In commercial real estate brokerage, and as an agent, your working day will typically be busy with all types of people, property transactions, listings, and marketing. Somewhere in that cycle will be the need to prospect for new business.
Know the facts. Every day is a busy day for most agents, and at a time where the property market is changing, there is even more pressure on time and how you use it. Can you improve your use of time? Of course, you can. Let’s look at that.
Personal Time Optimisation Matters
So, it is easy to see the necessity to optimise time in the best ways possible. If you are looking to grow your market share or your commission possibilities, the whole idea of time management and optimisation is so important.
An interesting question to ask here is just what would be more relevant to you in commercial real estate out of the following?
- Finding new business
- Finding new clients
- Listing new properties
- Marketing professional services
- Marketing properties
- Negotiating on transactions
- Engaging with clients on listing enquiries
You could add to the list with some other things, just to add to the confusion and pressure on your real estate time. Think about yesterday and how the day evolved for you. Could it have been better? Could you have done things differently? In hindsight, we can all see real estate improvements.
Connect and Reconnect Daily
If you want to get anywhere in commercial real estate, everything comes back to what you do each day and how you connect with people. As the commercial property market changes, let’s look at how you can optimise your real estate time focus and build your business faster.
Here are some rules to work to. You can add to this list given your location and your preferred property types.
- CONNECT: Set at least 30% of your working day aside for talking to new people. The new people in your property market are always there if you look hard enough. Ask questions, create meetings, make calls, and send out brochures. The people side of our business is the way to not only survive but to thrive in commercial real estate. Make sure that you are optimising your time in talking to new property people; you will need those people as others drop out of the market.
- BOOST: Use your current listings as reasons to talk to local people and new people. Every listing can be promoted into a zone or a precinct comprehensively. Telephone calls and brochures are an excellent way to do that. Territory canvassing in real estate can happen from your existing and new listings. Take every listing into a location and do more with it from a contact perspective.
- SPECIFIC: Use a process of target marketing to lift enquiry rates with your listings. Take every listing and consider what the target market should be for you as the agent and how you could engage with that market. From that point of decision, it is just a matter of making plenty of telephone calls.
- COVERAGE: Build higher profile marketing campaigns with your listings. That process will allow you to get more enquiry and inspections. Talking to local property people through your listing activity is a good thing.
So, the rules here are simple. You can use your working day more effectively, and indeed so to build your property enquiry and real estate activity.
Building Your Business Faster
Everything in commercial real estate is personally driven, so start acting specifically on certain things, and discipline yourself to do that effectively within the time you have available. Remember that strategy as you proceed as a professional in the industry.