In commercial real estate brokerage, there are many ways to achieve positive results and success at a personal level. In saying that, some strategies are consistently common in the industry and you should know what they are for your location; look at the best top agents and brokers and you will see how things are done.
Learn the essential skills and replicate the best workplace skills for quality listings and greater numbers of clients. When you have the ‘base skills’ sorted, you can put your own differences and skills into the process. (NB – you can get more broker tips in our Snapshot program right here – its free)
Leverage and Action is Required
Where do you start? You can watch the top agents in your town or city, and note how they are achieving the better levels of commissions and listings. Do what they do, but improve their processes. Will you have to work hard? Of course, there are no shortcuts in commercial real estate brokerage.
Choose your business systems and refine them over time; stay on task when it comes to building your real estate business. Every month your systems can be improved, especially if you are tracking your results. You can see where things can be optimized and changed.
Know What Works
Some factors stand out in the workplace of the top brokers and agents. Here are the key points to watch and work with:
- Specialize within your real estate business – you cannot be an expert in every part of the industry so choose the property types that you know you understand and can do something with from a listing and new business perspective.
- Choose your zone of operation – get the territories well defined in your location so you can focus your prospecting model every day. Stay inside the boundaries of your territory and get to know every owner and business location. Research all the properties for tenancy mix and ownership. Track the information that you glean. Yes, I know that this process takes time and money, so set yourself a small target of new buildings to work with on onto every day.
- Make plenty of calls to new people – the cold calling process is essential to building a real estate business. Learn how to make the calls and create a positive business conversation. Use local information and your current listings as reasons to make calls and talk to local people.
- Create a client list that you can rely on – your list of prospects and clients must be correct in every respect. Work your list and capture the information from every conversation. Make the calls; that’s the rule to stick to.
- Market your listings comprehensively – use exclusivity as a base of all listing activity and the subsequent promotion of each property. In that way you can spend more time on the listing activity and control the marketing message to the targeted audience of buyers or tenants. Get the listing detail out online and directly to the local people that you know are interested in property.
- Market yourself comprehensively and consistently – put yourself into the real estate business and local area. Talk about what you see and how you have handled the variations of the property market. Create stories of property success from the local area that helps you position yourself as the industry expert.
- Provide excellent customer service – when you have a client or a prospect in your database, work them in all ways possible so that they understand what is happening locally with property and enquiry. Keep all your contacts appraised of property activity on a regular basis.
- Seek referral business – grow listing opportunities from the people that you know and the transactions that you complete. Every successful relationship or transaction is a reason to ask for a referral to others. It is a good business rule to work with and refine.
Take these things and refine them to your location and your business specialty. Improve your systems so you have a ‘route’ to follow in developing your commercial real estate business and your success as a broker or agent.
Listen to the audio right here: