Posted on

Time Management in Commercial Real Estate Agency Today

In commercial real estate agency it is very much the case that the day will take over your diary unless you take control.  People will impose on your time and things then will go absolutely nowhere.

If you are like me, you will hate people wasting your time.  In our industry time is money and we need to remember that.  In an average day lots of people will want a slice of your time.  How about this list for starters?

  • Existing clients with their listings
  • New clients wanting to list their property
  • Team leaders wanting to talk about the weeks results
  • The boss (for all sorts of reasons)
  • Tenants looking for property
  • Buyers wanting to inspect your listings
  • Telephone enquiries
  • Administrative people needing help getting your marketing campaigns underway

So, all of this says that we need to set some solid rules that will not be broken or changed.   We must control our time as it is the main thing that we can control in commercial real estate agency.

Systems can set you free to get on with your business.  When business runs smoothly then you find the clients and the listings that you need.

Every system in commercial real estate is essentially made up of subsets or systems for key things.  Each part of the process can be refined and improved.  I have had systems for all of the following:

  1. Prospecting systems so I can keep focused on the right properties and clients that will need my services one day.  Every good commercial agent should have a pipeline of some type.
  2. Presentation processes so that every property that I pitch for is a deliberate pitch that is well controlled to a solid approach that I know works.   Confidence here is the key.
  3. Listing systems for each property type such as office, industrial, and retail property.  I would also have systems for sales, leasing, and property management.  Retail shopping centres are quite different and feature with their own systems that are unique to retail.
  4. Inspecting a property is quite special and having a process for that is wise.  A checklist to help you ask the right questions and look at the right things in the property will always be of benefit.  The inspection system should take into account the property type and the location; that is why you need checklists for this.
  5. Marketing processes for the listings that we work on should not be generic or ordinary.  The fact of the matter is that each property should be uniquely promoted to a plan; this assumes that it is an exclusive listing and you have vendor paid marketing funds paid in advance.
  6. Negotiations and communications with clients should be documented.  It is common that things will get delayed or changed when you are negotiating with a client on a sale or a lease.  When you have the supporting documentation and notes, nothing can go wrong.

If you are finding that things are out of control and you are struggling as an agent, take a look at your systems in commercial and retail real estate agency.  Build some processes and controls that help you move forward.

Posted on

Competitive Advantages with Systems and Procedures in Commercial Real Estate Agency

So many salespeople in commercial real estate struggle with getting things done.  Each day many pressures and client challenges will shift your focus (or try to).  Before the end of the day you will feel that nothing of importance has happened.  Here are some tips from our Commercial Real Estate Newsletter.

There is a saying that ‘a person that feels in control will get a lot more done’.  Feeling in control is just a mindset; however it helps a lot when you are a commercial real estate salesperson that is responsible for earning a good income (or trying to).

When you look at your job, career, and real estate agency, you can see lots of tasks that if well done, can help you get good results.  Here are some key systems that you can optimise and improve on.

  1. Develop a marketing information packet that you can send via mail or email very quickly to a client, property owner, investor, tenant, or business owner about the alternatives and services that you can offer them.  The marketing packet should be specific to sales, leasing, and property management.  Retail information packets will be different and much more unique than the others.
  2. Have a pre-listing or pre-presentation kit ready that you can send to clients a day or two before you meet with them to talk about their property.  The kit should contain market facts, examples of advertising, and samples of brochures, strategies of promotion for sales, leasing, or property management.
  3. Create procedures for canvassing and prospecting so that each day you can repeat processes that will help take you forward in your property market.  Don’t reinvent new systems; just repeat the ones that work for you.
  4. Your database should be well controlled.  I am a great believer that a database is a personal process that cannot be passed on to others.  In only this way will you take ownership of what you need to do and that will ensure that the information is correct.
  5. Client contact systems will always be of benefit.  It is a fact that more listings will put you under pressure.  Open listings are a waste of time, but exclusive listings and their clients need to be well serviced.  In most cases, commercial real estate agents can only handle up to 20 exclusive listings at any one time.  Beyond that point you will be out of control and stress will take over.

Look at the things that you should be doing every day.  Learn to delegate mundane ordinary tasks to the administrative staff that support you.  If you do not have the benefit of administration support then, the only way forward is to systemise everything that you do.