Commercial Real Estate Brokers – Develop a Lust for Growth and Success in Your Business

In commercial real estate brokerage, growth is good in so many ways.  If you want to move ahead in your property market then developing a ‘lust for growth’ is a good thing.  There are many ways you can grow your business and property opportunities.

To get things started, understand just where you are today in your market and what changes are occurring locally that could indicate a different business focus.  I like to move from sales to leasing and then back again as opportunities allow.  From a lease you can create the foundations for a sale of the property when the investor is ready to make a move in that direction.

So let’s look at some of the opportunities for you now and what factors of the market that you can grow:

  1. Personal level – some agents fail to grow much at a personal level.  By that I mean in skills, and knowledge relating to your property market.  The greater the value that we are to the clients that we serve, the larger the chances are that we can convert more listings and improve our presentation outcomes.  Clients want to work with the best agents that really know what they are doing and are highly skilled in doing so.  There is absolutely no point in being ‘generic’ as an agent today.
  2. Signboards – getting more signboards into your market is a good thing.  The traditional signboard will create more enquiries for you.  By this I am referring to the signs placed on ‘exclusive listings’.  To get more signs on the quality local properties you should look at your prospecting model and escalate it to the next level of activity and specialisation.
  3. Listings – to build your commission opportunities it pays to work on a certain number of exclusive listings at any one time.  Generally you will not have time to service more than 15 listings like this.  Keep your listing numbers down but spend a good level of focus in doing so.  Take every quality property to the market in a comprehensive way.  Use the listings to get people talking and to share their property situation.
  4. Internet profile – we all use the internet to market properties.  That being said you can have a blog on the internet at a personal level that lets you talk about property activity and industry changes in your local area.  Today it is really essential that we go beyond property marketing and take our own profile to the online world.  Use the blog to show the market place just how relevant and knowledgeable you are as a top property specialist.  If you blog regularly (at least 3 times per week), the search engines will soon see your blog as something that they should link to and watch.
  5. Database – your database will bring you leads and opportunities if you follow the rules.  Every day your database should be expanded and updated through personal effort.  To do this effectively you can and should make the start of everyday a process of prospecting for new people.

These four simple growth factors will help you greatly as a real estate agent.  Create the action and focus in each of the segments of ‘growth potential’.  Soon the market will see your activities and give you more leads.

How to Find New Commercial Property Management Clients

In commercial and retail property management, you should have a process and a system to help you attract new property management clients. Over time the income from the management portfolio will support the agency and provide stability when sales and leasing activity is low.    Here are some tips from our Newsletter.

There are a number of different ways to attract these clients to your business, with some processes being more successful than others. Here are some ideas to help:

  • The best way to attract new business of this nature will be through and at the time of the completion of a successful sale or lease transaction. The property owners are primed for the discussion. It will be a matter of showing them why a professional management service will be of value to them. Perhaps you could save them time, money, or remove the frustration from the tasks involved.
  • Some clients manage their own properties, and on that basis they will be targets for new business. That being said, they will typically not have the necessary systems to do the job properly. The larger the property, the more difficult it will be when it comes to tracking income, managing expenditure, and invoicing tenants. You can add to those requirements the other issues of lease management, risk controls, and tenant mix optimisation. All of these things require skill and knowledge. You can market your brokerage around the specialized services in each case.
  • Review the properties currently being managed by your competitors. It should be fairly easy to understand and identify those properties that are being poorly managed. In most cases you will see evidence of that underperformance when you inspect the property and talk to the tenants. The skills of the manager will reflect in the quality of the management. Get in contact with the owners of those distressed or difficult properties, and offer a no obligation proposal to take over the property.
  • Understand the leases that apply to the tenants within a property. You may find that the management fees are a recoverable item within the outgoings categories of the leases. This then says that the fees that you charge to manage will not be a financial burden to the property owner. They will simply be a recoverable item in the outgoing structure and invoicing process. Providing the property has a suitable level of outgoings when compared to other local properties, your fee recovery should be quite simple and achievable.
  • The larger the property, the more complex the management process. That being said, you can provide specialised services when it comes to the tenancy mix, vacancy management, and outgoings control. All of these factors will give you leverage when it comes to winning the property management appointment.

So the message is quite clear. There will be some new business to win when it comes to managing quality properties and quality clients. The best strategy to achieve that is to identify the right time in the property cycle, and the right services to offer your clients.

Get more tips like this in our Newsletter.