In commercial real estate brokerage, the fear factor is something that is quite real and challenging for many salespeople. So what is it? It is simply a barrier of issues and challenges that seem daunting or overly complex. In most cases, any agent or broker that is struggling with listings and commissions is usually and simply centered on the fear of the challenge and has reluctance or an inability to deal with it.
In our industry we have to do some things that are unusual when it comes to winning new listings, connecting with new clients, and negotiating; new skills are required. Over time you can learn of these new skills, however they will initially be challenging and difficult. That is where the fear kicks in and sets some difficult boundaries for some agents and brokers to move through.
So how can you resolve the fear factor? What are the common ‘fear factors’ in our property industry? Try some of these for starters:
- Prospecting for new business
- Making cold calls to new people
- Bouncing back into a deal that has fallen over
- Door knocking businesses and property owners locally
- Introducing yourself to new people
- Designing and distributing marketing material to new people
- Holding yourself out as a property expert for the location and the property type
You can resolve these things by dealing with them individually and practicing the skills required in solving them. The practice process is quite personal and some brokers and agents struggle with that. They lack the discipline to do the daily practice; that then slows their progress in the market. Are you up to the challenge?
So the best way to resolve the fear factor is to take action, practice the process, and source the necessary skills and knowledge to support those actions. The sooner you do that, the easier it will be for you to convert more listings and grow your commissions. Top agents are ‘fearless’ when it comes to building their business.
Here are some tips to help you handle this problem and step beyond the boundaries that you are currently experiencing:
- Understand exactly what you need to do to achieve a better market share and base of listings. As difficult as any task may seem, it is likely to be the most restrictive thing holding you back. Resolve one ‘fear factor’ at a time, dealing with the biggest one first. When you have one challenge under control, you can move on to the next one.
- Everything depends on how you look at it. Every difficult task will always have a solution. In our industry, those difficult and key tasks evolve around pitching for a listing, sales presentations, negotiating, marketing, documentation, and inspections. Determine any weaknesses you may personally have in any of those categories. Start to address those weaknesses singularly through practice and skill improvement.
- When you get ‘knocked down’ in any sales pitch, deal or listing activity, bounce back up quickly and directly. Feeling defeated will do nothing for your next listing opportunity or property presentation. If you miss out on a listing opportunity today or closing on an important deal, understand that process for what it is; it is something you can learn from. When you learn from a difficult transaction or client interaction, the same errors do not need to be repeated. Practice and skill development can position you differently for the future. You are the one that is in control of your actions and your focus. Top agents have learnt from their mistake.
- A ‘can do’ attitude will always give you strength to move through the challenges in any sales, leasing, or property management activity. Break the big problems down into small issues. If you cannot attract listings today, break the challenge down into five or six different things that can be individually improved. For example they could be in direct mail, cold calling, client connection, and database activities. Work on your weak points and solve them.
- You can get plenty of energy from your goals and business plan. Develop both of these things so you can review them at the end of each week. Given that the property market is always under change, you will also need to redirect your efforts on a monthly or quarterly basis. Our industry is never static and opportunities always exist for the brokers and agents that see the changes and ask the questions.
- Look for a mentor that you can relate to as a property specialist within your field or your industry. They can help you with the ‘learning curve’ and give you the necessary criticism to redirect your focus and actions. A well-qualified mentor will always shorten your learning curve and improve your focus. It is an advantage not to be overlooked.
Any fear factors will soon disappear when you see the challenge quite clearly for what it is, and break it down into the factors of skill development and practice. It doesn’t matter how long you been in the industry, you can always learn from market trends and industry results. Spend more time on yourself through deliberate skill improvement and directed effort.