It is easy in commercial real estate to get confused when it comes to what you should do next as a broker or as an agent. Every day there will be plenty of things to do. Everyone wants new business and listings; however the leads and the opportunities only come in reasonable volume when you focus on certain things and do so consistently, day in and day out.
So what are those very special things that really matter to the end result? I have narrowed down this list you can see what I am saying and build some valuable habits as a property professional:
- Researching the right property owners and business leaders – When you look at your property location and sales territory, there are a number of properties to research. It is a matter of choosing properties one by one within locations and property types so you can get to talk to the owners and occupants. Conversations lead to information and that then leads to listings, be they now or in the future.
- Making direct contact – There are different ways to make contact with property owners and business leaders about property needs. A combination approach usually works; such as cold calling, direct mail, door knock, and personal contact. To do all of these things effectively a good database will help you keep organised. Track and measure everything that you do in your database and the pipeline that you establish. Move people up through your pipeline. Turn your prospects into customers or clients. As part of that process also ask for referrals.
- Servicing listings and clients comprehensively – There is a limit to the number of people and properties that you can service exclusively at any one time. Open listings really don’t matter and are an exercise in luck; however your exclusive listings require focus and direct marketing at a personal level. Take your exclusively listed properties to all of the buyers and tenants that you can find; don’t just let the online marketing and the newspapers do that for you.
- Marketing efforts – Agents and Brokers should market two things; that being their listings, and themselves. Every day the promotional strategies apply in each case. Comprehensively take your property listings and promote them locally in the target groups of buyers and tenants. Track and measure the results that you get back so you can see where changes are needed.
- Negotiating – Most of the things that we do with investment and commercial property involve negotiating in one form or another. From presentations, listings, inspections, offers, and closing on leases and contracts, the negotiation elements exist. It stands to reason that we should personally be well practiced and skilled in negotiation. That is where personal development is important.
The commercial real estate industry is not complicated, but it is specialised. Take these simple factors above and make them special and unique skills as you go about your daily business. Practice your core skills so they become habits.