The only way to get a reasonable amount of success in commercial real estate brokerage is through taking specific actions every day and developing a set of routines around that. The routines for each agent or broker can be improved over time and with relevance to the local property market conditions.
Without regular daily action on the things that matter, ‘luck’ takes over as a foundation of any new brokerage business, and that does not work from a personal brokerage perspective. Understand your real estate market for what it is, and take regular action to get things under control. Develop your routines at a personal level.
So, what are the things that ‘matter’? Try some of these for starters:
- New clients
- Current clients
- Seeking referral business
- Finding buyers
- Finding sellers
- Connecting with tenants
- Talking with business owners.
- Forming relationships with other ‘industry professionals’
- Revisiting the connections already made in your database
The Importance of Routines
It is a fact that routines give traction and focus to most brokers and agents; that focus allows results to occur and adjustments to be made. Every day there will be plenty of distractions and diversions with clients, listings, and negotiations. That is why the daily routines of any broker or agent are so important in getting momentum across listings, transactions, and commissions.
Of course, you can focus your time on things that don’t matter, and that then sends your career into a downwards ‘spiral’ or worse still never allows you to get better market share and growth underway. Understand who you are as an agent that ‘specialises’, and what you know from a brokerage perspective; relate to your location and your property types. Set some routines to build your business and spend 3 hours each day on that focus.
The Things that Matter in Brokerage
Here are some valuable routines to consider in your brokerage activities:
- CONNECT: Spend time connecting with all your clients on current investment and property issues. When you have established relationships with clients and prospects about the local property and their situation of investment, you simply must make the calls and find out how things are changing for people. A forward-thinking approach is quite important; be aware of the supply and demand for local property and how those ‘churn’ factors can change things for your clients.
- FEEDBACK: Track the feedback from inspections with buyers or tenants. Understand what they are thinking and seeing in the local property market. Their feedback can be valuable in conditioning clients and local owners with listings and negotiations. Make a note of ‘conversational feedback’ for later references in negotiations. Talk about your inspections and what people are thinking and seeing in the local area. Find the common linkages to put transactions together.
- LOCAL AREA CONTACT: Talk to local business people about property occupancy issues that may be coming up for them. You can track lease expiry dates, expansion and contraction needs, vacancy factors, and the levels of business that evolve from renovation and refurbishment requirements.
- COLD CALLING: There are so many good things that come out of a ‘cold call contact program’. Talking to new people every day will always help you find new business and leads for upcoming listings or investment changes. Those agents that are struggling in creating new business and commissions are usually those that are failing to make more cold calls logically and directly to local business owners and property investors.
- RESEARCH: There is no ‘easy’ way to find property owners. That question has been raised so many times over the years as new agents struggle to get market share. Research and personal contact every day will help you find the leads and the opportunities that exist in your local property market. Ask questions; that is the rule of getting more listings and opportunities under control. Keep your research moving ahead on a street by street and building by building basis.
- DATABASE: Grow your database with deliberate and direct contact with new people each day. Over time that database will be the foundation of both listings and transactions. Get your client list going and make sure that you are spending time on ‘shaping it’ every day.
These are all factors of ‘routine’. If you make these the ‘non-negotiable’ elements of your business day, you will find both listing and commission opportunity. I go back to the basic fact that ‘routines’ are important to the results you need in commercial real estate brokerage.