In commercial real estate today, time is perhaps the most important resource that you have at your disposal. Time management is then the critical way to improve your real estate results.
How can you improve things? Respect your time and use it comprehensively in every respect. Your time is the key to the process of success in commercial real estate.
On a daily basis, it is far too easy for agents to get distracted by mundane tasks relating to property inspections, clients, and marketing. All of these things will have a priority and should be handled accordingly. Only the important things matter.
Interval Planning Your Day
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.
What you can do with this is set intervals to focus on important things like talking to new people. This then becomes ‘interval planning’ your day. When you do that well, your results are optimized as you are doing the right things consistently.
Commercial real estate brokerage is all about listings, clients, and commissions. Real estate conversations bring all of these things together. Your time should be focused on each of those three issues and the conversations around them.
Important Key Issues to Schedule
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 don’t spend enough time on items 1 and 2. They get ‘bogged down’ on the complexity of the day and particularly matters relating to item 3. The obvious outcome is that those agents will soon have little stock to work with 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.
Frequently Creating Quality Listings
The reason top agents succeed is that they have an abundance of quality listings coming their way most of the time. This occurs for one reason only and that is consistent prospecting. When you build prospecting momentum 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 by 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.