It is no secret that the commercial real estate market has changed a fair bit over the last few years. That being said, the leases and sales are still going through albeit in a different way. New skills are required for commercial real estate agents to drive each transaction forward to a positive result.
The Important Skills of Real Estate Brokerage Today
So what skills do you need to focus on today? Try some of these:
- Prospecting remains the number one factor in the success of any commercial real estate agent. When you prospect each day you win the business. Certainly, your prospecting skills will improve over time, but the process is really important if you want reasonable market share and commissions. So many salespeople drop the prospecting the moment that they get busy; that then leads to dips and peaks in a rollercoaster career. Give yourself some commission and listing stability and prospect every day; do it at the start of every day so the process cannot be avoided.
- Connecting with people should be a daily event in your diary. The more people you know, the easier it is to generate leads and opportunities. When you first start up in the industry, having a list of contacts and prospects is a luxury that most salespeople do not have. This then says that the prospecting process mentioned earlier should occur immediately you start off your career in the industry. Find some simple database that you can use as part of your prospecting model and fill it with the results of all your prospecting efforts.
- Presentation skills will always be critical to the listings that you attract and convert. For this reason, you should practice your presentation skills at every opportunity. The better the skills are, the easier it is to convert listings.
- Documentation is a critical part of our job. The documents that we create have to be legal, accurate, and relevant to the transaction. If in any doubt about how to put a transaction on paper, see someone that can help you. Errors in documentation can become very costly when clients and customers take legal action for negligence.
- Inspection skills are really important when it comes to taking people to and through the properties that we have listed. Good inspection skills are necessary to move qualified prospects to the documentation stage of the property transaction.
- In all of these factors, the skill of negotiation feeds through and is common to just about all things we do with clients, tenants, buyers, and business owners. Negotiation skills can be improved by practice, and the best place to do that is in your weekly sales team meetings.
If you have chosen commercial real estate as the career for you, take the time to review all of your skills. Determine the things that are strong, but more importantly, work on the things that are weak. It is your weak skills that are holding you back in listings and commissions. Practice can take you to the top of your market faster.