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Creating the Best Outcomes in Commercial Real Estate Brokerage

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Professionalism is a big part of commercial real estate brokerage.

Commercial real estate brokerage can be a highly profitable industry to work within.  In saying that, it can also be a difficult industry if the right people and processes are not applied correctly as part of a plan and targets process.

There are some rules skills to develop across sales, leasing, and property management.  There are some real knowledge challenges to address and resolve with office property, industrial property, and retail shopping centres.

Here below are some ideas from our eCourse Snapshot.

What are your targets?

The message here is that you can and should develop some real targets in your business to define and improve the outcomes of your commercial real estate brokerage.  It really doesn’t matter if you are part of a large team, or if you operate individually.  Here are some valuable targets to work towards:

  • Commissions written per transaction
  • Listings generated within a defined area
  • Exclusive listings vs. open listings
  • Signboard presence within a defined territory
  • Referral business created from every successful transaction
  • Repeat business from existing clients

Everything in commercial real estate today comes back to results and activities.  The right activities will always produce momentum, and the best activities can then be tuned over time to achieve some real momentum in listings, clients, and commissions.

Understand your local commercial property industry

Nothing remains the same in our industry, and the activities that you undertake each year should be shaped and changed based on current market activity and trends.  In other words, every broker and agent should be tracking personal efforts and property indicators.

Through a simple set of key performance indicators every broker and agent can monitor their activities across prospecting, listing, time on market, and deal conversions.  A focus on quality listings and better clients will always help boost enquiry levels; database growth can be part of that process.  A good quality listing will always encourage the players within the local property market to display their hand and connect with you.

Why struggle?

When an agent or broker is struggling in the property market it is usually because they have not focused on the best listings locally.  They are also avoiding the importance of exclusivity in listing conversion.  You cannot dominate the property market without exclusivity.  You must control the quality listing stock and the clients that you work with.  Those simple rules need to be remembered at all times.

Identify the strengths and weaknesses in your property market, and then adjust your business efforts accordingly.  Improve your skills were required, and start talking to the property owners locally.  You must control your listing stock and your clients.

Where are the opportunities?

Look for the opportunities and look for the weaknesses in your local area.  Understand what’s happening when it comes to property investment, occupancy, and business sentiment.  Consider the following questions:

  • What segments of the market are showing the most enquiries?
  • What are the tenants and the buyers looking for when it comes to property occupancy or purchase?
  • What is the supply of property today and how is that being impacted by current and future demand?
  • How are prices and rents trending in today’s terms?
  • Are there any threats on the horizon when it comes to commercial real estate in your town or city?

So there are some valuable questions to consider here as you establish your commercial real estate business.  Undertake a regular assessment of market conditions and relate those market conditions to your personal skills.

Practice and improve your processes at every opportunity.  Soon the commercial real estate precinct in which you operate will start to present opportunities that other agents and brokers have overlooked.

You can get more tips about commercial real estate brokerage growth in our eCourse right  here.

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Consistency Produces Results in Commercial Real Estate Agents Commissions

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Start your day in commercial real estate with real drive and focus.

When it comes to your career in commercial real estate today, consistency is a key component to help you to progress in the industry.  Without consistency, chaos is usually the result.  Poor performance then follows as well as lower income or commissions.

Given that most salespeople work on some form of commission reward system, results will always be high on the agenda when it comes to personal performance.  Every day contributes towards the future.

Here are some of the biggest hurdles that we find with salespeople in the industry:

  • Lack of focus on prospecting
  • The listings that are poorly served
  • A database that is not up to date
  • Client connection and communication systems that are random at best
  • Generic marketing systems that produce little momentum towards enquiry

These issues should not occur.  If we are to achieve more momentum in the industry, then results are really important to us and the agency we work for.  This then says that we should be very consistent in what we do every day.

Systems can take us forward in generating new business, serving the clients that we act for, and dominating the local commercial real estate market.  Systems are a personal thing.

Here are some ideas to help you with consistency and building the correct momentum in commercial real estate today.

  1. Start the day early with a planning process to connect to the right people that can help you move your business or listings forward.  This will usually mean a prospecting process.  In commercial real estate today, it is really easy to make prospecting calls the first thing every morning.  Systemised action is the only thing that makes any difference in our industry.  Everything else is pure luck.  Luck is not a good thing when you work on commission; directed control will get you a lot further and faster.
  2. After you have completed your daily prospecting process, connect with all your clients to update them on recent marketing activities and property enquiry.  Clients with exclusive listings should receive a priority in all communications and follow-up.
  3. Develop your skills so that you can convert more listings to your exclusive control.  Open listings in our industry are really a waste of time, over which you have no control.  Exclusive listings allow you to focus your marketing efforts, and control the enquiry that comes towards you.  In this way you have a much better chance of converting the business.  If you are finding it difficult to convert exclusive listings, then you probably need some skill upgrade, and the only way you can do that is through practice.  Find some good books on pitching and presenting, and learn the best ways to go about it relative to your area and property type.
  4. Are you the best commercial real estate agent locally?  Hopefully you have answered yes.  Develop some real reasons and points of difference for your uniqueness in the local property market.  Why should people use you?  How can you provide the best service over quality listings?  Develop some real answers that can help you drive your market share and listing conversions.  Generic answers are a waste of time.  Far too many agents use generic and bland statements relating to experience, time in the industry, and agency profile.  Develop your answers that are far more significant than these generic statements.

It is not hard to see how you can improve your commercial real estate career and listing conversions.  It all comes down to your personal systems and focus.  Start taking some real action.