When you start your career in commercial real estate brokerage, there are many things to consider and action. The first six months of personal activity and learning will be really important to setting the foundations for better listings and market share.
One thing needs to be said here; most of the valuable listing and commission business will only come to you from personal effort and actions on a daily basis. Very little comes to you from the agency that you work for. It’s a personal thing.
So what is the overall rule here? You must know a lot of ‘property related’ people and they must respect you as a top agent and skilled business person. From that point onwards you have something to work with.
To achieve this basic rule and strategy, a personal plan is required that you can keep to and use as a basis for growing market share. Here are some tips to help you get started in your career as a broker or real estate agent:
- The first six months of your career must be planned so you can get to know your market in all ways possible. The best people in the industry are skilled and specialised. Focus your efforts into a property type and a precinct.
- Review your area comprehensively. Look for information and trends about sales, leasing, prices, rents, new developments, and property owners. Check out the properties that are selling and leasing and the results that they are achieving.
- At the earliest possible time, start prospecting and talking to new people. It will be difficult at first, but practice and action will help you improve in many ways.
- Some properties and precincts will have more activity than others. It is useful to understand where the property deals are happening and why that is so. Soon you will see the types of properties that are likely to produce better deals and commissions over time.
- Computer technology and online tools today can help us a lot when it comes to communicating and tracking what we do. Use a variety of tools that can keep you organised and detailed on things that matter.
- Set some targets that you can track. What are your expectations regards commission income, listings, clients, meetings, and market share? To know those things you will really have to research the local area and understand exactly who and what you are up against. Your competitors will be doing things now that may attract the deals and the clients their way. If you are going to compete, a strategy should be built from ‘current market conditions’.
Given all of these things, do you know what your ideal client looks like, and where they will be coming from? Do you understand how you will attract those clients to use your services? Build your skills in all ways possible. You will find that the top agents of the market have exceptional skills in certain things. Decide what you will need to do to reach that level of domination.