In commercial real estate sales, it is easy to get distracted or diverted from the things that really matter.
Time is your most important resource as a broker or agent as you strive to create listings and commissions. Don’t let anyone take up your precious time without some reason to do so. Protect your time and your diary from ‘other people issues’.
The Seasons of Trading in Real Estate
Commercial property activity is largely seasonal and certain times of the year are more active than others. Out of 12 months of the year, you only have 10 months where listings and new business can be created and converted. To a large degree, you really need to work your prospecting efforts up in advance so that the 10 months are the most productive.
Prospecting for new business in commercial real estate sales is a compounding process. Once you start, you cannot and should not stop. Results grow over time if you keep up the momentum.
Property Industry Time Efficiency
So let’s set some rules to help you get on track in your real estate business activities:
- Protect your time – Use a diary system that only you can put bookings and appointments into. Everyone should be ringing you to see if the can take your time. Qualify and prioritize your appointments into prospecting, business meetings, listings, inspections, presentations, client contact, and marketing. Nothing else really matters in commercial real estate brokerage.
- Know your priorities – Certain parts of the day should be split up into core work times. For example you could spend the first 3 hours of every day prospecting. It is really important that you set some habits into your diary and day management system.
- Determine key clients – You will have some high value clients and prospects that stand out for reasons of new business opportunity. They are the VIP clients and you should treat them differently and more intensely than other prospects.
- Shift low priorities – Most agents will have a degree of low priority paperwork to do regardless of administrative support or other team involvements. Move that work to the end of the day or the evenings where you have spare time and less distractions to divert you.
- Ask for referrals – Every business relationship can be expanded with referrals and lead generation. Ask for referrals at the right time in your client and prospect contact.
- Attract higher value sales – When you focus on the larger properties and those of greater value or quality you will find that commissions are easier to attract or achieve per sale. The top quality properties create more inbound enquiry and inspections. It is then very easy for you to get momentum in your campaigns and database activities.
So the idea here is that you can set some rules of engagement to help your commercial real estate sales results grow and thrive. Understand the value of your time and your productivity will improve.