It is hard to get results in anything unless you are passionate about what you do. Commercial real estate brokerage is a bit like that. There are plenty of pressures and issues to contend with in the industry, so if your ‘head’ and ‘heart’ are not firmly in the issue then it gets a whole lot harder.
Your Property Career?
If you have chosen commercial real estate as your career, then it is best to look at how you can grasp the industry and make the most out of it for your town or city.
Understand your location for what it is, and then delve into the properties and property people with gusto. Find the best people and the best properties locally, and then position yourself for conversion and opportunity.
Look at all the available new business ‘channels’ in your location. See the property changes and the upcoming opportunities. Talk to lots of people and build the right relationships with the best people locally.
Do the Assessment
To get started with this you can do a basic assessment of the following:
- Your competition brokers and agents
- The property types available
- The growth and changes in the business community
- Investor activity locally
- What the people in the property market are looking for
- The growth of the city
- Changes to infrastructure and roads
- The major industries for the area
- The trends of commercial property over the last few years
- Your current property skills and knowledge of the local area
- The resources that you have at your disposal
When you look into these things, you can see where the property opportunities will be. Positioning for opportunities then becomes a strategic and planned process, and you will need a plan to build the business around you. Here are some ideas to help with that:
- Property differences – There are real differences in listings locally. The best listings are likely to be those that are well positioned, or those with a quality tenant mix and or an improving income stream. Understand where the ‘quality’ properties are. Look at the property market from a buyers or investors perspective.
- Learn from the best – When you look at your competitors you will see some strengths and weaknesses. Why are the top agents so successful? See their skills for the advantages that those skills create. Can you replicate those skills? Can you put your ‘twist’ on their property process to stand out as a better agent or broker?
- What should you specialize on? – Look at the property types locally and choose to work on the ones that you understand, and those that have a future for you. There is no point specializing in something that has limited sale, leasing, or property management potential.
When you take and work on these three simple ideas, you can see what you can do with your commercial real estate business plan as an agent or broker.
The industry offers great opportunity for those that can see where they are headed, and then improve their approach in a regular and ongoing way. Skill improvement and knowledge will help you get further traction in your location as the agent or broker that people need and want.