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7 Interesting Ways to Jump Start Your Commercial Real Estate Career

commercial office building

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Sales momentum – seller and buyer services are a special part of the industry. There will always be good investors looking for new investment stock.  Devote some of your prospecting efforts into investment stock.  Find the investors looking to change portfolio and property focus.
  6. 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.
  7. 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.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

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4 Essential Prospecting Skills in Commercial Real Estate Brokerage

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Develop effective prospecting systems in Commercial Real Estate Brokerage.

Every commercial real estate agent should have a prospecting model.  In an ongoing way they should be connecting with new people each and every day.  That can be a challenge for some brokers and agents as they balance workloads and property listings.  The fact of the matter is that we should all be careful when it comes to personal time focus and client commitment.

Attract and Focus on the Best Properties and Clients

We should be focusing all or our prospecting activities and model on the best opportunities and the best clients locally.  Applying that back to the beginning of the contact pipeline cycle, we should be concentrating our prospecting skills into the best segments of the market and particularly the best people owning an occupying the prime buildings and the prime properties.

We all get our fair share of poor quality listings and redundant properties.  That being said, we do have a few choices to make when it comes to accepting a listing and working for a particular client.  As you grow your market share, be increasingly selective as to the properties that you list, and the clients that you work for.

Size Matters

The larger properties and the better listings will always create better enquiry churn and activity from your marketing activities.  If you focus on the higher quality listings within a location, the levels of enquiry will always be higher, more active and interesting.  That is how you can build a pipeline of investors and prospects faster within a location.

Here are some ideas to help you improve your prospecting activities within your town or city:

  1. COVERAGE: Understand the coverage of your prospecting activities. There is no point in spreading your prospecting activities across a huge area or a large town.  You have limited resources and time to cover the market.  Consider your territory and split into priority precincts of prospecting focus.  You should have your primary zone of prospecting.  Most of your new business should come from that defined area.  Everything else outside a primary zone will be a secondary focus; listings may come to you from the secondary zone but you would not specifically prospect into the secondary zone.  Understand your time as a resource, and focus all of your prospecting on a time basis into the primary precinct of property activity.  Typically you will need about 2500 properties to focus on in that primary precinct so you will need to get organised.  Over the year you can get to know all of the best property owners, the business leaders, the lease expiry dates, and investment opportunities.
  2. LOCAL PROPERTY: Focus within particular property types locally. When you focus your prospecting activities within a particular property type, you can get to know exactly what’s happening when it comes to prices, future supply, and time on market, contracts, and leasing.  You can also predict what challenges may exist when it comes to the segment and the location.  That then allows you to adjust your marketing activities and any negotiation factors that arise.
  3. PRIME PRECINCTS: Get to know the owners of quality properties in prime locations. As a commercial real estate specialist, you will already be focusing on certain segments of properties such as office, industrial, or retail.  Within those segments, identify a small group of prime properties locally.  Determine the ownership identity of those properties and make contact.  Connect with the owners and build relationships at professional level.  Understand that those property owners are likely to be talking to many local agents, so your connection will need to be comprehensive and professional at all levels.
  4. THE BIG END OF TOWN: Track the property ownership and occupancy activities of the larger businesses and corporations in your primary prospecting precinct. Certain businesses will be more successful than others and therefore more active when it comes to property.  Certain industries will be looking for resolving factors of expansion and contraction.  You can and should focus your prospecting into the active segments of the local companies and businesses.

These four simple approaches to commercial real estate prospecting will help you find the right people to talk to in a timely and ongoing way.  Focus on building relationships.  As a general rule, don’t list or work with low quality listings unless there is a bigger agenda to support the approach.

Understand that your pipeline of prospecting will be an ongoing event and will require a commitment at a personal level to keep up the momentum and the persistence.  Over time you should be talking to many hundreds of people in an ongoing and relevant way.

Keep it moving

Connect with all the people in your database at least once every 90 days.  When you can identify a property need or challenge, the frequency of contact will be shortened to monthly or even weekly.

Relevance is the key to making the contact prospecting process work effectively with reasonable levels of conversion.  The relationships and the trust that you build through that regular contact will eventually lead to listings and property requirements.  That’s how any top agent will build market share and grow market relevance.

You can get more prospecting tips for commercial real estate brokerage in our ‘Snapshot’ eCourse right here.

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Commercial Real Estate Online Podcast 223 – Sales Topics for Commercial Real Estate Brokers

Its the end of the financial year.  A turning point in the market where some businesses and clients consider property occupancy, leasing, sales, and acquisitions.  Its a good time of year for brokers and agents to get back into the growth phase of what we do.  From now until December 2015 we have clients to call, listings to convert and commissions to raise.

In this podcast I am focusing on Sales related topics to help Brokers and Agents with market share and database growth.

The topics are:

  1. How to systemise the commercial real estate business and why that is a good idea.
  2. What you need to know about simple contact management systems.
  3. How to improve your prospecting efforts for the year ahead.
  4. A 3 stage formula of action for Brokers and Agents this year.

These are commercial real estate audio coaching programs for sales and leasing agents.  You can get more of these files and updates as part of our eCourse right here.

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Commercial Real Estate Online Podcast 219

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Commercial real estate training MP3

Its the middle of the year and lots of commercial real estate brokerage going on.  In this commercial real estate podcast I have decided to cover three specific issues to help real estate brokers and agents as they strive to improve market share. Most particularly the topics are:

  • Some of the common problems today with commercial real estate websites and how to deal with that
  • How to build the systems and strategies surrounding effective territory planning and new business farming in commercial real estate brokerage
  • The facts and issues surrounding the use of marketing cards as part of a commercial real estate brokerage prospecting model

This audio program is provided in MP 3 format for ease of download and ongoing access. You can share the file around your real estate brokerage as well as access the file across a number of different electronic platforms including smart phone, computer, and audio sound system. You can also listen to the recordings as you drive to work or work out in the gym.

We have loaded some more charts and templates to our e-course this week.  You can get our Commercial Brokerage E-Course right here.

And now to this podcast.

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The Best Time Management Tips for Commercial Real Estate Brokers

two men walking across street talking
Build your real estate team performance.

In commercial real estate brokerage today don’t take too long to take the required actions to boost your marketplace and client penetration.  Get involved with your market so that you can identify the right property listings and the quality properties to work with over time.

There are plenty of good listings available for the agents that focus their prospecting efforts.  It just takes a plan and a process of action.

Here are some valuable ideas to help you take deliberate action to boost your marketing profile and listing opportunities:

  1. Any listed property in your location is an excuse for you to talk to the surrounding property owners. On that basis you can market yourself to the adjoining or nearby owners of properties listed with other agents.  It is quite common that nearby owners will seek to compete from a sales or leasing perspective with the listed property nearby.  You can be the brokerage solution to that process and have a signboard on that alternative property promotion at the same time as your competing agents.
  2. Devote 2 or 3 hours per day to the prospecting and marketing process. There is absolutely no reason why you should be in the office sitting behind a desk unless you have a deal to negotiate or a client to meet.  The rest of the time you should be out of the office talking to new people and finding new opportunities.  That should be your focus for 2 or 3 hours per day.
  3. Make plenty of calls every day to new people. Use your mobile telephone comprehensively and directly as part of a cold calling process to people within your property market.  Make plenty of outbound calls every day, and as part of that have a focus on creating new meetings.  Make it a personal target to establish two new meetings per day with new people.
  4. Identify the best properties and the best clients. Undertake the required research of your property location and your targeted territory of listings.  Understand exactly where the best properties are located and as part of that process determine who the owners are in each case.  When you focus on the quality side of new property business and listing generation, the inbound enquiries tend to be more substantial over time.  That can then help you rise to the top of your property market as an industry specialist for the location.
  5. Ask for referral business as part of client interaction. With every positive client and prospect meeting, there is the opportunity to ask for referral business.  It is far easier to convert commercial real estate business from referrals than it is from the cold calling or direct prospecting process.  Merge the referral business process into your client and prospect interaction.  One successful contact can lead you towards many other property owners and business decision makers.

So there are some very specific things that you can do here in commercial real estate brokerage as part of boosting your personal profile and market share.  The best way to do that is by taking immediate action in your local market place, your town or your city.  Talk to plenty of people in an ongoing way.

Get our free eCourse on commercial real estate brokerage right here.

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Commercial Real Estate Training Podcast 185

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Tips and ideas for commercial real estate agents

 

In this property market there are many things to consider.  In this podcast I have covered 3 issues that are so common across many brokerages.  Here they are:

  • How to structure a commercial real estate property management budget in a large building
  • How to remove negativity from the sales team
  • What you should look for when it comes to results and team performance this year

We are 7 months into the calendar year.  Now is the time to get things really moving so the end of the year finishes with good results.  It doesn’t matter if you work in property sales, leasing or property management, now is a good time to consider and plan important actions that will create results over the next 6 months.  This training audio will help:

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Take Quality Action in Commercial Real Estate Brokerage

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Take the right action in commercial real estate brokerage.

Any opportunity in commercial real estate today should be acted on quickly and effectively.  If you ‘sleep overnight’ on the issue you will likely find that is not going to be there in the morning.  There are many competing agents and brokers waiting to jump on the listing opportunities around you.

Here are some important rules to understand:

  1. Real estate today is becoming a global business that is traded on any day of the week at any time.  You must be prepared to talk to a client or prospect on the telephone when he rings.
  2. The marketing process for commercial property has become timeless.  Internet listings promote properties globally and across the country.  Be prepared to take the enquiry when it occurs.  Carry some standard forms as part of capturing inbound enquiry.  Also carry a full set of current property listings ready to take the questions and inspections at short notice.
  3. Quality listings and good properties will create significant enquiry in any market.  When you take a quality listing to the market today, be prepared to respond to the enquiries as they occur.  A quality listing will create a significant amount of calls, and as a consequence, a good number of inspections.  Time can be a precious commodity when you have a few high quality listings on the market are the same time.  That being said, you still need to take the required actions and capture the enquiries effectively and efficiently.
  4. If the person wants to see you later in the evening or over the weekend as part of progressing to the next stage of a property enquiry, then create the meeting and let it occur.  Far too many brokers are selective when it comes to critical meetings and property inspections.  Certainly you should qualify the prospect before you arrange a time to meet, but be prepared to work the longer hours and over the weekend.  A career in commercial sales is totally different to a standard 9 to 5 job.  The rewards are many; however you do need to work hard.
  5. Every property inspection is an opportunity to get information.  The person you are showing the property to may not necessarily move to the next stage of offer; however you will get valuable market intelligence from the connection.  Ask the questions, and put that information into your database.
  6. In every property inspection, build a degree of urgency to encourage the buyer to move to the next stage.  Local property knowledge about competing listings, prices, and time on market will help you with the urgency factor.  Understand the other listings that are available and the differences that exist between those listings and your property.  I go back to the point that a quality listing will always encourage and create a good number of inbound enquiries.  Be prepared to work on those leads and opportunities as they occur.

From these points, it is easy to see that a commercial real estate agent or broker should be focused and diligent.  A lead or an opportunity today needs to be actioned as soon as possible.  In that way you will grow your market share quickly and beat the competition.

You can get more tips like this for commercial real estate brokers in our newsletter.

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Reputations Really Matter in Commercial Real Estate Brokerage

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Build a positive reputation as a great broker.

In commercial real estate brokerage, your reputation will make or break your career. That is because the cycle of property activity is so long and listing success will be largely formed on the back of ‘trust’.

It doesn’t take long for a poor reputation to spread in the industry. Some agents and brokers that under-perform with their client’s property requirements are soon to suffer the implications of those actions.

So it is a fact that the clients that we serve like to know that they are working with an agent or broker of integrity and skill; someone that has the right knowledge to make the property pain for the client disappear as quickly as possible at the best level of outcome. So what would that be? Try some of these:

  • Best price
  • Best rent
  • Quick sale or lease
  • Unconditional sale
  • Nil incentives in leasing
  • Best buyer profile
  • Qualified tenant
  • Timely transaction
  • Confidentiality

For this reason, every exclusive property listing should be worked to a plan and a process that gets the message to the right target segment of buyers or tenants as the case may be.

Notice that I did say ‘exclusive listing’? Any open listings are a process of luck and should only be serviced when you see opportunity. It is the controlled stock in this market that really matters and ‘exclusive listings’ will give you that.

So let’s go back to the point that ‘reputations matter’. What can you do to strengthen your reputation? Try these:

  1. Write a blog about property activity locally on a regular basis. Talk about your property speciality in many different ways and make that blog of interest and of use to the readers on-line. It is remarkable how often useful information is seen online by property investors and sellers or tenants as the case may be.
  2. From your blog you can link the posts into your social media platforms such as Facebook, LinkedIn, and Twitter. Don’t spread yourself too thin on the ground by using too many platforms. You only need 2 or 3 to make the process work.
  3. Write articles for your on-line newsletter and add those articles to the listing detail that you send out. The articles will help show the market that you are skilled and knowledgeable in many different ways.

Make these things a regular process that you can stick to. Over time your relevance and reputation as a good agent or broker will build.

You can get more tips like this in our Newsletter right here.

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Valuable Referral Programs in Commercial Real Estate Brokerage

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Create a Lead Generation System

In commercial real estate brokerage today there are many opportunities to tap into. In any period of 12 months, there will be changes to the sales and leasing aspects of the market that can open up into new listings and new clients.

Brokerage prospecting models should always focus on quality listings and quality clients. The word ‘quality’ is quite important here in that you will always get better inbound enquiry rates from quality listings.

It directly follows that a sales or leasing transaction successfully completed will give you the opportunity for repeat and referral business. It is also the case that those clients that have had business with you previously will give you leads and opportunities to tap into if you ask the right questions at the right time.

Consider the following rules that can apply to a referral lead generation system:

  1. If you consider the last period of two years as a point of reference, identify the clients and prospects that you have successfully served during that time. Open up the contact process with these people again and seek a personal opportunity for a meeting and market related conversation.
  2. You cannot ask for referral business over the telephone. Arrange a meeting in suitable circumstances where you can provide the client with a market update. As part of that process, ask questions about their current property interest and involvement, together with the appropriate referral questions.
  3. Within your brokerage, you are likely to have a number of clients that are serviced in an ongoing way. That may be through project leasing or property management services. Keep in regular contact with these people as they may seek to adjust their investment portfolio. They will also know other property investors that may be leads or referral opportunities for you.
  4. As part of your existing prospecting program, you should know plenty of local business owners and proprietors. Some of those people will own local investment property, or may seek to do so. Understand the intentions of these successful business owners as they consolidate their financial nest egg.

Track and measure all of the recent sales and leasing activity through your region. That information will be quite valuable when it comes to establishing new meetings with clients and prospects. It is not hard to get a meeting when someone respects your skills and relevance as an industry specialist.

As part of your weekly brokerage sales meeting, insert into the agenda the topic of referrals and leads. That will focus the agents and brokers on to the issue as part of a regular reporting process.

Get many more tips like this at our main website at http://commercial-realestate-training.com/

 

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Cold Calling Success in Commercial Real Estate Today

In today’s commercial real estate market there are so many challenges for agents to address and conquer.  On of the big ones is prospecting for new clients.  Cold calling helps the process greatly but so many agents struggle with the rejection factor and the organisation that is required on a personal basis.

Here are some tips on audio MP3 to help agents with their prospecting efforts and outbound calls.

If you want more resources you can get more tips like this at my main website on commercial real estate training.

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Important Roles in Commercial Real Estate Agency

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Know your roles and responsiblities as an agent.

In commercial real estate agency today, you need to manage the most important roles that help you build your listing and commission business.  When you do this efficiently and effectively, market share and client growth will get a lot easier.

Here are some tips from our main website http://commercial-realestate-training.com/

The generic approach to commercial real estate agency really doesn’t work.  Today each and every agent needs to be quite specialised and focused when it comes to the services that they provide, and the sales territory that they work.

The roles that are central to your real estate business and your sales territory will be all of the following:

  1. Prospecting through the local area to identify the right properties and the right property owners to act for.  Connecting with new clients and prospects should be a daily event.  The prospecting process will take approximately 2 or 3 hours per day from your diary.  Regardless of that time commitment, the process needs to be implemented and maintained. That is how you grow market share.
  2. Maintaining a profile locally when it comes to your specialized property skills as a real estate agent.  Personal branding is a central part of a real estate agents profile.
  3. Tracking the activities of other agents when it comes to competing properties in your sales territory or patch.
  4. Helping clients when it comes to solving property challenges in sales leasing or property management.
  5. Understanding the activities in the market today relating to prices, rentals, time on market, and marketing solutions.
  6. Building a personal profile on the Internet that will help you to be recognized as a relevant and specialized real estate agent for the local area
  7. Taking a client and their property through the requirements of listing, marketing, negotiation, and property documentation.
  8. Understanding the factors of property performance that will help you package an asset for improved income and potential sale.

You can probably add to this list based on your area and your property specialty.  Clarity is important when it comes to understanding your roles as a specialized property agent.  The generic approach to real estate agency really has no place in this market.  Generic agents lose a lot of money and waste a lot of time as part of the process.  Top agents drive much more business and deliberately so.

Some of the things in this list above will be much more important than others if you are to be a top agent.  When you set the right priorities and stick to the process of implementation, the business gets a lot easier.  This then says that you must protect your time as it is the most important resource that you have as real estate agent.

When you look at your average business day and the tasks that need to be undertaken, three and four issues will be far more important than the other things on the list.  Recognizing the differences in the tasks and taking the right action towards them will help you consolidate your market and listing growth.  Control your day and control your agency efforts.  The rewards will soon come.

You can get some more tips like this at our main website http://commercial-realestate-training.com/

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Create Your Commercial Real Estate Sales Timetable

business man smiling outside office building
Create your sales timetable for better client services

In commercial real estate agency today, you can create a ‘checklist’ approach to the property sales process.  This procedure can help you be far more effective as an agent with your clients and with the marketing of the property.

In simple terms you can create a ‘sales timetable’ to keep you on track with the most important things relating to the client and the listing.  You could say that the approach is a way of keeping you organised on the issues that matter.

Here are some tips from our main website and newsletter …..

Top agents are quite focused when it comes to clients and listings.  The ‘checklist’ approach helps with the focus that you need.  Here is a list of items that can be considered and merged by agents into a ‘checklist’ for commercial property sales.

  1. Finding out all the facts about the market in the local area.
  2. Understanding the property as it exists today, including improvements, services, and amenities.
  3. Determining the client’s priorities and requirements when it comes to the sale.
  4. Presenting and pitching your services in a way that matches the property as it sits in the market.
  5. Listing the property accurately with due regard for property details and facts.  If you make errors here, they will come back to ‘haunt’ you later.
  6. Determining your services to be provided to the client and the property could be very relevant.  You may need to market the property in a particular way.  Make the right choices.
  7. Protecting your commissions with a legally enforceable and correct agents appointment
  8. Getting vendor paid marketing funds to promote the property to the market
  9. Choosing the best method of sale to generate inspections and enquiries
  10. Resolving property issues and presentational factors in preparation for marketing
  11. Creating a relevant and high level marketing strategy
  12. Planning the best ways to inspect the property
  13. Releasing the property to the market
  14. Direct marketing of the property to qualified buyers in your database
  15. Tracking incoming property enquiry
  16. Taking inspections to and around the property
  17. Resolving questions and issues that potential buyers may have with the property
  18. Negotiating accurately and effectively between the parties
  19. Getting offers on a contract in a  legally correct and accurate way
  20. Closing on the offer between the seller and the buyer
  21. Moving the property transaction toward settlement.
  22. Satisfying any subject to provisions relating to the contract
  23. Settlement satisfaction in accordance with the client’s instructions and the contract of sale.
  24. Asking for referral business
  25. Keeping in close contact with your clients after the initial transaction is completed.

When you look at the list, it is easy to see why we are specialists in our industry.  We can provide real value to the clients that we serve.

You can get more tips and ideas for Commercial Real Estate Agents at our main website right here.