In commercial real estate brokerage there will be times of pressure and frustration. At a personal level they can move you away from the things that really matter. The message here is that you as an agent should endeavor to stay calm under pressure.
So what can go wrong in the real estate market that can put you under this ‘pressure’? Try some of these:
- A listing has been taken away from you by another agent
- The client is now talking to other agents
- The deal is really complex and is taking a lot of time to get on paper
- The client doesn’t want to do the deal for reasons you cannot clarify
- The client is not getting back to you with final instructions
- The sale or leasing deal is taking too long to finalize
- The client or the other party to the deal seems to be moving the ‘goal posts’ on you
- Claims and counter claims of deal progress are confusing, inaccurate, or just plain manipulations of the truth
The fact of the matter is that many real estate deals have one or more of these challenges to work through, and there are many more situations that are equally challenging. Where there is money and property involved, many people are inclined to ‘forget the facts’, or ‘bend the rules’. As property agents we should stay calm under pressure and control the events as best possible whatever they may be. Integrity and confidence are important factors in our business today.
Here are some tips to help you maintain this professional approach to your sales and leasing deals:
- Understand the elements of the deal – You must know all the facts about the property, the property transaction, and the parties. In this way you can encourage offers, pitch on the counter offers, and close on the reality of the deal.
- Know the client – The client pays the commission so there is only one way to serve the client; understand their priorities, requirements and their current situation. Many property deals are very complex. At all times work closely with the client to encourage momentum and property negotiation. Tell the client about the realities of the market and help them see the benefits of a deal over the long term; it is not the price or rent today that ultimately sets the net value of the deal. Current market conditions will have a lot to do with the clients result over time.
- Know the market – You must know the market conditions to negotiate, list, and pitch on properties. The market indicators are always changing, so look for the trends and graph them for use in client presentations or negotiations. It is very hard for a client to refute facts and numbers from settled or leased deals.
These three simple things will help you stay ahead of the deal or the negotiation and stay calm under pressure in commercial real estate. Knowledge and confidence will help you grow results and close more commissions.