How to Generate Brokerage The Best Results from Your Working Day

commercial real estate podcast by John Highman

In today’s podcast you can learn how to optimise your activities as a broker or an agent in your location. Those activities apply to both sales and leasing activity. Refine your working day so that you can boost enquiry, presentations, and client interaction. This is a personal thing that needs to be considered and developed as a system for every individual agent and broker over time.

Consistency is an important thing in commercial real estate brokerage. That is the consistency that happens when it comes to client contact, prospecting, and presentations. In this podcast, you will learn how to build some consistency in your actions and in your property market. Drive your business forward with greater levels of consistency on the things that really matter from a listing and commission perspective.

Commercial Real Estate Brokerage – A Fresh Approach to Time and Task Management in Listing and Marketing

When you list a commercial property today on an exclusive basis, you really do need to focus your efforts from the point of listing onwards to achieve the best results for the client.  Don’t waste time during the campaign and make sure that you optimise your efforts of promotion from the very start.

Know what has to be done with every exclusive listing when it comes to pulling in the target market and listing enquiry.  Ensure that the client has given you sufficient vendor paid marketing funds to achieve that level of promotional momentum.

Exclusivity Really Matters

When you have converted a property exclusively, the stages of promotion should be set out and actioned in a timely way.  Make every moment count when it comes to creating enquiry and converting inspections.

How can you do this?  You can split the campaign up into three distinct levels of momentum.  They are:

  • STAGE 1: The initial two weeks where you are releasing a property to the market and the target audience. During this time it is quite important to spread the word comprehensively across the local property zone or precinct applicable to your buyers and tenants.  You really do need a marketing campaign to understand how you will reach the right people in the right way from all of your promotional efforts.
  • STAGE 2: The next four weeks will be critical to lifting the levels of inspections and enquiry and encouraging any offers. Any potential negotiations should be occurring during this time.  If the offers are not coming in, then it is a matter of looking at pricing the property differently or changing the method of sale or lease.
  • STAGE 3: If the property has not sold or leased or during the previous two stages, then there are issues which need to be addressed. That is where a rethink or a different plan needs to be achieved in the marketing of the listing.  Don’t let the property become stale and stagnant on the market.  Stage 3 is the adjustment phase if the property is not creating real interest or inspections.  Changes have to be made to lift levels of enquiry.

As indicated, split the property campaign into a number of weeks and stages of promotion.  Change the campaign during that period of time based on the levels of enquiry that you are achieving.

Every exclusive listing should be placed on market and promoted to a strict time frame and task regime; in that way you can ensure the best outcomes are achieved.  That is why exclusivity is so important for each individual agent or broker if they want to grow market share and potential income.  Don’t waste your time on open listings unless you really need them.

Monitor the Property Campaign

Every moment of a property campaign should be monitored and optimised to achieve the best inbound levels of enquiry; refresh the listing appropriately based on feedback and inspection results.  Understand why exclusivity is so important when it comes to promoting commercial property for sale or for lease.  Exclusivity allows you to focus your efforts and commitment to the client and the property.  Over time that means better results.

Ultimately a successful property promotion allows you to achieve greater levels of inbound enquiry, inspections, negotiations, and closure.  Eventually that allows greater commissions and a growing level of market involvement for you at a personal level.

Commercial Real Estate Brokerage – Start Now to Be Effective as an Agent

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.

Simple messages

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.

Time and Task Management in Commercial Real Estate Brokerage Today

It is difficult in commercial real estate brokerage today to stay on track in building your business at a personal level.  Many things occur every day that will divert your efforts and activities.  The only way to achieve results will be through consistent effort on dedicated and important tasks.  To achieve that, you should make a list.

You may see this as a fundamental fact of time management; however most agents and brokers really do not practice the process.  Many agents and brokers struggle with the disciplines to grow market share, attract more listings, and convert clients.  This is the ‘zone’ or the categories of activities where all the opportunities will occur.  The front end of the commercial real estate business is really important given that you will find fresh commission and listing opportunities in this way.

Here are some tips to help you with list management and task control as a commercial real estate broker:

  • Determine the three or four things that are most important to your real estate business.  Those things will need to occur every day and preferably first thing in the morning.  They should be merged into your diary.  Nothing should divert you from getting those things done.
  • It is a well-known fact of process control and time management that the written list process will help you get more focus and attention at a personal level on the things that really matter.  In these days of mobile phone technology and computerized diaries, the written list still remains the most effective time management tool in business.
  • The list process can also apply to business planning and also the goals and targets you have set for this year.  For a commercial real estate agent the goals and targets usually relate to growth of exclusive listings, growth of commission per transaction, shorter time on market, and improved results in both sales and leasing.

This strategy can be used in many different ways.  You can create a list of important tasks at the beginning of the day or at the beginning of the week.  Either way the list will help you focus on the things that really matter.

Luck does not have a role to play when it comes to the performance of top agents in the commercial real estate market today.  They have deliberately chosen to rise to the top of the industry based on their activities, market share, and results.  The planning process that they set for themselves will include many lists and task processes. Get our free tips and real estate course here.

Time and Task Focus Tips for Commercial Real Estate Brokers

Time is really precious to any business person, but in commercial real estate time is perhaps the most important resource that you have.  How you spend your time will impact your listing outcomes and your commissions.  We all have choices that are critical to our business.

There are 3 types of salespeople in our industry:

  1. Those that watch what others do and follow the ‘leader of the pack’.  Those people may be happy but they will not make much money.  They don’t stay long in the industry.
  2. Those that conform to the trends of the market and the business team.  Conforming is a comfortable way to do business although not very rewarding.  Generic performance is the outcome.
  3. Those that see opportunity and drive new business from unique personal endeavours.  This group of agents and brokers are independent in their visions and actions.  They don’t need others to put momentum into their business.

If you have chosen commercial real estate as a career, you have done so for a number of reasons.  Here are some of the most common:

  • Income opportunities
  • Independence as a business person
  • Professional skill development and drive
  • Unique skills and interests in the property market

Perhaps you are one of the few that have a focus on all perspectives.  Whatever your priorities may be, the way you use your time will be an important attribute of your business.

Here are some tips to help you use your time more effectively as a real estate broker or agent:

  1. The things that you do every day will have a significant impact on the results that you achieve.  It is therefore critical to understand the matters that are of high value to your commission and listing opportunities.  Those things should be repeated regularly as part of the daily diary activity.  Habits are really important to our professional careers.
  2. Some of the things that we do in the market today should be tracked for improvement and results.  You can do that with key performance indicators and comparisons relating to your property type and fellow agents.  Look for those agents and brokers that are highly successful; check out their activities to see if any of them can be replicated.  In this industry you can learn from the skills of others.  You can also learn from your own personal professional skill development.  Track and measure the things that are occurring each day from your efforts.  Adjust those efforts to suit improvements in listing opportunity, client connections, marketing strategies, and negotiation outcomes.
  3. In many respects, you can bring most of the specialized skills that we have back to simple things that can be practiced.  As they say, practice makes perfect.  You can practice your dialogues, negotiation skills, and presentation skills.  Every day we use those things in so many different ways.

So the message here is quite simple.  Have a serious look at your diary and how you use your time every day.  Devote at least 1/3 your business day to business building activities.  Take steps to improve your core skills through regular daily practice.