and relevant to the clients that need property help.
Protect your real estate business from a base of professionalism and excellence.
Clues to Brokerage Success
Here are some facts to know and understand if this is a career for you:
- Be self-driven – the actions that you take personally every day will help drive your business forward. No other person can do that. That means you should be talking to lots of people in a regular ongoing way.
- Develop your skills – know the differences between prospecting, listing, marketing, negotiation, and documentation. Each phase of your real estate business will need special focus and improvement. Develop your professional skills in each category and maintain those skills over time.
- Frustrations exist – some things will go wrong for unusual reasons, so don’t stress about that. It pays to have several properties and clients in your ‘pipeline’ of opportunity, so you can quickly fill or replace a listing or property transaction that is a problem.
- Negotiation skills can always be improved – there are different priorities for sales, leasing and property management for most people. Somewhere in those priorities will be a client transaction waiting to be identified and converted. Negotiation skills will be part of that. It doesn’t matter how long you have been in the industry; you can always be working on the negotiation interaction and dialogue issues with prospects and clients.
- Know your locations and buildings – focus your efforts into a zone or precinct of buildings and land. That then allows you to probe the changes in property investment, occupancy, redevelopment, and future supply. Know the owners, the occupants, and the business people.
- Brand yourself professionally – understand what you are good at in property choices, knowledge, and activity. Market those factors in conversations, meetings, telephone calls, and internet marketing. Get the message out there with the people that you regard as prospects and clients.
- Practice everything you do – those agents and brokers that practice their skills and dialogues will always improve faster than others with listings, commissions, and transactions. It directly follows that you can build that improvement and practice into the start of your day.
- Build a database for personal action – simple client lists are a big part of our business. That list building process is quite personal and should be developed that way. Any new agent should start developing their list immediately and refine it with ongoing contact.
There are things to do here if commercial real estate brokerage success is a target of your career. Will it be hard? Not necessarily, but the systems and organization you put into your real estate business are so important in what you do each day and how you improve over time.