In commercial real estate brokerage, many challenges will exist from time to time for every agent. The challenges commonly ‘show their face’ in prospecting reluctance, poor quality negotiations, low listing conversion rates. Confidence and local market knowledge are keys to the process of breaking through those barriers. You can add to that the individual requirements of professional skills relative to property type and location.
So overcoming barriers in commercial real estate is largely a personal thing. Individual plans and systems are required to set a new path to progress and better market share on an agent by agent basis. I say this on an ‘agent’ basis because the industry is built on personal relationships and ongoing contact. Those agents that struggle in the property market usually have ‘poor client contact’ systems, or perhaps none at all.
So if you are challenged by the market or the real estate business, here are a few tips to help you improve and progress through the barriers:
- Understand what is holding you back. Whilst the market will have change and volatility on a regular basis, most of your momentum (or lack of it) will be an internal thing. Be quite clear as to what is holding you back personally. If it is skill or knowledge related then you can fix that with education. You can also practice where needed to improve low skill levels.
- Set in plan a process of personal development. Top agents in our industry are always improving and will engage in any processes to do that.
- Engagement and confidence come to most brokers and agents over time. You can fast track the process with practice and market information. The clients that we serve generally choose the agents with the market share and confidence. Role playing your key skills for personal growth.
- Take charge of your diary and time. Don’t let others change your day with unnecessary meetings or tasks. Between the hours of 8am and 5pm you must be active on the critical issues that will help you build your business.
- Any weaknesses at a personal level should be identified as they are likely to be the things that are holding you back. Weaknesses can be resolved through practice.
- Reluctance is a difficult issue for many; particularly with prospecting and presentations. Unfortunately it can have major impact on business generation and conversion. Understand that the process of reluctance is an internal challenge; it is resolved by taking action through it. Top agents do that all the time.
Commercial real estate is an industry of great opportunity for everyone in it. That being said it requires absolute commitment for success to occur. Commissions and listings rarely come from ‘luck’. Process, skill development, and systemisation through all of your challenges will take you further than anything else. Break through the barriers of reluctance and fear.