In commercial real estate brokerage today, there will always be plenty of competition and challenges to deal with at an individual level. That being said, every agent should have a specific plan of approach that is prepared well in advance prior to the beginning of each financial year; that plan should contain business targets and goals that are related to the area, and are realistic for the skills of the individual.
At various times throughout the year, the plan can be modified subject to the market indicators and results achieved. Goals and targets will feature as part of the planning process.
So there is a clear message here. Every agent and broker should establish a business plan at a personal level taking into account property specialities, the trends of the market, and the realistic goals that should apply in listings and commissions. They can then stick to that plan and modify it during the year subject to market trends and results achieved. In other words every agent should plan to succeed and take steps towards that.
Here are some factors and rules to help you set goals and targets as part of your commercial real estate focus. You can add to the list based on your location and preferred property type. Try these ideas:
- The brokerage that you work for may apply certain geographic limitations on your sales and listing territory. It is important that the defined area can provide you with sufficient business activity and listing churn into the future. Review and research the area to understand the history of sales applying to your property type. Also look at the levels of competition that apply within your territory and nominated property type. You can then compare your market share and understand the realistic growth potential for the next 12 months and beyond.
- Given the other brokers and agents in your location, how can you stand out as the agent of choice when it comes to listing activity across sales and leasing opportunities? You will need a personal marketing plan to promote your skills and ideas locally. That marketing plan should involve direct calls, street canvassing, direct mail, and meetings. Over a period of time, you will soon see your conversions in each case and on that basis refine your prospecting and marketing plan for better results.
- Create a series of charts and graphs to track and measure the results that you achieve with exclusive listings, commissions, meetings, and database activities. The visual process will show you results and trends over time, as well as encourage more momentum.
- Skill development and improvement will be a big part of improving personal performance. Most agents and brokers have issues to deal with at a personal skill level. Some things work better than others for individuals and weaknesses need to be improved or removed. The critical factors in commercial real estate brokerage today involve prospecting, presenting and pitching, marketing, negotiation, and documentation. Each particular category can be worked on and improved through practice and knowledge development.
These simple ideas will help you establish your plan of approach and strategy in commercial real estate brokerage. When you’re plan has been established, it is a matter of tracking results on a monthly basis and adjusting processes allowing for strengths and weaknesses of the individual. Build your personal market share through deliberate effort and consistent performance.
The opportunities available in commercial real estate brokerage are significant and large for all agents. That being said, there are always strategies, plans, and issues to handle at a personal level. Make that decision to move ahead in the industry improving skills wherever possible.