Luck versus Law in Commercial Real Estate Brokerage Success
In commercial real estate brokerage you can be lucky some of the time, but the success that you are looking for comes from diligent effort and hard work. Good things happen to those agents that put in the time and the focus.
It is interesting to note that many agents have little ‘system’ in their day; in that case the process of ‘luck’ takes over and random results are the end product. The ‘peaks and valleys’ of personal performance are to be avoided; rise to the top of your market and stay there. Consistent effort will help take you to the top of your business and territory as a top agent. If you have plenty of competition around you, there is no other way to do it.
Here is a ‘golden rule’ to commercial real estate brokerage:
‘Your directed prospecting efforts towards quality properties helps build greater listing opportunities. Quality listings will always give you better levels of enquiry’.
So how can you put this process in action? If you really do want to drive those great listings and good market share towards you, the things that you do every day are really important. Here are some ideas to put you on the right track:
- What exactly do you need to build your real estate business? In most cases it will be listings and clients. The only way you will get plenty of them is through prospecting every day. Develop a prospecting system and stick to it. Two or three hours per day is required to get the system active and productive.
- Market knowledge will be essential to convert more prospects to business opportunities and commissions. The way you talk about the market and the trends will have a major impact on your negotiations and conversations. Stand out as the ‘expert of choice’ locally.
- Listings should be converted to ‘exclusives’ wherever possible, as that is the type of stock you can control and promote. You can build your market share on ‘exclusives’ that are listed correctly and well marketed. Don’t waste too much time on ‘open’ listings.
- Develop your marketing systems so they are much better and more successful than any of your competitors. Clients and prospects will notice that your marketing systems stand out and are ‘unique’ to the marketing of property. That ‘uniqueness’ will help bring you leads and opportunities.
So you have some choices here; you can see the difference between ‘luck and law’ when it comes to building your business and market share. Don’t be ‘generic’ in commercial real estate brokerage. Be the best you can be.
