In commercial real estate brokerage the opportunities for a top sales performance are many. That being said, the focus and actions of the agent or broker at a personal level are critical to making the process happen.
To look at this in a clear way, there are two factors that are very important to success in the industry. They are in order:
To take the first of these points further, the ‘skills’ that you require are many.
Consider each phase of the sales or leasing process. Every stage should be subjected to skill development. Here are the stages:
- Meeting creation
- Follow through
- Database management
Top brokers or agents are usually good at most of these things, however that only comes over time and with specific practice.
Any weaknesses in any of the stages must be removed. That is where team development, training and role playing are all parts of the brokerage growth process. Every week the team should be working on one or more of these issues.
We all require skill development before we proceed in any career. Commercial real estate is like that.
These ‘base’ skills have to be there at a personal level for the broker or agent to get to the next phase of growth in the industry. That next stage is based on ‘strategy’.
The strategic process is to get your skills and brand into the sales territory, the prospects, and property precinct. Whilst the brokerage may give you some leads, most of your business opportunity will be personally generated. That is where strategy becomes really important.
To do this well, here are some tips:
- Connect with prospects every day. You should have a constant flow of new people into your database. Target 5 new contacts per day.
- The people that we serve like to work with enthusiastic and confident agents and brokers. Those two points are the key ingredients to the success of most presentations and meetings.
- Understand the challenges that the client faces with their property and match those challenges into the facts of the market. Local market intelligence will help you with the required marketing alternatives and solutions offered.
- Focus on just one or two sections of the market. This will then allow you to specialise in the facts of the location and the property type. Market rents, prices, time on market, improvements, and services and amenities all need understanding.
So you can now see how ‘skills and strategy’ come together if you are to make your commercial real estate career successful. Plan your road ahead. Take action and improve your processes.