In commercial real estate today, you need to be effective and diligent in your business processes. In simple terms, you need to work smarter not harder.
When you focus on the right things that need to be done, results soon come towards you. You don’t need to be overly gifted when it comes to customer contact and sales. Average people do very well in the industry providing they focus on the key things that need to be done.
So here are some ideas to help you with getting traction and results in commercial real estate agency.
- Most agents would work a solid 10 hours each working day. Every working day needs to be split into prospecting time, client contact, marketing, and negotiation. This then says that you should be very focused on controlling your time and just who gets involved in your diary time allocations.
- There are likely to be three or four things that will have major impact on your success as a commercial real estate agent. Those three or four things will need to be done every day as part of an established time management program.
- Many salespeople struggle with taking action. Random action produces random results. The correct action will produce momentum and movement towards better market share and sales or leasing opportunity.
- Test and measure your business processes on a daily and weekly basis. You can then determine the things that are working for you and those that are not. The ratios and conversions that you should track will be prospecting calls, calls to meetings, meetings to presentations, and presentations to listings. Beyond that point you can then monitor the numbers of inspections, types of listings, and time on market. Base your business model on taking action and tracking the results.
- There is a fact of biological science known as the circadian cycle. It has impact on our effectiveness as humans each and every working day. Essentially you will have two peaks of effectiveness during the day. The first is between 8.00 AM and 11 am., and the next is between 3.00 PM and 6.00 PM. At other times you will be less effective. Build your business model and prospecting activity based on these time frames.
- When you undertake any task in business, you will find that the first 20 minutes is difficult and slow. That is because it takes time for the mind to accept the process and get momentum. Beyond that point you will get reasonable flow in what you are doing.
- There is another factor of personal performance in business based on a concept known as the ultradian cycle. The concept says that the human body undermine needs to have a regular break. Essentially you will need to have a break every 2 to 3 hours when you are involved in a major project or longer activity. The mind and the brain needs time to refresh. If you do not do this, your momentum and effectiveness will fall away.
So these are some very real and relevant tools that can be utilised as part of your commercial real estate business model. When you understand how to do the work, you can work smarter and not harder.