Every day there will be plenty of things to do in your commercial real estate brokerage. The choices that you make in that regard will have significant impact on the results that you achieve. The key message here is that you should control your day and only do the things that are really important to growth of market share and commissions. Everything else needs to wait to the end of the day when the pressure is off.
Here are some things to consider and action on a daily basis to help you with your career in the industry.
- Check out the new property developments coming into the market. Go to the local planning and building approvals office at least once per month to check the new developments under consideration. The planning approvals of today will be the buildings of tomorrow. You can make a lot of commission working on a major new development for sale or for lease. When you locate the potential development, connect with the property developer or the property owner as required. Identify the trigger points that will help you convert a new project to a listing.
- Check the number of listings in the market today by doing a weekly count of signboards and Internet advertisements. Split those numbers into brokerages and agencies. Pay particular attention to the shifts in market share. Also look for the dominance of particular agents or brokers. Track the time on market for those listings. Look for the expiry dates of exclusive listings.
- You will find some listings that are being marketed by the relative property owners. In many respects, you will find that those properties for sale or for lease will stay on the market for a long time. Those property owners generally do not have the marketing skills or the resources to generate enquiry. That being said, their reason for the self-marketing is usually that they don’t want to pay commission. If you approach them for a listing, they will usually load their price or rental for the commission to be paid. This can be counterproductive and produce an overpriced listing; the property would have already been on the market for some time anyway. If you are going to work with property owners in this way, be prepared to push strongly for the rent and the price that the market will provide. You can walk away from the listing if the price or rental is unrealistic. In many respects, it is better to do that and waste your valuable resources and tarnish your image as a top agent.
So there are plenty of things to do when it comes to consolidating your market share. Keep a close eye on the market activity and track the results that you achieve. Top agents progressively grow their market share through diligent and directed action. That is why you should track your ratios and numbers.
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