They say that a person can change a career a few times in their working life. In commercial real estate that doesn’t need to be the case. There are so many options within the industry that you can easily move around within property types and specialities; variety and opportunities are always available to those that look for them. A good career can be obtained by those that are prepared to learn and work hard.
Here are some tips and ideas to help you with your business activities and focus in the industry:
- Market knowledge – You will be tested by property owners, business leaders, and others as part of prospecting and networking. Local property market knowledge will be valuable leverage in connecting with more people. Most people and the prospects that we work with don’t have the exposure to the market; they need good real estate agents to tell them what is going on in sales, leasing, and new property developments. Build your knowledge so that you can be of real value to the people you talk to.
- Observe and interpret – Observe the market intelligently and completely. Look at the relationships between prices, rents, and investment. There are reasons for your clients and prospects to transact a sale or a lease. Look for those reasons. Look for distressed properties, changing of use, lease pressures, vacancy factors, and returns on investment. Those issues will all offer opportunities for new business and listing activity.
- Practice – I cannot understate the importance of practice. Our industry is one of professionalism across key skills such as listing, prospecting, inspecting, negotiating, and marketing. Each of those factors requires regular practice if you want to accelerate results.
- Prospecting – Connecting with new people and particularly those looking for property opportunity or change should occur every day. Most agents struggle with the disciplines to do that. For those agents that devote the time to prospecting and networking for new business, the market can be very rewarding in so many ways.
- Systems – The actions that you take each day will be boosted by systems that can be monitored and improved at a personal level. Have a careful look at your systems and activities in prospecting and marketing. Both of those issues are so critical to growing market share. Your database will be part of that process of growth and change.
- Client collateral – Your clients are the lifeblood of the market that you work in. Over time look to grow your client relationships and services. Improve your value by specialising in certain segments of the market.
So these 6 simple things are so vital to opportunity in commercial real estate agency. They are the foundations or ‘corner stones’ of a successful commercial real estate career. Now might be a good time to look at any weaknesses in these factors that can be improved on or modified for better personal performance.