There will always be new property challenges to work through every day with property listings and clients in commercial real estate. Behind every property challenge there will be a potential commission opportunity to be worked on and converted. Some property transactions are easier to convert than others so some discretion and choices should be considered if you are a broker or an agent.
Of course some property challenges will be unique and special; some properties and clients may take months if not years to convert to a listing and a transaction. So you cannot procrastinate as you strive to grow your real estate business. Every day you need to do the tougher things.
What is the Rule?
Do the hard stuff, and know how to push through the barriers. Top agents work on the hard stuff, and they push through problems with a plan of attack or strategy of resolve. The commissions that they earn are just reward for effort applied; that effort is selective and direct. Luck doesn’t have much of a place in commercial real estate today.
Set your own plan to progress
Plan how you work on your listings and the factors of marketing. Consider the following facts:
- One property transaction can involve a good degree of research, client contact, marketing, inspection activity, and negotiation. Understand the potential value of the listing to you in the end result before you devote your time through all of the various tasks required to go to market and get a result.
- Some clients will give you an exclusive listing; others will not. You have a choice here as to whether you should do anything for them with their overall property challenge. The only way to control your property market activity is through controlled listings, so don’t let the client manipulate how you focus on your listing stock and marketing processes. If they really want you professionally to work on their property listing, then insist on exclusivity.
- Some clients are realistic when it comes to market rents and prices, and the prevailing market conditions. Choose to work with the right clients that can show market commitment and understanding. What are the strengths and weaknesses of your clients? Can those factors influence your property outcomes? Help your clients make the right choices.
- The marketing process today can be very special as you try to tap into the local area and the people that may want to buy or lease the property. Vendor paid marketing funds will help you promote the property comprehensively. Every campaign where you have marketing funds can be a unique promotional message. Given that there are plenty of other listings locally being sold or leased, your client’s property has to stand out as the best value in some way or form. What do you need to say? How do you need to spread the message?
Take these ideas and avoid the procrastination problem in commercial property brokerage. Do the high priority things that other agents put off and avoid; get active to stay in control of your property market.