If you want to be ‘great’ in your commercial real estate brokerage career, then some real actions and strategies are required. The effort is required consistently on certain activities to allow the right things to come together. That effort must be honed to property results and findings with listings and commissions.
The best results in brokerage go to the agents that develop systems and personal skills that match their property type focus and location. Every day there are people to find, talk to, and negotiate with. It’s a simple and yet effective rule to live by. Adjust your diary accordingly.
It is a rewarding career for those that apply themselves in a consistent way. The ‘random approach’ doesn’t work in the industry if you want quality listings and better clients.
There are also indicators to use and watch in building your real estate business. You will see changes and opportunities in a property when you look for them. Consider matters ‘outside of the normal’. Look at the variables of property change and improvement. The investors and the business owners in your location need help with retail, industrial, and office property.
The Rules of Brokerage Today
Here are a few facts to think about:
- Your property market is unique, so local elements of sales, leasing, and property management need to be considered. Look into the history of property over the years and where change has been happening in your town or city.
- Supply and demand for premises and investments will have its own cycle in your location. That will be new properties coming into the market, and older redundant properties moving through a cycle of change. Explore the development sites and the development applications. Visit the local planning office regularly to see where the next projects are to be happening.
- There will be changes with enquiry and prices or rents throughout the year. To keep ahead of that you can research the internet adverts, the price and leasing reports for the location, and the transactions in your real estate office. Create some simple charts of rents, prices, and vacancy factors. When you look at the trends of the market over five years, you will see what types of enquiry and likely to happen next.
- There will be opportunities to be found if you dig deep into property ownership, people, and businesses. A thriving business community will drive commercial property occupancy and change. Get close to the local business owners and identify the bigger businesses that are likely to need space or change location. Specialist services are always required in brokerage and investment performance. It is just a matter of understanding the people and their properties.
- One transaction can lead to another. Take each listing and use it as a reason to talk to local people. Conversations from those connections will let you find new property listings and opportunities.
So, all these things involve a good degree of planning and effort. Each day you can take some more steps in the process of property market review and investigation. There is an old saying that goes something like this. ‘Seek, and ye shall find’. It should be the basic rule of commercial and retail property brokerage today.