When you work in commercial real estate brokerage, there are some things to watch so you don’t fall into a system or spiral of degraded personal performance. Particularly so, two very common problems impact top agents frequently. They are:
- Distractions – lots of people will try to take some of your time for their reasons and priorities. That will make a good slice out of your working day. As you get to know more people, the distractions become more of a challenge.
- Low-quality listings – some listings are just not going to move given the type of property, the price, the location, or the client. You have some choices with that. Do you want to list the property? Every listing is a commitment to be fulfilled, and that is why we have exclusive listings. Open listings don’t matter.
So what do you need to do here? Control your time on the critical business. You have to be selective and discerning. Let’s look at some rules for that.
The best way to avoid the problem is to control your meetings, your telephone, and your office time. The business that you want is out in your territory. Make a deliberate choice to get out of the office for at least half of the day. As part of that, get in front of people and make the connections that you know are important to your real estate progress.
As a special note here, don’t let emails or telephone calls divert you from the things that matter to your business and daily activity. Take calls and emails only twice per day; perhaps late morning and at the end of the day. The same rule can apply to the answering of telephone messages. The only time to make an exception to the rule is when a deal or negotiation is active.
When you look at any listing to take it on, there are some core questions to ask. They are something like these below:
- Do you have the time for the listing?
- Is the client realistic in price, rent, and or marketing?
- How long do you think the property will be on the market?
- Can you find the target market of buyers or tenants quickly?
- How many other properties are competing for the same target market currently?
- Will the client be contributing to vendor paid marketing funds?
- Can you get the property on an exclusive basis? Will that be something you can commit to in personal time and marketing effort?
Questions like these will help you make accurate decisions with your property listings. So these facts will help you build a better real estate business.
Don’t jump at every listing that comes towards you. Be prepared to make your listing decisions on sound real estate logic. That is the making of a top commercial real estate agent.