Resolutions to be Made in Commercial Real Estate Brokerage
Many people ask the question about how they can be successful as an agent in commercial real estate. There is no single answer. There are however lots of paths to take, all of which lead to levels of progress and results. Over time those special paths of action and skill development can be honed and improved. It’s a personal process and an essential one to consider if you want to improve your real estate business and commission outcomes.
Lessons from History
I have coached a lot of people over time; I have also trained many thousands of people in workshops and seminars in different parts of the world. From that activity I can say that the following factors apply:
- The best agents and sales people rise to the top of their market quickly due singularly to personal focus and action.
- Property knowledge is a critical part of personal improvement for any agent today.
- Those agents that fail to prospect and improve personal skills usually drop out of the property market within 2 years.
- When some agents win a listing, they stop the ‘effort equation’ and go into ‘generic mode’.
- The ordinary agents that take the ‘generic’ approach to presentations, marketing, inspections and negotiations, never really achieve better than average results.
- The levels of competition and specialization in our industry are challenging and apparent everywhere.
- Personal relationships and client contact systems drive more new business than anything else.
- Most agents find it really hard to prospect for new business in a regular and ongoing way.
From these simple facts you can see why personal performance features as the core element of agent performance. Luck really doesn’t play a part in the results that any ‘top agent’ will achieve. So you can turn all of these issues into ‘opportunity’.
Your Resolutions?
You can make some clear resolutions in your personal property market activities to move onward and upward with your real estate business. Here are perhaps the most important resolutions to consider:
- Divide up your day – Make a list of a few key factors and activities that can drive more business opportunities for you. Generally those things are prospecting, marketing, and client contact. Other opportunities evolve from those 3 issues. Focus your day around those things.
- Control your own diary – Don’t let any other person take a slice of your time and your business day unless they are integral in you achieving progress and results as a property agent.
- Check your progress – You can and should set some performance indicators to work to that will allow you to see that you are getting results from your efforts. You can do an assessment of progress with your indicators on a weekly basis.
So these things lead to personal progress. Normally the things to check and monitor each week at a personal level would be:
- the number of controlled listings (exclusives) created
- the size of your database
- the meetings you have created per week with new people
- inspections undertaken on exclusive listings
- marketing dollars converted from vendors
- presentations made (and converted), and
- commissions earned per deal within sales and leasing
If you want to get anywhere in the property industry, take a look at what you are doing now and set some simple and yet effective rules to work to. Set some resolutions and start working really hard. Success in commercial real estate brokerage is a personal thing; it’s nothing more than that.
