Commercial real estate brokerage will always be competitive and somewhat challenging, however there are the opportunities up for the taking in most towns or cities. Be aware of the changes in the marketplace and how you can position yourself competitively and specifically within the property types.
Look for the things that have the opportunities. Link the relationships between sales, leasing, and property management. One service or client need can lead to another. One client can lead to a referral. There are plenty of things that you can extract from your existing prospect and client list.
The Mindset of ‘Winning’
Every agent or broker should develop a mindset keyed to winning and converting more clients, more listings, and better commissions. You cannot convert the new business if your mind and actions are not aligned. Confidence is really important in our game, and can help take you forward with your presentations, client contact processes, and your negotiations. A client can see and feel that they are dealing with a good agent that knows what to do and has the resources to implement the plan.
The clients that we work for don’t want an ‘experiment in property marketing’; they want a result. They want their property challenges resolved; your pitch or presentation can be built around on that requirement. Can you do that? How can you show the client that you are the right person for the job? Put that concept at the heart of your real estate processes and presentations.
The ‘winning’ mindset helps to take you through the challenges of the marketplace and the peaks and troughs of individual performance. Understand your strengths as to what they are, and resolve your weaknesses through knowledge and skill development.
Here are some ideas to help you develop that winning approach within your brokerage business:
- There will be challenges and difficulties to surmount. Problems and issues will evolve within certain transactions, clients, and listings. You cannot and will not convert everything that comes your way. Be prepared to see the listing or the client relationship for what it is. The really difficult clients and or listings are not worth spending too much time over; let someone else waste their own time. Be prepared to move on and find better opportunities and better properties in your local area. Focus on quality and conversion when choosing your new business activities.
- Some clients are better than others. Understand each client as to their property needs and opportunities over time. Will they be purchasing and leasing other properties into the future? How are those clients currently serviced by other agents and the region? Segment your clients so you have separation of services between VIP clients and the average clients.
- Some listings will be better than others. The attraction of a listing to the targeted buyers or tenants that you are looking for will usually centre on price, location, size, and improvements. Do a quick assessment of all of your listings on that basis.
- Most of your competitors will be average in performance. You can position yourself more specifically in commercial real estate so you are locally more relevant to the property market that you serve. Don’t be average; be special in ways that the client can appreciate as they seek to resolve a property problem.
So there are some specific things that you can do here as you develop a ‘winning mindset’ in commercial real estate brokerage. Look for the opportunities and develop them.