How to Keep Improving Your Deals and Commissions in Commercial Real Estate Brokerage

In commercial real estate brokerage, there will be plenty of pressures to handle and diversions to avoid. Through all of those things, you need to keep doing the deals, and on that basis you need to set some rules at a personal level.

One thing should be said quite clearly when it comes to getting things done in our industry. In simple terms, you cannot control the whole of the day; things will happen that will change your targets and actions. Be prepared for the changes, and control at least a part of your day regardless of everything that happens.

One Third of Your Day

As a general rule, you should be able to control at least one third of your day. To get more traction and leverage with clients and listings, that controllable one third of your diary should be at the beginning of the day.  It should extend for at least 3 hours.

Start the day doing the things that really matter when it comes to commercial real estate. Determine exactly what tasks and opportunities will help you drive more new business and better client relations. In most cases, the cold calling and prospecting process undertaken at a personal level is exactly what you need to merge into that controllable one third of your diary.

Attract Fresh New Business In Commercial Real Estate Brokerage

Here are some rules to help you with attracting more deals and listing opportunities:

  1. Don’t book meetings in advance unless you completely understand and accept the reasons for the meeting from your perspective. Is there a client relationship or listing opportunity involved in the meeting process?
  2. Other people will want to see you or talk to you about business issues from their perspective. Connections with other people should occur at the end of the day when all other important tasks have been undertaken. Remember that you control your diary; don’t let other people do that.
  3. Over time, only list high quality properties on an exclusive basis. Control your listing stock through that exclusivity focus, and avoid open listing requests as they will waste your time. Only take on open listings when you know that you have a potential buyer or purchaser to match to the property. It directly follows that you should decline any client request for an open listing. Why would you offer your high grade professional property services on low-grade listings and therefore waste your time? When you understand and accept that you really are the expert agent for the local area, open listings are no longer a necessity or a requirement. Pitch and present your services in a comprehensive way so that the client can see that you are the top agent for the job.
  4. With every listing, pitch and present your marketing strategies to the client on the basis of a comprehensive vendor paid marketing campaign. Ensure that the campaign is well structured using unique and direct marketing processes that your competing agents may have overlooked or neglected to offer; put yourself in the marketing process. Whilst every marketing campaign will have a degree of general advertising and website listing commitment, tell the client exactly what you are going to do for them and the property to attract volumes of high quality enquiry at a personal level.

When you stick to the rules when it comes to property marketing and listing, you can attract more commercial real estate enquiries and opportunities over time. In simple terms that will allow you to attract more listing leads and commission or deal opportunity.

Commercial Real Estate Agents – Beware of Listing Panic

When it comes to your career in commercial real estate agency, you will sometimes feel the pressure of the market and the industry.  It is very easy to panic when you have no listings and or commission coming in.  Here are some tips from our Newsletter.

There is no point in panicking when it comes to your job and your market share.  If you feel the pressure of listings and commissions, it is simply a matter of developing a prospecting system and actioning it every day.  Over about three or four weeks, you will soon see the market turn more favorably back towards you.

One of the biggest problems in our industry is consistency on the part of the salesperson to build market share.  Each and every day top agents work towards consistency and systemized prospecting; you should do the same.

Success in our industry is largely created through ongoing personal contact with the correct people that matter in our industry.  Over time those relationships build listing opportunity and better market share.

If you feel some degree of panic when it comes to your market share, listings, and commissions, it is time to establish a system to take yourself forward and out of the difficulty.  Momentum and action taken immediately will help you lessen the frustration and panic you currently feel.

When you start moving towards a plan, and you stick to the process, you will soon see that the magnitude of the original problem was not as great as originally thought.  You are in control, and you can resolve any pressures that you currently have.  It is simply a matter of modifying your choices and habits.  Systemize your day; that is the secret to progress.

Here are some ideas to help you move forward with this and build a better market share over the next 12 months.

  1. It is extremely important that you control your time on a daily basis.  You are the only person that can do this.  There will be demands on you from business colleagues, clients, the agency principal, and others that can destabilize your focus on a daily basis.  Keep things simple.  Understand what you must do every day, and do it regardless of any pressure from others.  Take control of your time.  Set aside the time that is required to do the key things to take you forward.  Most particularly that will be prospecting and you should do that for approximately 2 or 3 hours per day.
  2. Start building relationships with the right people in your industry.  Have a look around the local area so you can make contact with business leaders, property owners, and property investors.  In the right market you can also add property developers to the list.
  3. It is a well-known fact that the degree, to which you believe you are in control, is the degree to which you will be successful.  Successful people are in control each and every day.  They make the right choices and take the right actions.  They will not waste time with the wrong people or wrong circumstances.

The commercial real estate industry is one of the most rewarding and challenging of sales careers.  You can meet some great people and earn a lot of money in the process.  All of that being said, you really do need to selectively choose your actions and your key tasks each and every day.  This is part of an ongoing personal marketing process.

You can get more tips like this in our Newsletter.