Commercial real estate brokerage is not an industry for the fainthearted salesperson looking for a part time job. Real strategy and specialization is always required as part of a fixed business plan and action approach to the local property market. The word ‘local’ is really important here. Most of your new business will come ‘locally’. How well do you know the properties and the people in your location?
If this is the industry for you, then it is time to think about what you can do and where you are headed. It is also the right time to look at local market conditions and future opportunities. You can position yourself as the specialist to help the quality clients and property owners locally. That’s the best way to attract business.
So what can you do here?
It’s a personal process that needs to be refined at an individual level over time. On that basis you should consider how you can become a ‘property investment and improvement specialist’ to help the right property owners and business proprietors. You should also understand your strengths and weaknesses as part of that process. You can refine those things. Here are some ideas to help with that:
- Market yourself and your services as a solution provider and problem solver. To achieve that status, you will need to know a lot about the local area, the property changes, the future supply, and the pressures of local industry and business. You will have to understand the solutions to local issues. Connect with the people within the property market at a personal level. Help them to understand that you have the right skills to help them at the right time. Spread local information that helps people see your relevance and market coverage. Don’t be average in your personal marketing.
- Track all of the sales and leasing activity for the location within particular groups of properties and precincts. When you closely align your business efforts to the prevailing market conditions locally, you should soon see trends applying to inquiry, negotiations, and marketing. Those three factors will allow you to convert more new business for yourself and your brokerage, and then maximize inquiry. Attract the new listings and the opportunities through deep and direct local market knowledge. Focus your attention in that way.
- Understand the variations of cash flow, rental, tenancy mix, and price for the location. When working with investment properties, what can you do with the tenancy mix, the rental, or the improvements within the asset to allow you to bring about a better end results of income and or yield? A true property specialist understands how to improve the asset over time; strategy is everything. That’s where strategy should become an important part of your listing pitch and client services. Show the client that you know all about ‘strategy’.
- Market your properties specifically and directly with a bias towards exclusivity. Each and every exclusive listing that you create and convert should be directly marketed into the target audience of buyers or tenants as the case may be. That requires specific marketing processes and not generic advertising.
- Get involved in your marketing campaigns at a personal level. Put yourself into the promotion of the good quality listings locally. Use every good listing as a reason to talk to local business owners and property owners. You will soon find plenty of opportunity from the location; that opportunity can be converted into listings and commissions at a personal level over time.
So there are some good things that you can do here when it comes to focusing your professional services at a specialized level. Position and market yourself as the specialist for the location and within certain property types. Build your personal brand accordingly.