A career in commercial real estate brokerage can be full of opportunity and rewards over time. That being said, it can also be frustrating, time consuming, and expensive. There are ‘two sides to the real estate coin’ when it comes to brokerage and agency activities over time. (NB – you can get our commercial real estate tips and ideas here)
Is this an industry for you?
I hope this is your industry, and that you have the drive and the systems to take you forward. The best agents and brokers in the industry are highly disciplined and deliberately focused on the things that really matter. You can and should adopt those two valuable skills in your business model.
Know what really matters in your real estate business and certainly so in your location; then dig deeper into property ownership’s and business locations. Some business ‘passion’ will help in driving your activities forward; you cannot and should not delegate the important things in our industry. Get involved with the people and the properties.
So what can you do here with this idea in your commercial real estate business? You can apply yourself to personal improvement and practice over time, or you can sit back and wait the property market to come to you. There are choices to be made. Action and practice on the things that really matter will help take your business forward.
The fast track
If you want to get anywhere quickly in any sales related career, commitment and focus is required. Commercial real estate is like that in a number of different ways. Get involved with the people and the properties in your local area. Comprehensively cover off on property ownership and business occupancy. Know what people are thinking and doing in commercial property locally.
Passion in commercial real estate today will help you achieve that momentum for new business at a personal level. Generally speaking, luck will have nothing to do with your conversions and market share. Build some passion into your business activities, and understand that results will come to you through personal involvement and market awareness.
Know the location facts
Take the time to understand what is happening in your local area with clients, listings, property demand, and future supply. Within those factors, there will be opportunities that you can work with. Learn to be passionate about your activities across prospecting, listing, negotiation, and marketing.
Get involved with your real estate business, and develop a strategy of self-improvement in every way possible. Commit to the process of professional practice with the skills that really matter in brokerage today.
Some valuable ideas
Here are some ideas to help you tap into the best levels of business activity as a broker or an agent. These ideas will help you lift your levels of passion for the industry and the opportunities that are available:
- Establish a comprehensive database of people that you have spoken to over time. Connect with them regularly so that you can build the required levels of trust and market awareness. When the client experiences challenges in property ownership or occupancy, you want them to remember you in the right way at the right time. Regular contact will help that.
- Stay in contact with the right people and particularly those that have established and known property for portfolios for the area. Some clients and prospects are better than others. Explore the property market and do your research to understand exactly who the interested parties are in property ownership and occupation locally. Segment your client list and your prospect list so that you can spend time networking with the right people in the right way.
- Specialize in certain property types for the location. Get to know the challenges and the opportunities of certain property types. Understand how the prices and rentals are changing for the location. Soon you will see how you can help specific clients resolve property challenges off market.
- Cover specific areas comprehensively with deliberate attention to certain streets and certain buildings. In understanding those locations thoroughly and completely, you can speak with a level of confidence and relevance as part of any listing or sales pitch.
- Track your commissions and track your listings so that you can see where you are improving. If you have created a prospecting model that you are working to every day, the commissions and the listings should start to flow. As you track the results that you are achieving, you can build certain strategies of self-improvement into your professional skills. It takes about three months to achieve reasonable change in client and listing activity. Most agents struggle with personal discipline and commitment for such a long period of time. If you can commit to prospecting and client contact over that duration, it is very likely that more listings will be found and converted. Refine your pitching and presentation skills as part of that strategy.
- Improve time on market with all of your exclusive listings. Any open listing that manages to sell or lease will be a factor of luck more than anything else. Exclusivity on the other hand will allow you to concentrate your efforts deliberately and directly to resolving the clients challenge and property requirement. Understand how to pitch your services exclusively and convert at least 75% of your listings accordingly. Most of the top agents today will not work with open listings given that they have an abundance of exclusivity already locked into their listing database.
In understanding these six simple and yet deliberate strategies, you can see how a passion for the industry can develop through deliberate and direct actions. You can track and measure just about anything of importance in our industry; make that your discipline with the things that matter, and certainly so with the numbers of exclusive listings, database growth, advertising dollars, and commissions.
The clients and the prospects in the property market today require agents and brokers that understand how to tune, challenge, and resolve a property need and an opportunity. Market yourself accordingly to win a greater share of the new business today in commercial property. Put yourself professionally in the picture as a passionate and professional high quality agent. Be the expert of choice.