Do you know what targets and goals are all about? In commercial real estate brokerage the targets and goals that you set should energise you to take even more action and refine your processes for better results.
Why is that? It takes time for an agent to establish market share and listing dominance; the only way that consolidation of market share will happen quickly is through taking ever more action on the things that matter. Understanding the important things to work on can be a bit daunting initially but soon you recognise your individual strengths and weaknesses as an agent and then you can work with them.
Progress Every Day
When you track your targets you can see how you are progressing each day and each week. At the end of each month your key performance indicators in listings, commissions, and time on market can be assessed for progress.
So there are ‘big targets’ and ‘little targets’ to work to in commercial real estate brokerage. The little targets feed the bigger ones, and everything is based on action every day.
Don’t Make This Mistake
A real estate broker recently said to me that he was struggling with routine and doing the things that really mattered to his business. When he started each working day he was letting the pressures of clients and listings dictate what he was to do first up in the day. That then meant over time that he was overlooking any factors of growth and new business creation. Inevitably he was struggling with new business and any exclusive listings were few and far between.
Energise Your Real Estate Business
So let’s set some rules for energising your real estate business:
- A full one third of every working day should be set aside for new business generation. That ratio is non-negotiable; it simply must happen.
- The morning first thing when you get to the office is the best time to do some cold calls and telephone contact to prospects.
- Track the calls that you make outbound in number so that you can understand progress in connections and conversations.
- When a telephone call converts to a meeting, understand why that is so and attend the meeting with a reason or target in mind. Perhaps that target may be to win a listing or stay in touch with that person for the longer term when they need professional real estate help.
- Don’t chase after unqualified prospects or any listings that are of low quality. Ask all the relevant questions possible to get to the real reasons that you can help someone with investment, tenant mix, property performance, or locating new property locations. If you are in any doubt about a client or a listing, it is better to move on and let someone else waste their time.
Progress is everything in commercial real estate brokerage. Any top agent will tell you that they are very selective on what they do and who they talk to every day. They closely control their time and tasks. Can you do the same?
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