In commercial real estate brokerage, it is exciting to review if you are still on track with your targets and goals. See how you’ve done each day and what you could have done better.
You can do the same assessment at the end of each week. Review can allow change, and commercial real estate as a business is constantly changing. See the difference and use the change to your advantage.
What is your approach today in your real estate business? Consider your target market and your desired results. Could things be better with clients, listings, and conversions to transactions? Review these categories as you think about things.
● Listing types
● Client list
● Market share
● Marketing funds converted
● Database growth
Real Estate Targets and Adjustments
Adjustments in daily activities across all of these things can help you hone your client approach and improve your transactions chances.
Change and improvement in your commercial real estate actions can usually bring opportunities to any agent.
Unfortunately, many agents don’t work the market changes sufficiently well. However, that is an advantage for those agents that do get the process under control.
What can you do with this? Our industry is aligned closely with people. The more people that you know, the better your real estate business is likely to be.
Talk to more people every day, and you will find the business. Be selective in the types of people that you approach and know in an ongoing way. Target better results by engaging with more people.
Fix Any Poor Habits in Agency
It is a poor business practice to repeat errors and those things that are not working. When things are not working for you, adjustments are required.
Habits only impact the future if they are positive and repeated. Each agent should work on their real estate habits and practices and then set some key improvements around that.
What are the essential things in your diary? Consider your activities of yesterday. What are the things that took you away from crucial things in your diary yesterday?
Avoid Distractions and Set Targets
When you consider everything, you must do each day, you can see how easily distracted, or diverted things can be. It is time to fix some of that.
What are the typical distractions for most agents? Try these:
- Telephone interruptions – Most agents have lots of inbound and outbound calls each day. That fact is part of the business; however, you can use your voicemail to filter the things that don’t matter. You can also choose when you should be making outbound calls and if you should respond to some call requests. Better choices here will save you a lot of time and make you more effective as an agent.
- Inspection requests – When you have more listings coming in, you have frequent inspections to undertake. Qualifying the enquiring party is critical because any property inspection can take a couple of hours out of your working day. Ensure that the person you are talking to can fully purchase or transact on the property before you move to an inspection.
- Marketing preparation and listing activities – Every listing will take a degree of real estate planning and process to attract the right audience. That is where marketing can be a time-consuming event. However, you can move this ‘administrative’ requirement to the end of the day when you are not prospecting and talking to targeted people.
- Client discussions and meetings – Client conversations are essential, but how you do that is something to think about. Given that your clients are already doing business with you, the pressure to have a conversation should not be high. The only exception to that is if a transaction is active and under negotiation.
- Transactions and deals underway – These things always must be shaped and progressed. As real estate agents, that is our job. Real estate transaction control and positioning will require you to think about what to say, how to communicate, and when to do that.
New Business Prospecting Results
The most critical business activity for every agent will be prospecting for new business. That will need to be done at the same time and through all these things.
Do you let any of these things mentioned above divert you away from prospecting for new business? That is a problem that can impact your results as a real estate agent; making the right choices here should be high on your agenda.