In commercial real estate today, time is perhaps the most important resource that you have at your disposal. That being said, your time should be fully respected and controlled in every respect. You are the key to the process.
On a daily basis, it is far too easy to get distracted with mundane tasks relating to property inspections, clients, and marketing. All of these things will have a priority and should be handled accordingly.
Some clients and some properties will be more important than others. Understanding the importance of these things and setting the priorities will help you get through the business week and optimise the outcomes that you obtain. Commercial real estate is all about listings, clients, and commissions. Your time should be focused on each of those three issues and before you do anything else.
Important key issues
When you consider your working week, there are likely to be just a few things that are more important than everything else. They will usually be the following three:
- Prospecting for new business
- Marketing current listings
- Inspecting, negotiating, and closing current deals.
When you look at three items, one stands out well above the rest; that is the prospecting for new business. Far too many agents spend all of their time on items two and three. The obvious outcome is that those agents will soon have little stock and will need to build their pipeline again.
Success in commercial real estate is built around prospecting first and foremost. If you get the prospecting task well under control, you will have more listings to take to the market, better property inspections, and ultimately you will be able to close more deals.
The reason top agents control their market, is that they have an abundance of quality listings coming their way most of the time. This occurs for one reason and that is prospecting. When you build prospecting into your daily diary and make a priority number one, your commercial real estate business will become easier in every respect.
In closing on this point, it should be said that organization is required if you are to reach the top of your industry. It is best to set the rules and your appointments in your diary each evening before the next day. In this way you will have a guideline of time frames to stick to. Again, I go back to the point that prospecting should be number one in your diary.
Prospecting should take up approximately 2 or 3 hours at the start of your business day. It is notable that many salespeople struggle with this issue simply because they get distracted with other things that occur around them. Remember, time is your most important resource and will make all the difference when it comes to your career in this challenging but rewarding industry. Get your time under control, and the results will come.