Resolving the Challenges of Commercial Real Estate Brokerage Today
In commercial real estate brokerage today there are plenty of opportunities for agents to be had across sales, leasing, and property management. The best way to tap into those opportunities will be through a planned personal approach and specific ongoing action.
Get Planning
It is incumbent on every agent and broker to develop and establish a personal marketing plan and a prospecting model to pull in the new business opportunities. It doesn’t matter how busy you can be or will be on daily basis, prospecting needs to feature in your business activities before anything else is done.
Here are some ideas to help agents and brokers review the time challenges that they face, and adopt some strategies behind their property market activities with listings, clients, and commissions:
- MAKE CHOICES: Choose a particular property type within a location as part of your business activities and specialized services. When you focus within a precinct and property type, is relatively easy to gather the necessary facts about price, rent, and time on market. That can then help you negotiate more directly and effectively with the clients that you serve. It should be said that the property type of choice should contain sufficient market activity and future listing opportunity. Understand where the new business will come from in your location over the coming years. Position yourself for listing abundance and enquiry opportunity. When you control the listing stock, you control the enquiry and ultimately the negotiation. Don’t forget to insist on exclusivity as part of providing professional commercial real estate services. If you are indeed a top agent, exclusivity is not a problem to request and insist for as part of every new listing.
- GET THE FACTS AND THE KNOWLEDGE: Develop the necessary knowledge for the property type and location. Get to know what’s happening when it comes to time on market, the appropriate methods of marketing, and the quality listings available today locally. Be prepared to explain your recommendations to the clients locally when it comes to marketing, and method of sale or lease. How can you position yourself and your property listings for the best possible outcomes? The client wants one thing above everything else, and that is to achieve a timely result at the best possible sale price or rental. Your job is to provide clear recommendations to the client so that they can achieve that. Be quite clear when it comes to that process, the client’s requirements, and listing.
- PRACTICE NEGOTIATION: Develop your negotiation and presentation skills through practice and self-improvement; that requirement cannot be delegated as it is a personal process to understand and implement. There are so many things that need to be covered and negotiated as part of any standard listing and client interaction. When you consider the timeline to a sale or lease activity, there are factors of negotiating involving marketing funds, listing strategies, listing conversion, inspecting, and negotiating. Each part of the commercial real estate sales and leasing process can be practiced from a negotiation perspective. The practice is up to you.
- IMPLEMENT A PLAN: Establish a plan of action and momentum. The agents and brokers that struggle in the industry are usually those that have little momentum or focus. They fail to establish a plan of action and develop the right types of habits in their career. The opportunities in commercial real estate brokerage you are large. That being said, the skills required for a successful career are significant. Practice and self-improvement will be required in an ongoing way. Take the action and focus your efforts each and every day into the tasks and the strategies that really matter with clients, listings, and market share.
If you can show the client a specific and direct way in which you can resolve their property challenges effectively and comprehensively, the listing conversion will be a lot easier in every respect. Strive to be the top agent for the location, the property type, and the client’s requirements. Research the local property market and improve your personal skills in every regard.
You can find out how to solve commercial real estate broker challenges right here.
