There are many different pressures on us as Real Estate Agents when you look at how the property market changes and business sentiment shifts locally; nothing remains static in commercial property. Through all of this we need to stay ahead of changes and opportunities, as there will always factors active that change the ‘goal posts’ and the focus of some clients. Seeing the market changes and turning them into opportunity is a real skill; that is our job and should be our focus.
Many of the deals that top agents put together are built on the awareness of what clients need; to a large degree those deals are ‘off market’ and privately transacted. That is where our local market awareness and coverage is so important.
I have put together some of the main factors that I believe are the ‘keys to long term success’ in commercial property brokerage. You can apply these rules and points of focus to your market and property type:
- Build solid client relationships – Some clients or prospects can take a very long time to move into or change property investments. On that basis you should build valuable relationships with those people that are in the market now or could be in the future. It could be months or years before they want to act on a sale or leasing opportunity. Research the right property and business related people to know and ‘open the door’ on communication and regular connection. From that point onwards your database should help you stay in contact in a relevant way.
- Watch the property market closely – Things will change through the year in property ownership and occupancy in your town, city or territory. Look for upcoming vacancies, redundancies, new developments, businesses changes, and any expansion or contraction pressures. Given that all of these things are locally based, it pays to restrict your sales territory to a defined patch or zone; in that way you will specialise and cover the changes correctly.
- Grow and nurture your database – Your database is perhaps the most important business tool that you can use. Over time you will find plenty of opportunity in the database providing you feed it with new people and keep up the contact process in a meaningful way.
- Build your knowledge about local property – The clients that we work with expect confidence and accuracy when it comes to handling a property matter. You can only do that when you are really aware of the property trends and results in your territory or zone. That will include rents, prices, and time on market, competing listings, yields, and marketing strategies. In knowing these things you will also pitch and present your services more effectively.
- Practice your important real estate skills – The longer you stay in the property market locally the more you can learn. As you learn you can convert further new business, clients, and listings. The whole thing can be ‘fast tracked’ if you take the time to practice your core skills. As an agent those skills would normally be prospecting, presenting, listing, marketing, and negotiating. Practice takes real discipline at a personal level, and the results can be seen if a person takes on the personal improvement process. We all have choices, and the choices you make in personal development will impact your results in a major way.
Rate yourself as a real estate agent or broker now relative to these things. Can you do more? Can you improve in any of these requirements or categories? If so, the opportunity awaits you in the local property market. Good luck.