Proven Ways to Jump-start Your Career in Commercial Real Estate Brokerage

If you are starting a career in commercial real estate brokerage, then it is absolutely critical that you develop a personal marketing plan and skill development strategy at the earliest stages of your new job and career.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

You will come across many different and challenging characters as part of your business activities; preparation is the key to the process of improvement over time.

The professional skills and systems that you develop will take you through the challenges of the industry effectively and directly.  Practice is also a good thing to build into your business day.

 

The facts

Some clients are better than others, and some properties are better than others. You will also come across some very special properties with unique challenges from an investment or marketing perspective. Preparation is the key to progress. Your skills and your local area knowledge will need to be improved over time as the property market changes and shifts given economic sentiment and business activity.

To a great degree, many brokers and agents learn on the job, that is given the factors of property ownership, marketing, and investment that are unique to the location. That being said, professional skills and local area knowledge will always need to be improved over time at a personal level.

So you need a few strategies to kick-start your career and keep it on track towards the best possible results available. Set the rules and the strategies for yourself professionally. You can control your time and your focus. Don’t let others do that for you.

 

Specific strategies

So you need some specific strategies and actions to jump-start your career as a broker or an agent. You will need to work through the challenges of the location, the competition, and the available listings. Local area research will help you understand the strengths and weaknesses of the location from a property and client perspective, thereby giving you some ideas and some strategies to work with.

 

Proven ideas

Here are some proven and direct strategies to help you jump-start your career and shape it over time:

 

  1. Establish a personal marketing campaign – most of the business that you generate over time will come from your personal marketing processes. Fortunately, we have many different marketing tools available at our disposal today. Look at the ways in which you can promote yourself directly and indirectly to your targeted segments and the property owners in your location. Understand exactly who the decision makers and business owners are for the location. Make a direct approach and merge those people into your personal marketing initiatives.
  2. Specialize in a property type and location – set a specific zone of focus as your primary zone of business generation and prospecting. Use the geographical boundaries and the main roads to contain your primary prospecting territory. Inside that zone you should have at least 2000 or 3000 properties to work on and with. Over time you will get to know all of the property owners and all of the business proprietors in that precinct. That is why location specific prospecting is so important in our industry as is the number of 2000 to 3000 properties. Don’t spread yourself too far; better results come from location based prospecting. As part of that territory focus, choose the property types that offer the best opportunity in sales and leasing activity over time. From that point on-wards, match and monitor the factors of supply and demand in that segment and that territory.
  3. Start prospecting immediately – start connecting with new people in your location as soon as possible. The processes of prospecting are varied and can be shaped to your skills and location. Don’t take too long to establish your prospecting model; refine the results that you achieve in talking to new people locally. Over time you will soon understand the elements of prospecting that work for you and give you the better outcomes in both listing activity and client connections.
  4. Improve your presentation strategies through practice – most property presentations today are competitive by nature. There will very likely be a few agents chasing the same client for their property listing. Your presentation needs to be of the highest quality and most relevant to the client situation. That requirement takes care and consideration. Practice your listing presentations and client communication strategies. Role play the dialogues that you use given the variety of property situations for the location and the property types. Preparation and practice will always help you convert listings at a greater level. The same can be said for inspections and negotiation in both sales and leasing situations.
  5. Talk to new people and build strong client relationships – your database should be at the centre of your real estate business. Every day and each week you should be loading new people into that database after you have qualified them for potential property interest and activity over time. When you know you have connected with the right people, the investors, or the business owners, take the time to build strong and valuable relationships at a professional level in commercial real estate today. Local area information will always help you do that.

The five facts mentioned are simple and yet so important to the momentum you require in your commercial real estate career.

How to Build Credibility with Your Commercial Real Estate Clients

Your credibility as a commercial real estate agent or broker will be a big factor in how you convert local listings and client opportunities.

Our industry is one that is supported by personal contact and personal trust. Your credibility sits solidly within that definition.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Think about these questions.

  1. So how can you prove your credibility in a regular and ongoing way?
  2. How can you attract the interest of clients through a credibility equation or business strategy?

The answers are relatively simple.

Put yourself at the center of your marketing campaigns locally.

Here are some ideas to help you:

  • Drill down into the existing property market so that you understand comprehensively the pressures of change and churn as they may apply. There will be certain problems that most business owners or property owners are struggling with; identify those issues. You can be the solution to those problems. For every problem, there will be one or two solutions that you can apply to a quality listing or a quality client. Importantly you should look for solutions and provide definite recommendations. Good agents do exactly that.
  • There is no point in pitching and presenting your commercial real estate services without allowing the client to consider the variations of the prevailing market conditions and then helping them with specific alternative recommendations. Most clients like to have two or three alternatives to consider as part of property marketing, listing, negotiating, and settling. Make their decision activities easier. Build all of your recommendations for a client based on real market evidence, the facts of the property, and the pressures of the existing parties.
  • Always provide a few alternatives to a situation and then make your recommendations. Clients feel more comfortable in moving ahead when they have some choices that they can move through. Yes, the client may want a higher price than that which the market is providing, so you are the person to professionally help the client through those facts. And so what if they don’t listen? Walk away from the listing, and let some other agent or broker waste their time on the property and the client.
  • There will always be a clear and better way to close on a deal. You simply need to understand all of the facts as they exist and read between the lines. Understand the pressures that each party is working within and provide suitable solutions to motivate their interest. Learn more about the skill of negotiation and be prepared to show that you are the ‘top negotiator’.
  • The marketing approach for any exclusive listing today should not be generic. Put some personal effort into the marketing campaign showing your client how you will create more interest and attract more inspections. You will find that such a strategy will help you close more exclusive listings over time. Put personal effort into your prospecting focus and talk to more people every day.
  • Incorporate your database into your listing pitch and marketing strategy. Explain to the client how you will be using your accurate and up to date database in helping them; that database can be used throughout their property campaign and sale or lease requirement. Tell them how you will be identifying a shortlist of buyers or tenants (as the case may) be from that database. Show them an edited version of that shortlist as part of the listing presentation. It will be hard for a client to ignore a list of potential prospects to lease or buy.
  • Do not ignore the inspection process. Tell a client exactly how you will be taking people through the property so that the features of the asset can help you encourage or close on an offer or negotiation. In some cases, it is wise to take the client to the property and walk them through the inspection strategy deliberately and directly.

The top agents in the commercial real estate industry today know how to build their credibility and focus, to attract more clients and quality listings.

Get the equation right

These points mentioned above, should help you with the credibility equation and the conversion of new business.

You are a big part of your business success. Understand how you need to market your skills deliberately and directly to the right people in the right way.

Save