Make no mistake, the commercial real estate industry can be intensely competitive in so many different ways. That being said, most agents and brokers are typically ordinary when it comes to client contact and prospecting activities.
The best agents can usually push through the clutter and the competition through deliberate effort and a focus on new business generation. They know the things that really matter.
The fact of the matter is that new business growth and opportunity over time should be a central part of your business model for your location and your property type. Make sure that you have a specific prospecting model that drills into the investors and businesses in your location on a daily basis.
Here are some ideas to help you sweep aside the competition as you work towards more listings and an increase in sales and leasing transaction activity:
- Ignore peer pressure and innuendo. There are too many so called ‘experts’ in the industry many of whom are quite average when it comes to business performance. Everything that you do and achieve in your individual real estate business is self-generated and has nothing to do with anyone else. If you deliberately ignore the other average agents around you, you can soon get traction within your own market share; build your confidence accordingly. You can then assess your own progress and opportunity. Judge the market yourself and understand with the market is heading for you. Make your adjustments based on personal experience and personal effort.
- Be yourself and improve yourself. Understand your skills for what they are and how they can help you grow your real estate business with both listings and clients. Improve your strengths through practice and knowledge development. Any weaknesses can be removed through personal training and personal development.
- It is best if you can specialize in a combination of specific services such as sales and leasing, or property management and leasing. There are distinct linkages between those services that will give you more business over time.
- Know where you are headed in the industry and the location. Establish a business plan that deliberately focuses you into a specialized property type and a specific location. Beyond that point you can drill down into various strategies of personal marketing, database growth, and client contact. You need to be the best choice as an agent or broker when it comes to property activity locally, so that strategy needs to be at the centre of your business model. Understand your competitors for who they are and what they do. You can then differentiate yourself appropriately for the location, for the client base, and for the predictable changes in the property market.
The message here is that you can specifically focus your commercial real estate business for better results over time. It is a personal skill and it is a personal strategy.
Understand exactly where you want to go when it comes to property market activity, income, and market share. Develop your commercial real estate business through personal and deliberate efforts.