In commercial real estate brokerage, it is very easy to get swamped with daily events and reactive issues. Many people will want a slice of your time. If uncontrolled, this can lead to a downturn in listings and market share. In simple terms, you need to implement a system that allows you to stay ‘ahead of your game’ in commercial real estate.
The rewards in the industry are many, providing you stay on track and implement the correct system. It is a personal process that cannot be delegated. Here are my top seven tips to help you stay ahead of your game as a top agent or broker.
- Start the day with focus. Each evening you should be preparing for the following day by planning your time and the key issues that need to be done. Identify the four or five key issues that will have maximum impact on your client base, listings, and market share. Those things should be a high priority in your daily action plan. Get all of those things done before you do anything else. When you feel in control, you get more things done. On that basis, control your diary at an obsessive level.
- Understand the high value of prospecting and growing your database. Devote approximately 2 or 3 hours to prospecting and client contact. Split that time equally between new contacts and established contacts. Track all of the conversations, the meetings, and the presentations that you make, so that you can see when your ratios and numbers are improving.
- As a general rule, focus on exclusive listings more than anything else. The exclusive listings will allow you to build market share, focus your inspections and negotiations, and service the client comprehensively. The agents that struggle in the marketplace are typically those that have difficulty with converting exclusive listings. You simply must control the listing stock.
- There is a big difference between being proactive and reactive in the industry. At least 40% of your day needs to be proactive and in that case should be directed towards prospecting, marketing, and client contact. Unfortunately you cannot remove the reactive element of the industry given that you will be working with many different people who will impose on your time. That being said, take the necessary steps to control the impact and limit the exposure that you have to other people’s priorities. Manage your time accordingly.
- Every listing can be extensively promoted, and then adjusted to the market conditions. When you have sufficient marketing feedback on a particular listing, you can make the recommendations to the client that will shift the enquiry rate and the inspection results. Don’t take too long to get to the point of repositioning.
- Review all of the listing stock locally including those listings that belong to your competitors. When they place a signboard on a property, make contact with all the other businesses and property owners in the region surrounding it. They may like to compete with the other listing in the same street.
- In your town or city, you will find that commercial property ownership is typically for a period of 5 to 10 years. At or during that time, the property owner is likely to expand their portfolio, or replace the property asset with another larger property. When you track the cycles of sales from the region, you can identify the best clients to work with for upcoming property activity.
When you look at a list like this, there are plenty of issues to action and matters to get under control. I go back to the point that you really do need to be proactive and not reactive in this industry. Spend at least 40% of your day getting involved in proactive issues and strategies. Soon the commercial real estate market will open up with opportunity in both listings and future clients. Stay on track to your plan.