Tips for Being Entrepreneurial in Commercial Real Estate Agency

business people meeting
Focus your commercial real estate agent efforts.

In commercial real estate agency today, you need to be an entrepreneur in your business practices and your focus.  Your successes in the industry as an agent will come from your personal endeavors.

The agency that you work for will have little to do with the process of building greater personal commissions and generating listings.  Successful agents are individually driven and have a comprehensive marketing plan to promote themselves comprehensively through the region that they work in.

There are some very simple strategies to apply here if you wish to rise to the top of the market.  That being said, all of those strategies require personal effort and deliberate focus.  They take time and effort each and every working day to implement effectively.

Here are some of those strategies to help you develop the entrepreneurial mindset of a top commercial real estate agent:

  1. They say that you can learn a lot from experience.  You can also learn a lot from the other top agents in the area.  Whilst some of those top agents may work with competing agencies, you can observe what they are doing and how they do it.  You can replicate their successful processes when it comes to knowledge, skill, and marketing.
  2. Every client that you serve today will be an opportunity for repeat business in the future.  The cycle of commercial real estate is quite long and on that basis your relationships will need to be built and nurtured.  Focus on quality clients and quality properties.  It is the quality properties that will bring you more enquiries from any marketing campaign.  Poor quality properties bring poor results.
  3. Referral opportunities can be generated from successful transactions.  Stay close to your clients, customers, buyers, and tenants as part of closing a transaction and moving on.  Ask for the referral at the right time.
  4. There are certain skills which are absolutely critical to the services that you provide as an agent.  You should have significant skills in prospecting, presenting, marketing, inspections, negotiations, and documentation.  These six aspects of your career require constant upgrade and practice.  When you do this, it makes it a lot easier for you to rise up in the ranks of the commercial property industry.
  5. Every listing, sale, or lease is an opportunity to talk to other people in the local area.  Send a direct letters to the local property owners and the property investors as part of your marketing efforts.  In many respects, one single listing can allow you to talk to several hundred people.  It is simply a matter of developing a mindset to do it and commencing the process.

If you choose to be an entrepreneur in commercial real estate agency today, you do need to take a serious look at your business activities and systems.  They will help you take advantage of the local property market providing you implement the appropriate action on a daily basis.  Success in this industry is driven from personal activity and nothing else.

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Author: John Highman

Commercial Real Estate Broker, Coach, Speaker, Author, Broadcaster.