There will always be distractions, diversions, and pressures in commercial real estate brokerage, and through all those things you should keep pressing ahead with refined action plans and watching your key performance indicators. (NB – you can get plenty of commercial real estate career tips right here)
The industry has plenty of opportunity for those that work to a plan and with focus. In saying that, there are also unexpected obstacles to contend with, so develop some resolve and primarily, some plans, to take you forward in your real estate career.
Obstacles are Part of the Process
So, what are the common obstacles that you will strike in the industry? Here are a few of the most common:
- A client that is slow to decide about a deal or negotiation
- A customer that fails to give you exclusivity in the listing process due to some obscure and irrelevant reason
- A lack of enquiry or inspections on your best listings
- A contract or lease that falls through for some obscure reason
- A downturn in the town or city that impacts the real estate market
- A difficult negotiation that seems to be ‘dragging out’ for no apparent cause
- A client that fails to understand or accept the market conditions in your location
- Other agents that are trying to take your client and or your listing
- A property settlement that is difficult to ‘get across the line’
- A sale or lease that is taking ‘forever’ to document and or get signatures of acceptance
When you suffer these pressures (and you will), the rules are simple; you work on and through the difficulty with focus and drive. You simply cannot let a negative factor drag your attention and action away from the things that really matter. The results that you achieve in commercial real estate are largely created from your own actions and persistence; that is why resilience is a good thing.
Track and Measure
There is a rule here that is worth remembering and enacting. Track your progress; plan your actions. Each day track your progress with enquiries, listings, clients, marketing money, tenants, buyers, and negotiations. They are all indicators that will give you some satisfaction as you drive through the other frustrating factors of the day.
Here are some tips to simplify your real estate career and business strategies:
- At least 1/3rd of your working day should be devoted to new business generation; that means ‘prospecting.’ Examine your diary now for that strategy and look at how successful you may have been last week in approaching things that way.
- Write things down in a day book or note book so you can get back to less important things later. Your note books are valuable business tools in your career. Keep a note book monthly and thereby a point of reference in going back on facts and actions.
- Pitch and present your services based on exclusivity and vendor paid marketing. Focus on a small number of exclusive listings (say up to 15) at any one time. Convert most those listings to finalized transactions through vendor paid marketing, client conditioning, directed negotiations, and accurate documentation.
- Seek referral business with all the people that you have served. Ask the referral questions at the right time.
- Keep your database accurate and up to date. Build client and customer relationships for the longer term.
So, there are important things that you can do here. Keep pressing ahead in commercial real estate brokerage, build you skills and refine your actions.