Without a doubt, time is the most difficult issue to handle in commercial real estate. Everybody wants some part of your time on a daily basis. If you respond to all the requests and interruptions that come your way, you will simply get nothing done of any importance. Here are some tips for commercial agents from our regular bulletin.
Most people that struggle in the commercial real estate industry are those that have not systemised their day and defined the essential and most important tasks. They simply move from job to job in a random way, achieving very little.
It’s a fact, that these are the challenges that are quite typical in the industry today:
- The office meetings occur on a regular basis
- Sales and listing presentations occur on a regular basis
- Inspections of properties need to occur with the team as part of the office marketing process
- Clients want to meet with you to discuss the marketing of their property
- Prospects ring you to inspect properties at short notice
- The marketing of a new listing has to be created and lodged with the media in a short amount of time
- Negotiations with current listings are protracted and detailed
- Documentation has to be created to support recent activities with listings, contracts, and leases.
- The boss wants your weekly sales report on his or her desk by the end of the day
- Prospecting has to occur on a regular basis
- All of your current listings require regular client briefings and updates
So here is the good news; every top agent has the same problems to deal with. They simply understand how to deal with them and create a system to support the process.
The reality of the above issues is that they will not go away. They will exist and will require attention. Your response processes are really important and will help you break through the barriers.
To deal with this productively, determine the three or four things that are really important to your career and job. Those three or four things will make or break your success in the industry. When you know what they are, they will need to be merged into your diary on a daily basis.
The number one issue on the list will be prospecting. Regardless of how long you’ve been in the industry and how much you know about commercial and retail real estate, prospecting should always take up 20% of your business day. Working on a standard assumption of the hours that you normally commit to the job, your prospecting should therefore take up two or three hours every day.
In some real estate offices you will see sales managers and salespeople excessively plan their activities, budgets, targets, and strategies. The common reality of most of those plans is that they will finish up in the bottom drawer of the desk; they will be overlooked or ignored. On a monthly or quarterly basis the plans will likely be pulled out for some lengthy discussion on performance and KPI’s. If that is what occurs now, you will need to make some changes.
Excessive planning doesn’t work
Excessive planning only works for those people that require excuses, and excuses don’t pay the bills. In this industry results matter far more than excuses. Take steps to become an action person rather than an excuse person. Formulate simple plans and avoid excessive planning that will tie you up in knots. Be flexible to the industry and situations around you on a daily basis. See what can be done and take action.
Successful commercial real estate salespeople (the top agents) build the career on simple regular actions. Decide what those three or four things are that can make a lot of difference to your results, and take action towards them every day.
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