Having been active in the property industry for over 30 years I have seen lots of people and real estate businesses come and go. I have also seen some good and some bad salespeople. I have seen 3 boom and bust cycles in commercial property.
A career in commercial real estate is like all other sales jobs; it takes personal commitment and focus, and only the very best survive for the long term.
The very best salespeople in the industry build the personal profile and the skills that the market wants and needs for the long term. These salespeople have a solid group of clients that follow them and trust them in any market and at any time. Business follows them as they move from agency to agency.
Right now the property market is tough and slow for some real estate agents; sales are slower and buyers are less active due to the restricted availability of funds hence pushing prices down. The main reasons for agency discomfort are:
- The larger corporate real estate offices with the big overheads have not adjusted their operational costs (rents and base salaries) when the commercial property market started to change from booming sales based enquiry to a less income (commission) generating leasing based market.
- Many salespeople have not adjusted upwards their personal efforts and prospecting focus
So everyone today has to work harder and adjustments still need to be made by some agencies. Unfortunately some salespeople are still working at the same old pace they are used to and the high base salaries are still keeping them comfortable at the status quo. The only person that gets upset is the boss of the agency as lower commissions are threatening the performance and viability of the office.
When times are slow or tough the first people to go from the office are the underperforming salespeople. There is a message here for all the salespeople in that underperforming category; get active and build your business right now. Find the properties that are selling and leasing and adjust your prospecting efforts around them.
Your success in commercial real estate is a personal thing that is driven from your own activities and focus. The office that you work for is only a small part of the equation. There is an old saying in business (the author I cannot remember), and it goes something like this.
‘The degree to which you feel you are under control is the degree to which you will be successful.’
Get yourself under control and sell or lease the properties that are active at the moment. The larger big priced properties are off the books for some time, so find something that you can sell and lease today. Understand one thing; your success in commercial real estate is personal, so make it happen. Work hard and the rewards will still come as long as you put in. You have the solution to the problem.
You can get some more tips for commercial real estate agents at my training and coaching website http://www.commercial-realestate-training.com/