Let’s face the plain facts of working in commercial brokerage. The industry can be very competitive, especially if your territory of control as a broker is in a busy town or city. The way to work though that competitiveness is for you to be a property ‘expert’ in every way possible. The rewards of the industry await those agents that work to a system and are big on personal improvement. (NB – you can get more career tips in commercial real estate brokerage right here)
Build your real estate strengths
What are the strengths of your city when it comes to commercial property activity? How are you positioned into that activity with knowledge and involvement? They are good questions to consider as you look at ways to build your business or improve your results. Analyze the zone and decide what you can do with it. From that point, design your systematic approach to prospects, clients, listings, and marketing.
So how do you get started with this? Go back in history in the area. Look at the investment property market, and the precinct changes over time. Review your marketing strategy now, and how you can grab a good share of the better listings and clients into the future.
Focus on and control your market
Control your market; that’s the target and the rule. Predict the future where you can and move your knowledge and involvement into those segments. Develop direct strategies for that so that you can stand out as the ‘agent of choice’. There is no point in being ‘ordinary’ in commercial real estate brokerage; there are already too many ‘generic’ agents.
Go deeper and be specific
So, the idea here is that you can do more in building your real estate business. Dig a bit deeper. When you look at a zone of buildings, land, or investment properties, where you can get new business from? As you do that, the following questions come to mind as a valuable analysis:
- What would your market share be now? Be realistic in your personal assessment. Build on your personal property strengths first and foremost so you are more relevant to the clients that you serve.
- Your market knowledge and property skills will be ‘biased’ in some way or direction. Set your new business activities and skills on the things that you know about, and can feel comfortable with.
- How can you stand out in any property presentation? Don’t be generic when you pitch and present your ideas to a property owner about their building or asset challenge. A property presentation can always be ‘tuned’.
- Would you say that the investment market is changing for the better, declining, or shifting focus? There will be changes in your property market, so look for the factors of supply and demand to work up a business direction for honing into the better clients and listings.
- Do you have a real point of difference locally in your marketing efforts? Strategy is everything as you move ahead with online and offline marketing today. Set your marketing strategy and refine it based on the results you are getting.
- What key performance indicators are you watching? Typically, the key facts and indicators should be levels of enquiry, time on market, and property types. Watch the key indicators.
The degree of control that you have with listings and clients will always be a constant process; that process is in connecting with local people as the investors of the market, researching property ownership changes, marketing local listings exclusively, and staying close to local business owners as occupants and or owners. As the year passes, those segments remain critical to new business generation.
Research and review your location
When you consider your real estate location, review the buildings, and understand your clients, you will see opportunities that can be opened through creative marketing, constant contact, and professionalism. The top agents of the industry are always looking for opportunities and position themselves accordingly.
Be professional at all times
Drive your commercial real estate career to a new level through deliberate and ongoing professional contact and database growth. Determine the types of clients that you should be working for, and go out and find them. Put your database at the center of your real estate business and talk to new people each day.