Time is really precious to any business person, but in commercial real estate time is perhaps the most important resource that you have. How you spend your time will impact your listing outcomes and your commissions. We all have choices that are critical to our business.
There are 3 types of salespeople in our industry:
- Those that watch what others do and follow the ‘leader of the pack’. Those people may be happy but they will not make much money. They don’t stay long in the industry.
- Those that conform to the trends of the market and the business team. Conforming is a comfortable way to do business although not very rewarding. Generic performance is the outcome.
- Those that see opportunity and drive new business from unique personal endeavours. This group of agents and brokers are independent in their visions and actions. They don’t need others to put momentum into their business.
If you have chosen commercial real estate as a career, you have done so for a number of reasons. Here are some of the most common:
- Income opportunities
- Independence as a business person
- Professional skill development and drive
- Unique skills and interests in the property market
Perhaps you are one of the few that have a focus on all perspectives. Whatever your priorities may be, the way you use your time will be an important attribute of your business.
Here are some tips to help you use your time more effectively as a real estate broker or agent:
- The things that you do every day will have a significant impact on the results that you achieve. It is therefore critical to understand the matters that are of high value to your commission and listing opportunities. Those things should be repeated regularly as part of the daily diary activity. Habits are really important to our professional careers.
- Some of the things that we do in the market today should be tracked for improvement and results. You can do that with key performance indicators and comparisons relating to your property type and fellow agents. Look for those agents and brokers that are highly successful; check out their activities to see if any of them can be replicated. In this industry you can learn from the skills of others. You can also learn from your own personal professional skill development. Track and measure the things that are occurring each day from your efforts. Adjust those efforts to suit improvements in listing opportunity, client connections, marketing strategies, and negotiation outcomes.
- In many respects, you can bring most of the specialized skills that we have back to simple things that can be practiced. As they say, practice makes perfect. You can practice your dialogues, negotiation skills, and presentation skills. Every day we use those things in so many different ways.
So the message here is quite simple. Have a serious look at your diary and how you use your time every day. Devote at least 1/3 your business day to business building activities. Take steps to improve your core skills through regular daily practice.