When you start your career in commercial real estate brokerage, don’t take too long to understand the value of client contact and prospecting. If you want to jump-start your career and grow your market share quickly, you will need to know the local people comprehensively and thoroughly. That process should start immediately. Master the process and get it underway.
Practice will help you through the issues and struggles. Practice every day. Good brokers do exactly that.
So what can you chase and work on?
Many of the property investors and the business owners that we consider as clients need help throughout the year as the property market changes. That help could be in commercial sales, leasing, purchasing, or property performance. The strength of your knowledge and skills across those issues will help you connect with those clients with relevance at the right time and offer the best levels of service. Know how to talk across those matters in a real and significant way.
Here are some specific ideas to help you kick-start your career and fast track the results that you are seeking:
Get out of the office every day – when you get out into your territory or designated property precincts, you will see issues of change and opportunity. Spend at least half a day out of the office talking to people in your territory. Conversations are critical to finding the leads and opportunities that exist. Become very familiar with your territory and precinct at a property and personal level.
Street by street coverage – get some maps of the area so that you can track your activities on a Street by Street basis. As you move through the streets, identify the buildings and the businesses. Put that information into your database for later resolve and research.
Business by business coverage – in considering your local area, there will be plenty of businesses that you can talk to over time, and on that basis organization at a personal level will be required. Talk to the business leaders in each case through a simple cold calling and door knocking process. Those business leaders will know more about the location than you do. They can also introduce you to the leads and the opportunities that they know are about to happen.
Leasing segments – tenants and landlord services will shift and change throughout the year as the supply and demand factors similarly change in the location. Business sentiment will be the primary catalyst to tenancy relocations and occupancy retention. Keep talking to the tenants, and you will then help your landlords retain or find the best tenants for the occupancy requirement.
Simple conversations – as you go about your business day in your territory or precinct, create conversations with the ‘locals’. Make friends and strike new business acquaintances. Our business is not that complicated, but it is largely based on personal contact. Get to know more new people every day.
Marketing online – it is interesting to note that most agents and brokers are very ordinary in their personal online efforts. You can turn that weakness in your competitors into a massive online momentum for you and your business. Understand the best ways to use social media with due regard for market updates and useful local area information. The search engines are attracted to information that has been carefully prepared for the local area with due regard for keywords. Your business profile online should be driven into keywords and market segments. That will help your online profile. Don’t confuse your online messages with too many keywords.
In commercial real estate brokerage a career has the opportunity of being extraordinary or it can be ordinary. Any broker or agent can build their skills and local property knowledge to match the requirements of their clients and prospects. When you understand the local area comprehensively you can do that well.
Having worked within many property markets and also having seen a lot of agents come and go over the years, I know that the results achieved are largely personally created and based. I have compiled this audio below where I talk about the ways to approach a career in commercial real estate brokerage today and how to improve that career in a positive way. Have a listen and consider how you can improve your focus and actions locally.
It doesn’t matter if you work in Sales, Leasing, or Property Management, there is a solid requirement to create a marketing model at a personal level that taps into a specific location and property type.
To get a reasonable market share around you in commercial real estate brokerage you should consider your daily efforts and actions. Understand what you are doing and not doing. Understand the things that are wasting your time. From that point it is just a matter of change.
Caution! Some agents and brokers never change their ‘problem’ habits, and on that basis they struggle for their entire career. Things don’t need to be that way.
How’s Your Business?
Perhaps you are wasting your own time in real estate due to a lack of process and quality in your business systems? So it is time to step up to move into a better level of property performance. It’s a good year in the industry and there are things out in the market to be done.
If you are lacking listings, enquiries and clients, then you are likely to be lacking good business processes centred on the best clients and properties. Here are some ideas to help you resolve that:
Think about and action your prospecting around your listings – When you have a listing in your area and within your property speciality, you have something to work with. Use your listings as reasons to talk to others in the street or suburb. Remember that business owners need to relocate from time to time, and property investors look to upgrading their portfolios. Help those people remember you at the right time by getting in contact and staying in contact in a relevant way.
Referrals – When you have finished a successful transaction you will have the opportunity to explore referrals, leads, and repeat business. If the client is satisfied with your professional efforts then there are things to do with referrals and leads. Help other people to direct you to the next clients and property owners that you can serve.
Previous clients – Go back in your sale and leasing records to find those people that you and or your business has helped over the last 5 years. It is likely that some of those people are still active in the property market. Do they want some more help?
Other agent’s clients – Don’t be afraid of positioning yourself with clients that currently use other agents and brokers. There could be some reasons for those clients choosing a different agent. Professionalism will help you connect with those people and stay in their memory for the right reasons.
FSBO – This is a strange market segment, although a useful one. Some FSBO owners eventually give up trying to resolve their property problems. Let’s face the facts; they probably don’t have the contacts, the database, or the skills to negotiate a sale or lease deal professionally. Can you help them?
Investors – Local property investors are great clients for the long term. They need all types of help across tenant mix issues, leasing, selling, renovating, and portfolio mix. When they trust and respect your skills, you can do something to help them.
Business Owners – Stay in contact with local business owners. They will require professional property assistance at some time in the future. Keep them up to date with prices, rents, enquiries, and stock availability. Share your facts about the property market and pull in the local business owners that can use your help.
These simple strategies will help you attract more new business in the best possible ways. Make yourself known locally as the agent of choice; that agent that people must go to when property challenges present.