Time Management Techniques for Commercial Real Estate Brokers

people walking on clock
Time management techniques and tips for commercial real estate agents.

In commercial real estate agency and brokerage today it is easy to get lost in doing the mundane and unnecessary tasks that waste time and effort.  If this happens too often you will find that listing numbers and commissions will decline.

So what are the most important things that you should do every day?  Try some of these:

  • Researching your market
  • Prospecting for new clients, buyers, and tenants
  • Client meetings with current listing updates
  • Presentations and listing pitches
  • Prospect contact with listing detail
  • Property inspections with qualified buyers or tenants
  • Creating and driving marketing campaigns
  • Negotiations with sales and leasing opportunities
  • Following up on current deals to ensure that they are progressing forward
  • Database growth and accuracy

It is easy to see that you have lots to do as an agent or broker.  All of these things will help you get the income and the market share that you require.  Only you can control your choices and actions as an agent.

So what happens to derail your focus?  Well I have seen all sorts of pressures with many different agents.  Here are some of the most common problems:

  1. A client wants to see you to discuss something relating to the marketing of their property.
  2. A prospective buyer or tenant wants to inspect a property today or in the next few hours.
  3. The boss of the office wants to have a meeting to discuss team performance.
  4. You have too many things to do in one day and no support to help you with the pressure.
  5. You have some marketing to do and some reports to get out that should have been done ‘yesterday’.

These things and the others that impact your day can be controlled and redirected.  Only you can control your day.  If you let the priorities of others take over your day, you can say goodbye to your income and market share.  It’s that simple.

Here are some ideas to help you with time management in commercial real estate brokerage:

  • Prospect every day before you do anything else.  Your growth of market share is really important.  The morning is the best time to get prospecting done.
  • Leave the paperwork to the end of the day or delegate it.
  • Move your client meetings and property inspections to the afternoon.
  • Only take telephone calls when you have time as they will shift your focus off the things that really matter.
  • If someone wants to meet with you, ensure that the reason is valid.
  • You should control your diary (not the office administrative staff)

Commercial real estate agency is a great profession with lots of potential for those that focus and work hard.  Good time management processes are part of that.

Lease and Tenant Mix Checking in Selling Commercial Real Estate Today

people walking in shopping mall
Review all leases and tenants when selling or leasing commercial or retail property.

When you inspect a commercial property for leasing or for sale, the existing tenant mix should be checked and referenced against the current leases.  It is remarkable just how many problems you will find with the property when you do that.

Many landlords and property managers are not accurate and up to date when it comes to lease activity and critical dates from the leases.  This then produces problems later when the property is sold.

Here are some questions to help you with lease reviews and tenant mix status.

  1. Who are the tenants in the property today and what leases allow them to be in occupancy?  Are those leases all current and up to date when it comes to options and rent reviews?
  2. What outgoings are to be paid under the lease and are they full up to date?
  3. Are there any arrears outstanding in the property and if so why?  Any disputes with the tenants will need to be resolved if the property is to be taken to the market for sale.
  4. What do the tenants think about the landlord?  Could that impact the sale in any way?
  5. Should some of the tenants have their leases renegotiated as part of preparing the property for sale?
  6. What does the tenancy schedule for the property say about the tenants and the leases?  Does the information cross reference accurately with the leases and the actual tenant location in the property?  You will need to check this yourself.
  7. Who is the tenant point of contact and how can you contact them to inspect the property before the marketing is to commence?
  8. Do the tenants need more or less space in the building?  Should that requirement be addressed now as part of moving the property to sale?
  9. Do the tenants comply with the permitted use for the premises as outlined in each lease?
  10. Are there any renovation or relocation clauses to exercise as part of preparing the property for sale?
  11. Are there any outstanding issues relating to make good of tenant premises that need to be addressed?

You can add to this list based on the property type and the location of the property.   All of these checks and balances are a requirement of preparing to market and sell a commercial or retail property.  Your diligence in the process of checking tenants and leases will save a lot of issues and problems later.

Get more tips from our Newsletter.

Getting Some Goal Leverage in Commercial Real Estate Agency Today

hi rise office building
Set some significant goals to build your commercial real estate career today. Move to the top of your market faster with a plan.

When it comes to winning business in commercial real estate agency, you cannot do so easily without having a reasonable plan and process to support you.  As part of that activity, you will need goals.  Goals are like the points of the compass that take you forward into the industry and will help you track yourself towards being a top agent.

It is notable that many agents and salespeople formulate goals relative to their property type and career from time to time.  Rarely will they stick to the plan; in most cases, the plan will be relegated to the bottom of the filing cabinet after it is created.

If you’re going to create a list of goals and a plan to achieve them, you really do need to stick to the process and keep the momentum heading in the right direction.

Established goals and targets should be reviewed on a weekly basis.  That will then allow you to adjust your processes and focus.  The commercial and retail property market changes throughout the year and on that basis your goals and targets will need to be adjusted.

There is no point getting to the end of the year and making a new year’s resolution with fresh goals and targets relating to your career and commercial real estate.  If you cannot stick to the goal process today, there is no point in doing it in the future.  That being said, there is massive opportunity in the industry for those that can get organized and focused.

The top agents of the industry work to a plan and that is why they are successful.  They understand what is required of them on a daily basis to consistently control property enquiry and attract the right listings.  It is all a matter of focus and the correct action.

Any goals we make in commercial and retail property are impacted by the following changes in the market:

  1. Listing opportunities in the local area
  2. The competitive agents that we must work against
  3. The amount of enquiry coming into your office from marketing
  4. Your local office business identity of your agency and office
  5. The supply and demand for property in the local area given the existing property and any future new developments planned
  6. The conversion rates that you achieve from sales pitches and presentations
  7. The stability of the local business community and the factors of property change that are resulting from that business community
  8. Your personal prospecting processes that are consistently implemented on a regular daily basis
  9. The size of your database and the accuracy of the information contained within it
  10. The regional and global economy as it relates to property ownership and investment.
  11. The availability of funds to allow businesses and property investors to purchase and or occupy commercial property.
  12. The amount of tenant enquiry coming to agencies in your local area.

There is absolutely no way that you can predict these factors 12 months in advance.  That is why the goals and targets process must be continually shaped and adjusted throughout the year.

Small adjustments to your plan that are regularly undertaken, will allow you to adjust your systems and daily prospecting systems.  The real way to achieve success in this industry is through prospecting on a daily basis, and supporting the prospecting process with personal professional skills and comprehensive industry knowledge.

If you really want to move ahead in the industry as quickly as possible, setting significant goals and formulating a plan should occur right now, today.

Goal Setting in Commercial Real Estate Agency Today

business woman climbing ladder
Set your goals and targets to achieve results in commercial real estateagency today.

In commercial real estate sales and leasing, the process of setting goals will help you stay on track in your personal business and marketing plan.  In this property market one thing is certain, everything changes quite frequently.  For this very reason, a good goals focus system will help you maintain your momentum to the market share and commissions that you require.

When the property market is slow and tough, it is very tempting to absorb the negative comments of underperforming salespeople in your office.  Excuses are very common in this industry.  It is best to shut out these people from your business practices and your social activities.  They can offer nothing to your end result as a professional commercial real estate agent.

Here are some tips for setting stimulating goals that can drive your business ahead.

  1. Understand the market that you serve both geographically and by property type.  When you narrow your activities in this way, you can be far more specific in your marketing efforts.
  2. Look into the history of the area over the last few years.  Make sure that you are working on the market segments that are attractive and active.  Also make sure that you are specialising in a part of the market that is growing and vibrant.
  3. Your goals should be specific to your end result.  That will normally be commissions, listings, closed transactions, and active clients.  All of these things are personally controlled through your prospecting efforts.  On that basis you should build prospecting into your daily diary activities.
  4. Given that our industry changes so frequently, set goals for a period of 12 months that are quite specific.  Beyond 12 months is almost like a wish list where the goal posts will change subject to property market conditions.
  5. When you set goals for the period of 12 months, they should be reviewed on a weekly and monthly basis.  In that way you will know if progress is being made, and on that basis you can make adjustments.
  6. Measuring your success towards your goals should be achieved through ratios and results.  In the first instance, you will need to know where you are right now.  That is in the number of listings, commissions, and percentage of market share.  Beyond this current point, everything will be an improvement.

One of the biggest problems in setting goals is that most people will forget the process after a short period of time.  Other issues take over and daily events become more random.  If you want to proceed in this industry, your goals become points of the compass to keep you on track to your business plan.

Commercial Real Estate Agents – The Wake-up Call that We All Need

commercial real estate agent outside office
Adust and move ahead.

When the commercial property market gets tough or challenging it is a wakeup call to all those agents that have been neglecting the prospecting process and database creation.  Let’s face it, the cycle of commercial real estate is about every 7 or 8 years in most towns and cities, and things change within that cycle.  When you prepare for the dips and peaks, the business gets a bit easier for you.

Here are some tips from our newsletter for commercial real estate agents.

When the property market slows it is critical that you have a database of relevance and accuracy.  In only that way can you network the right people and segments of the market that need help or are potentially active.

So this knowledge and experience comes with time; and over the years you will see many changes going on in sales, leasing and property management.  As the changes occur we must match our focus to the trends and needs of those players that are active or want to be.

Here are some tips for agents in working a challenging property market:

  1. Take time every day to get out into the streets and precincts that contain the businesses that are active.  Talk to the decision makers.
  2. Review all the property owners in the precincts for pressures of change such as new vacant space, weaknesses in the tenant mix, expansion or contraction of the premises, and refurbishment.
  3. Review all current property listings across your local area and chase down the listings that are for sale by owners.  Invariably most owners do a very poor job of marketing their property.
  4. Any new listing that occurs with your competitors is a reason to talk to other businesses in the same street in case they would like to compete with the new listing nearby.  The competition factor may get you some more listings.
  5. Talk to ever more people every day.  It is remarkable just how much local market knowledge and leads you will get from other business owners in the area.  They see things and know things that you will never see.
  6. Track down the franchise groups in your state or town and see what their priorities are in locating new premises to operate from.  It is likely that they could need new business locations from time to time.
  7. The large businesses in your area are likely to have pressures of occupancy.  Expansion or contraction will place some pressure on them as the year and their trade adjusts.  Relocation to cheaper space or newer space is always a possibility for some successful businesses locally.

When it comes to a slower property market, the simple matters always seem to work.  The common problem with most agents and salespeople is that they are not sufficiently organised to keep a contact system going.  Look at your daily practices and activities; go back to the basics and do the right things.

You can get more free tips for commercial real estate agents at our main website right here.

Commercial Agents – What Should You Do in Slow Leasing Markets?

commercial office tower and leasing market
Leasing strategies in city office towers

The leasing market will become difficult and slow from time to time.  It really doesn’t matter what property type you work on, you simply need to be sensitive to the pressures of supply and demand that impact your local area.  Here are some tips from our bulletin for commercial property agents.

As property leasing experts, we need to see the rental and leasing market changes before they take a real hold and then impact our clients property.  That foresight would normally involve ongoing research with rental levels, lease incentives, tenant enquiries, property improvements, and new developments in the local area.

So if you are experiencing a slow property leasing market the following strategies will be very useful.

  1. Local businesses will always be a valuable source of market intelligence and future leasing needs.  Business people talk to each other and share information about property changes, business pressures, and landlords.  When you connect with the local businesses on a regular basis you will see and experience a goldmine of opportunity and information.
  2. Competing properties exist in your local area and will have impact on the marketing of your listings.  When you are marketing a property or tenancy for lease, you really do need to know about the competition that you are up against.  Compare the rentals, the lease terms, and the property improvements.  Advise your landlord accordingly so they can make adjustments in their marketing of vacant space.
  3. Tenancy schedules should be obtained for as many large quality properties that you can get your hands on.  The quality properties will contain larger and successful businesses.  Over time you can build your own tenancy schedules within the targeted buildings by talking to the tenants and inspecting the properties.  Enter the information into a database so you can maintain ongoing contact in a relevant way.
  4. Accountants in the local area will normally serve the local business proprietors when it comes to issues of business performance and taxation.  On that basis you will find that accountants are very good sources of lease leads and opportunities.  Build relationships with these accountants so they come to respect your skill as a leasing expert.  Very soon they will let you work with the business pressures of occupancy that can apply to some of their clients.
  5. Franchise groups are always looking for new space to occupy subject to their business type and lease requirements.  Get to know the franchise groups that are active in your area and location.  Further to that you can identify franchise groups that have not as yet moved into your territory.  They will all require particular property types and lease terms and conditions.  You simply a matter of understanding the needs so that the appropriate properties can be provided at the right time.

Database tools and technologies are integral to making inroads into the local business community.  Prospects and business proprietors should be entered into the database given their property types and needs.  Over time your database should grow to at least 1000 qualified people.  When you grow the database through continual daily effort, the leasing opportunities will start to grow, as will your commissions.

Commercial Property Agents – How to Get Comparable Market Evidence

woman using computer
Do comprehensive market research on comparable properties

The commercial and retail property market is changing frequently and in different ways.  This is always relevant to your location and particular property type.  That being said, you really do need to know the current comparable market information when it comes to the listing of any property.  The clients that we work with should be suitably primed and briefed with the right information so that they can make correct choices when it comes to prices, rentals, and marketing.

Experts

So we are the experts when it comes to marketing and transacting commercial and retail property.  If we are recognized as such, the enquiries and the referral business will come to us; in an ideal world, this is a great way you to work in the industry.

What we can do here is show the clients and prospects that we work with our comprehensive knowledge of the marketplace and the current property activity.  This gives us a huge advantage when it comes to negotiating with both parties in any sale or lease situation.  The market evidence can be used to negotiate through hurdles and create agreement.

Here are some categories of comparable market analysis that will help you in your knowledge:

  1. Competing properties should be identified for each and every listing on your books.  The clients in each case should be advised of the prices and marketing strategies applying to those other competing properties.  It may be necessary for you to adjust your marketing recommendations based on the pressures that the competing properties create.  When it comes to very unique property, you can remove your listing from the market until such time as the competition has been reduced.
  2. Sale prices will always change.  Getting to the real facts of each and every transaction can be a challenge however many other commercial agents will share price information after the transaction has been completed and closed.  The industry is rather specialized and good agents will normally share market intelligence within reason.  Accurate price information will be useful when it comes to the next listing within the property type.
  3. Rental evidence is required to support the prices and returns for good investment property.  When the property market gets tougher, or enquiry becomes limited, the buyer expectations will change to an increased yield or return.  You never really tough market, the price fall compared to the income return can shift by as much as two per cent or more.  This shift is in the percentage return on investment.  Whilst Sellers may not like to accept the real facts of the market, as the expert commercial real estate agent, you need to convey the facts from closed transactions, rentals, and prices.  There is no point taking on an overpriced listing that can waste your time and take you away from other more realistically priced and or rented properties.
  4. Time on market will change constantly and seasonally throughout the year.  You will need to differentiate between property types and property quality.  There is a marked difference between the time on market for quality property verses that which applies to an ordinary or below average property.  Allowances should also be made for the chosen method of sale or rental as the case may be.  Some clients may have been influenced by other agents giving poor information.
  5. Methods of marketing during the year may need to change subject to the expectations of the prospective buyers or tenants.  Seasonal festivities such as extended public holidays should delay the promotional of particular properties.  Start the campaign when you know that the prospective buyers or tenants are looking around.  Choose the methods of marketing that can reach the target audience efficiently and effectively.
  6. Supply and demand for property will change throughout the year based on prevailing economic circumstances, the sentiment of the business community, and new property developments in the location.  Monitor the trends of property development at the local planning office.  Get updates regards new developments under construction or consideration.  Be aware of the construction costs of different property types and the consequential viability as it applies to new property developments.  From time to time, the expectations of return on investment in a new property development together with the impact of the actual construction costs will limit the viability of any project.  Property developers work on margins and levels of profit before they will commit to a project.  They also seek to understand the pressures of growth as they apply in the local business area.  You also can monitor these things.
  7. Changes to business sentiment and the community will always shift due to the changes in the local, national, and global economy.  That being said, there are always segments of the business community that are successful given that they serve and act within different market demographics or segments.  Understand who or what they are, and tap into them for the opportunity of a property transaction.

Enquiry types come and go throughout the year in commercial real estate.  If you maintain a good database, you will understand the types of enquiry coming in now and what those people or businesses are looking for.  You can advise your client accordingly and help them match their property to those requirements.  You can also shift your prospecting efforts accordingly to get better results from your listings and transactions.

Need more ideas to help your commercial real estate listings and commissions?  Join us here.