In commercial real estate brokerage it is far too easy to procrastinate and get diverted in time wasting activities. Your peers and clients will all ask for some of your time and then you still have demanding tasks to get to on a personal basis. As you get more listings, things get busier in all respects.
Realistically there are only a small number of things that should really matter when it comes to broker focus and business planning. Those particular issues are simply summarised as:
- Prospecting for new listings
- Listing documentation and marketing
- Personal marketing through the location and the precinct
- Client contact and service
- Deal negotiation and documentation
- Database management and follow-up
If you focus your efforts daily at a personal level into these six simple factors of activity, your property market results will take a sharp turn upward and allow you to improve your listings and commission conversions.
So the message here is that you can change your focus immediately and start working on these six factors to improve your market share. In saying that, don’t procrastinate and certainly do not divert away from the new business opportunities that exist in your property market. Be prepared to do the challenging and difficult things every day and stretch your ‘comfort zone’ and reduce any skill limitations.
There are far too many agents and brokers in the commercial property marketplace that consistently achieve only average results and struggle a lot of the time when it comes to database growth and income. The best agents comprise the top 10% of the property market, and control 75% of the quality listings. There is a message in those numbers.
Changing your commercial real estate career focus
So what can you do here? To change the momentum in your commercial real estate career, the first stage involves a change of thinking at a personal level; the second stage involves action in a managed and directed way. Understand what is happening with the activities of local property investors and business owners in your town or city.
Look for the zones or the precincts through your town or city that have plenty of property activity and enquiry. Also look for the property types and the new property developments attracting enquiry. Specialisation will help you dominate market share.
Exclusivity is really important
From all of this information you can move into an exclusive listing focus across those segments. Exclusivity is the key element of market domination, listing conversions, and a professional Top-Agent-Focus. When you list properties exclusively, you control the client, the listing, the enquiry, the inspections, and the negotiations. Conversely, the open listing process gives you little if any control at all.