Commercial real estate is an industry where self-control and focus is required. Every day certain things done can strengthen or weaken your business. At a personal level, you must know those correct things to do and then act. Control the strengths that can take your market share forward. Focus gets you everywhere in the real estate business. (NB – you can get plenty of commercial real estate career tips right here in our free course)
Property as a career is not complicated, but it does require that element of planning and action on the things that matter. Planning and systems are all parts of the real estate business. Every person in the industry working at the ‘front end’ of the market with clients and properties, should be responsible for the results that they seek and achieve.
All too often you see a broker or an agent that is not achieving good results in their property market. That observation is usually a mixture of the following facts:
- Not enough focus in a zone, territory, or a property type
- Poor prospecting efforts and lack of persistence
- Deficiency of control of the business day
- No database or tracking mechanism to capture opportunities and discussions
- No goals or targets at a personal level
- Poor knowledge and skills in property related matters
- An industry slow-down in a location or property type
- Too many emails diverting important business matters
- Not enough listings on an exclusive basis
Notice that I included the ‘industry slow-down’ in the list? Certainly, that is a factor for all property markets from time to time. Unfortunately, some agents or brokers will blame the industry before they look at their personal shortcomings in industry action and focus.
Skill Base and Time
So, what can you do with this process and skill base? Try some of these so that you can improve your property business over the next 12 months:
- Staying on task – you can be diverted daily by the requests of other people. Meetings, clients, your peers, and inspection activity will take up plenty of time in your working day. It is a known fact that we all have administrative issues to deal with, and some clients have to be responded to quickly; in saying that, you do have choices as to when you respond and how you do that.
- Understanding the important things – certain tasks and actions in our business bring plenty of results; others not so. The question is then, ‘What are the things that bring you the best results?’. That awareness is a personal question that requires each agent or broker to address.
- Using your time for the greatest benefit – regardless of who you work for, your career focus and your location, strive to control a consistent 33% of your working day on the things that you know are important to growing your business. Set aside the time (the same time) in your diary each day for that purpose.
- Tracking results – daily, track the results that you are getting and actions you are taking with outbound calls, meetings, listings, presentations, inspections, database growth, inbound calls, internet listings, commissions, and closed transactions. Each category should be showing improvement over time. It is a careful ‘equation’ to manage and optimize at a personal level for each broker and agent.
- Growing your property business – know where your real estate business is growing and for what reasons. Put yourself into that market. Local market awareness will help you move on the opportunities around you. Look at the supply and demand factors for your property types and locations. Choose the right market to take your real estate business forward.
There are some important things here for your career in property as a broker or agent.