Golden Rules in Tough Commercial Real Estate Markets

When you work in commercial real estate, many things impact your territory and your market. Today we have all types of shifts and changes around the property business. Sales are tougher and contracts are taking longer to negotiate. Generally speaking salespeople have to work with fewer buyers. That means working harder and smarter is a necessity.

Things will get better, but for the moment you have some serious work to do.

When things are like this, it pays to control your day to specific rules and systems. The reason is that you are the only person that can impact your results in this market; consistency in your efforts is fundamental to getting results. On that basis it pays to set some very specific rules to work by. Consider your typical day and ask these questions.

  1. Exactly what is popular as a property type at the moment? Have you got your fair share of those listings?
  2. What is the price range that seems to be more active in your territory? How many listings have you got in that price range?
  3. How is your database in this market and should it be better? Are you putting fresh leads into your database each day? Are you refreshing the contact with the old leads regularly?
  4. What businesses are more active than others and are you reaching them?
  5. What is the average time on market now? Are you promoting the listings that you have to specific target markets?
  6. What share of the market do you have now and can it be improved through more activity?
  7. How are the signboards in your territory and should they be refreshed?
  8. When did you last cold call and door knock prospect? Can you put that system into your diary every day now?

Simple questions they are, but lots of focus and hard work is buried in those questions. I have seen this market before and I know that things get better and back to normal. For the moment take the action that is required to break the back of the slow market; business will come your way.

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By John Highman

John Highman is an International Commercial Real Estate Author, Conference Speaker, and Broadcaster living in Australia, who shares property investment ideas and information to online audiences Worldwide.