Many people enter the commercial real estate industry as brokers or agents without much real awareness of what can lie ahead and how much commitment is required. ‘Blind abandon’ really is not a good way to approach things in our industry. You need a plan and a reality check of just how hard you need to work. From that point onwards you can build your business.
Yes, the commissions are always available from any successful sale or lease transaction, but they only come your way in abundance when you focus your efforts. Here are some ‘truths’ about our industry and the property market:
- Your Brokerage or Agency – Whilst you may work for one of the better brokerages in your town or city that is only a small part of the equation. Use your brokerage ‘brand’ as you prospect and market for new business; a good brokerage name or identity will help you talk to more people. Most of the business and leads that you create will come from consistent personal effort.
- Work hard – This is not an industry for those that only want to work a fixed 8 hour day or a 40 hour week. Top agents start their day very early and will plan most of the day to optimise results. Yes, sales people do have ‘flexibility’ in what they do, but the top sales people work really hard. Personal work ethics and commitment are a big part of building the results that you are seeking.
- Build your database – Relationships are the foundation of converting more listings and transactions over time. From the very start of your career, spend time every day reaching out to new people and opportunities. When you find a potential client or prospect, keep talking to them in a regular and relevant way over time. Eventually some of those discussions will open up into leads.
- Grow your communication skills – When you prospect or negotiate, you are using your communication skills. Top agents are very good communicators in many ways; they will practice their communication processes to improve personal skills across the elements of prospecting, inspections, negotiations, and client contact.
- Practice your negotiations – In any property market there will be challenges with listing circumstances, client requirements, and evolving priorities or differences between the parties. Practice your negotiation skills in your weekly meetings. Use real life market challenges to formulate responses and alternatives.
- Specialize in your area – It doesn’t matter whether you focus on leasing, sales, or property management; become a specialist in your local area within that skill base. Understand the listings, rents, prices, yields, time on market, and other issues that will have an impact on results for your clients.
The realities and ‘truths’ of the commercial property market are easy to understand. From that point onward, everything is personally driven. Are you up to the challenge?