As a commercial real estate agent today, you need to grab your share of the commercial real estate market and optimize it for listing and commission opportunity. The business is out there for those that work hard.
It is no secret that the competition with the other agents that you are up against will be significant and fierce. That being said, you need some solid processes to consolidate the market around you and provide you with quality leads and listings.
Here are some facts that you need to be aware of when it comes to working in commercial real estate agency today and building your market share around the competing agents.
- There are always plenty of people to talk to on a daily basis that need your services. Systems and discipline are part of the process when it comes to connecting with your local property market, and growing the database. Devote at least 2 or 3 hours each day to connecting with new people in your local area.
- It is very difficult to capture a share of the marketplace when you don’t specialize in a property type and location. There are far too many agents that are generic when it comes to property specialty and location; they will take on anything as a listing, and usually do only an average job with it. That is not how top agents perform; they develop a specialty relative to the location and the quality of property that they can relate to. They then build their brand around that specialty. That being said, you must ensure that your special property type has sufficient activity and listing opportunity over the long term for you to earn the commission that you require.
- It is a known fact that most (80%) salespeople in any industry are fairly average when it comes to performance and systemization. Commercial real estate is no different. That creates a massive opportunity for those commercial salespeople that are striving to rise to the top of the industry. Expect hard work as you proceed through the industry, and systemize what you do.
- When you look at your location and daily tasks, there will be two or three things that are really important to helping you build your client base and listing opportunity. Those two or three things should be done every day. Nothing should interfere with those key tasks to help you improve your market share. Most agents in the industry struggle through a series of peaks and valleys relating to performance, and that is simply because they have no sustained and consistent personal marketing system to stick to.
- Your local area and your property type will have special facts to understand and monitor. They will usually be rentals, prices, tenancy mix, inspections and negotiation processes, methods of marketing, prospecting, time on market, and methods of sale or lease. Each of these factors requires special attention. An average approach produces average results. There are far too many average agents in the industry.
Choose to develop the right processes to take your position at the head of the market. There is plenty of room for more agents at the top of the industry.
You can get more tips on this in our Newsletter for Commercial Real Estate Agents right here.